Beam was founded in 2019 by Nattapat Chaimanowong, Mike Chinakrit Piamchon and Win Vareekasem. The trio were frustrated by the process of filling out information repeatedly for things like memberships, credit cards and visas and began working on a business idea to streamline form filling, which turned into Beam.
Vareekasem told TechCrunch that after building multiple MVPs, the team found that one of the largest groups dealing with the problem were retailers. “Form filling alone could not solve sales conversions, so payments had to be integrated too, ultimately realizing a much larger, burning problem we are going after.”
Many social commerce sellers ask for peer-to-peer mobile banking apps, which means they accept payment by sharing account numbers. This can result in poor conversions because of limited payment options and a lot of work to manage payments.
Beam says its checkout process takes just 20 seconds. It accepts all major payment service providers in each market, like BNPL leaders Atome and Pace, and claims sellers using their payment solution have increased checkout success by up to 30%. Sellers also save money by paying lower transaction fees, since they don’t have to pay the subscription and platform fees charged by e-commerce marketplaces.
Beam monetizes by charging a flat percentage for each transaction based on the payment method. For example, it charges 2.95% for credit card transactions. Its typical client are medium-sized businesses that process a few hundred orders daily, and sell in the fashion, beauty, home and living and electronics sectors.
Thailand’s Beam simplifies checkout for social commerce by Catherine Shu originally published on TechCrunch