One of the Trustist team was buying fish and chips one Friday evening recently. Not having cash on him since the COVID pandemic he assumed that the chippy would have a card machine. It didn’t, instead the owner of the chip shop said ‘just do a bank transfer, here are my bank account details’ and handed over a grease-soaked piece of paper with a sort code and account number on it.
Our team member went on to their banking app, which happened to be Santander where there is no way to set up a new payee on the app. At somewhat of an impasse, the team member went to a cashpoint 100 metres away and withdrew £10. He paid £9.40 for fish and chips so was left with a fifty pence piece and a ten pence piece in his pocket, which he didn’t know what to do with as he never uses cash normally. His fish and chips were not exactly piping hot by the time he left the shop too – not a great customer experience!
Then there’s the security of banding around your bank details. You should only give them to people you trust. Jeremy Clarkson was caught out a number of years ago when he was so confident that having his bank details out in public was secure. He was shocked to see someone had set up a direct debit on his account for £500.
Drum roll, please. Introducing TrustistTransfer. Merchants can sign up in minutes and then they’re able to take Account2Account (A2A) transfer for pennies rather than the exorbitant amounts card companies charge, and better still, it can be done from an existing piece of technology that everyone already carries – their mobile phone! No data, except the amount of the transaction is shared between the merchant and the customer and to authorise the payment the customer either uses face ID, fingerprint ID or a One Time Passcode, all of which are as secure as it gets! The customer has everything they need, too – their phone, no app to download, just (one of) their banking app(s). The money is in the merchant’s bank account instantly too.
‘What if my customer doesn’t have an online banking app on their phone?’ I hear you ask. According to Finder.com at the end of 2022 93% of people in the UK did. The TrustistTransfer app works even if customers don’t have a banking app, it directs the payer to their banks online money transfer service to complete the payment, giving you 100% coverage (assuming there’s an internet connection which card machines need anyway).
TrustistTransfer also electronically issues a receipt/invoice at the end of the payment, so trades people don’t need to worry about getting home, typing out an invoice and waiting for payment. We reckon it frees up around 5 hours a week for tradespeople and they 100% get paid, giving them time back for family and friends or to do more paid for work. Electricians earn on average £40 an hour, so five times £40 is £200 a week or £10,000 a year. Do you need to think too hard about this one?Just by way of comparison, see how much tradespeople and retailers can save by switching from card payments to TrustistTransfer Gold:
Average Number of Transactions per Month:
Average Order Value (in GBP):
Select a Payment Provider:
Cost per month with selected payment provider:
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Cost per month with TrustistTransfer Gold:
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Savings with TrustistTransfer Gold:
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