Why Open Banking Payments are a Game Changer for E-Commerce Retailers.
In today’s fast-paced digital world, businesses are constantly looking for ways to improve their customers' experience at the checkout. One major way they are looking to do this is by improving their payment processes. One of the most innovative solutions in recent years has been the introduction of Open Banking payments. In the context of payments, Open Banking is an account to account payment, which is faster, more secure, without the need to enter card details or data entry.
Open Banking payments have numerous benefits for e-commerce retailers, making them a great choice for businesses looking to stay ahead of the curve. Here are some of the key reasons why retailers are considering adopting an Open Banking payment solution;
Increased payment options
Open Banking payments allow customers to pay directly from their bank account, making it a convenient option for those who don’t have a credit card or don’t want to use one for online transactions. By offering this payment option, retailers can increase the number of customers they are able to serve, leading to higher sales and improved customer satisfaction.
Open Banking payments are a more secure solution, as they are protected by strong encryption and multi-factor authentication. This reduces the risk of fraud and enhances the security of customer data, providing peace of mind for both the retailer and the customer.
Open Banking payments can help reduce the cost of accepting payments for retailers. Unlike cards, which charge high interchange and scheme fees for processing payments, open banking payments have lower fees and can be processed more efficiently.
Enhanced customer experience
Open Banking payments provide customers with a seamless and convenient payment experience, allowing them to make purchases quickly and easily. With Boodil this can be under 6 seconds. This helps to improve customer satisfaction and increase the likelihood of repeat business.
Instant settlement of funds
Open Banking payments allow for the funds to settle instantly from the customers bank directly into the retailers business bank. With cards the settlement time can be anywhere between 1 to 7 days in extreme circumstances.
Reward customers every time they check out
With Boodil’s Open Banking payment solution we reward customers every time they check out via our payment method. Once a customer has checked out they can download our app and their points will be pulled in via the email they used to checkout. Every £1 spent equates to 1 point. These points can be used on various prize draws throughout the app, from everything from vouchers, electronic goods all the way to holidays. Along with this they can find multiple discounts and rewards from our participating retailers and partners.
In conclusion, open banking payments are a game-changer for e-commerce retailers, offering numerous benefits including a slick payment option at checkout, improved security, cost savings, and an enhanced customer experience. As the demand for convenient and secure payment options continues to grow, open banking payments provide an excellent solution for businesses looking to stay ahead of the curve. By adopting an open banking payment solution, retailers can provide customers with a more seamless payment experience, increase sales, and improve customer satisfaction.
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