What is Open Banking?
The New Way Forward
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 chargeback 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.
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. There is a 0% fraud risk with Open Banking because of this.
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.
increase in payment requests made through Open Banking at the end of 2021. 26.6m in 12 months.
of customers abandoned the checkout process when their preferred payment method wasn’t available! TrustistTransfer makes this simple, with cards always changing but their bank accounts always staying the same.
worth of digital payments were made in 2021, a 40% jump in two years!
Collecting Payments via Bank Transfer
A New Way to Collect Payments in a Simple, Easy-to-Use Interface
A payment process that is hard to use and takes too long can make you lose out on potential customers. That’s why collecting payments though TrustistTransfer can be beneficial for both merchants and consumers.
TrustistTransfer allows you to collect payments from your mobile device face-to-face using a unique QR code or pay link using Open Banking technology. Taking away the need for PDQ machines and credit/debit cards entirely creates a more streamlined and efficient process for payment collection.
How Does TrustistTransfer Work?
- Input the transaction amount.
- Show the QR code/pay link to your customer.
- The QR code is scanned/link followed.
- The customer makes the payment on their mobile device.
How TrustistTransfer Helps Merchants Like You
TrustistTransfer utilises the power of Open Banking for bank transfer payments and the rapidly increasing use of QR codes. Your customers won’t be the only ones benefitting from using TrustistTransfer, as a merchant you get:
Our transaction fees start from as low as 0.29% versus up to 5% with other payment methods.
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.
TrustistTransfer uses the customers bank log in for authentication, meaning a safer experience for them, saving you any potential headaches. Cutting out credit/debit cards also reduces the risk of NFC fraud, with the added bonus of utilising technology already owned by both yourself and your customer – their and your own mobile phones.
With the safety of TrustistTransfer the risk of fraud is hugely decreased meaning no chargebacks for you. 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.
The customer completes the payment straight away so you can avoid having to follow up on payments.
Check Out Our Blogs For Useful News And Tips
In the words of Scarface: ‘Money makes the world go round’. And, in slightly better words, If you don’t let customers pay you, then no
Open Banking is quickly becoming one of the most popular methods of payment, so it’s time to make sure you know everything you need to