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 money will make its way into your pockets.
Common sense tells us that a payment process that is hard to use and takes too long to complete can lead to a loss in sales. There is plenty of data to support this too – a whitepaper published by ECOMMPAY in 2021 found that 31% of customers would abandon a purchase if they were being asked for too much information. Similarly, 21% would be put off if they had to go through too many steps.
That means that by having a long, drawn out process, you could lose out on potential customers, who may then choose to purchase from your competitors instead. That’s why collecting payments using Open Banking can be so beneficial for both businesses and consumers alike.
TrustistTransfer makes Open Banking accessible to businesses of all sizes, helping you to streamline your business processes and get rid of any payment headaches.
If that isn’t enough to convince you, here are even more reasons why you should use Open Banking for payments collection:
Your business is unique, and so are your customers.
Every business is unique, and so are the needs of its customers when it comes to making payments.
Some may want to pay via cheque, others through a bank transfer – some could even be inspired to use a mobile app or credit card. The same goes for your company – if you want to stay ahead of the curve in terms of payment methods and technology, consider how Open Banking could help you meet your customers’ expectations.
Your payment process has a direct impact on your profits.
The payment process is an extremely important part of your business and the customer’s journey, which means it has a direct impact on your profits – but it can also have some serious drawbacks if things aren’t running smoothly. 71% of customers say they would abandon a purchase if their preferred method of payment wasn’t available, so making sure that you’re using the latest technology is pretty vital!
Making it easy for customers to pay you means they will spend more money with you.
That’s because there are several factors that influence how much a person spends:
- It needs to be quick. Whether people are paying in-person, online or even on the phone, they want their transaction completed as quickly as possible so they can move on with their day.
- It needs to be convenient. Convenience is key when it comes to payments because no one wants to hassle with extra steps or additional information outside of what’s necessary when making a purchase or payment – especially if the solution requires them leaving home!
- It needs to be secure. Security seriously matters when considering how much your customer may spend, or if they would even spend at all – 36% of consumers said they wouldn’t make a purchase if they had concerns about the security or legitimacy of a payment method. So, making sure your platforms are secure increases the chances of keeping your customers and getting them to spend even more with you!
- It has to be reasonable. Privacy also matters – consumers don’t like feeling exposed (and they never should be) – so, in order to provide the best service, it’s important to make sure the data being shared between parties is encrypted at all times during transactions and only used for authorised purposes!
Faster checkouts lead to higher conversions.
Speed is king when it comes to a customer deciding whether or not they will make a process, so if you want to increase conversions and revenue, checkouts need to be as fast as possible.
For example, if we look at Amazon’s conversion rates (which are reported publicly), they’re between 10% and 15%, depending on which product category or niche you’re in, and if you’re a Prime member they can be as high as 74%.
Something else to consider is that consumers aren’t too keen on setting up accounts to make payments. 19% of customers wouldn’t even go through with the purchase if they had to create an account!
So, if all things remained equal – and there were no differences in quality or user experience – you could potentially double your sales by reducing your checkout time!
Optimising payment processes can reduce operational costs.
One of the great benefits of Open Banking is that it helps you to reduce your operational costs. This can lead to higher profits in future, as well as providing some other competitive advantages and allowing you to invest even more money back into your business.
So, how do you do this? By using Open Banking and TrustistTransfer you can remove the costs of card machines and other payment technology – you already own a phone, which is all you need! – saving you potentially significant amounts spent on PDQ machines and other POS devices.
An easy checkout process leads to happy customers.
Happy customers are the lifeblood of your business. They’re the ones who come back again and again, leaving great reviews and telling their friends about you, all whilst spending more money than they may have elsewhere.
In the grand scheme of things, it doesn’t really matter how hard you work or what new products or services you offer – if no one uses them, it won’t help your business at all.
With so much riding on happy customers, it’s crucial to make sure you’re doing everything necessary to keep those happy customers coming back for more of what makes them happy in the first place (and yes—that includes paying for things through their preferred payment methods).
For these reasons, optimising your payment process is one of the most effective ways to improve your bottom line.
To sum up, Open Banking and TrustistTransfer offers a faster, easier way to collect payments.
It’s good for you, and it’s good for your customers – so, what are you waiting for?
FAQs
Open Banking is when data is shared between banks and licensed third parties, allowing customers to share their banking information with other parties and companies.
Open Banking lets customers share certain financial information such as transaction history and balance with authorised providers. Third-party apps can then use this information to provide services such as budgeting tips or online payments.
Open Banking provides a range of payment options to meet the needs of individual customers, such as bank transfers, mobile apps, credit cards, and more. This helps businesses stay ahead of the curve in terms of payment methods and technology, meeting the expectations of customers.
The payment process has a direct impact on the profits of a business, with customers often abandoning a purchase if their preferred payment method is unavailable or if the process takes too long. A smooth payment process also leads to happy customers, who are more likely to spend more money and recommend the business to others.
A faster checkout process leads to higher conversions, with customers more likely to complete a purchase if the process is quick and convenient. This can potentially double sales by reducing checkout time.
Open Banking, with the help of TrustistTransfer, can remove the costs of card machines and other payment technology, as all you need is a phone. This can lead to significant savings and higher profits in the long term, allowing you to invest more back into your business.
