Social Commerce Now a Reality
oneTXT, a provider of payment processing for social networks, today announced ORCA, a social-commerce transaction processing system with a Mashery-managed open API architecture designed for social media communities.
Why is this noteworthy? Existing payment solutions are either proprietary and closed or designed for other platforms such as the mobile device or Web-based commerce sites. The majority of microtransactions are less than $1, and with minimum fees averaging 30 cents for credit and gift cards, a 30 percent revenue loss brings the viability of such solutions in to question.
ORCA (Optimized Real-Time Currency Application) allows any social media company to process payments, manage loyalty and rewards programs, schedule advance orders of real and virtual goods, and communicate status with full control of the appearance of all of these transactions. The advantage? Fans/users can continue interacting with the site without ever having to leave the community they are attending.
ORCA will enable clients (digital publishers, social networks, MMORPG publishers, and even participation TV programs) with the tools to manage subscribers’ online transactions. “S-Commerce is inevitable. In fact, we see many communities reaching to cobble home-grown payment solutions together simply because prior to ORCA, there was nothing designed for the unique needs of this rapidly growing online segment,” said Roger Wood, CEO of oneTXT.
“These home grown systems get revenue flowing quickly, but carry tremendous development expenses and significant management distractions, while limiting future expansion and growth with close-ended technologies.”
Mashery (which manages the API’s for companies such as the New York Times and Best Buy) has been chosen as oneTXT’s partner in bringing the ORCA platform to social media communities and ensuring the open APIs integrate and operate within a community’s interface and back office operations.
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