Bank Transfer Payments And More

Offer Your Customers a Safer and Easier Way of Making Bank Transfer Payments

By offering your customer the right payment method and to create a great user experience, merchants (that’s you) have a lot to gain from Open Banking. The reduced transaction fees, reduced fraud and no charge back risk being the main factors in its recent increase in popularity.

What is Open Banking and What Can it do For Your Business?

Open Banking is a more secure way for consumers to authorise payments straight from their bank account to merchants. No wonder it’s becoming the preferred option of payment.

• Ease of Use – A customer only has to give permission once with Open Banking, then they can easily pay, without the hassle of credit/debit cards or entering their bank details.
• Speed – With Faster Payments enabled, Open Banking allows customers to set up regular fixed payments instantly. This is very appealing to merchants looking for the quickest payment option to avoid the 7-day wait often enforced by banks.
• Protection – Customers using Open Banking feel more secure using a familiar option for payment – their own bank account and details. Merchants are more secure too as they can avoid the risk of chargebacks.
• Repeat Customers – Offering your customers the right payment methods is more important than ever, and can bring you a step ahead of the competition. Providing easy payment methods for your customers is guaranteed to increase the chances of them coming back to your business time and time again.
• No Charge Back Risk – With the safety of Open Banking the risk of fraud is hugely decreased meaning no Charge Backs for the merchant. That means any money you earn from a transaction stays with you for you to use to further grow your business, and have peace of mind knowing the payment won’t be questioned in the future.