The checkout process needs to dovetail with your back office processes to reduce complex admin headaches, speed up settlement and lower transaction cost. Otherwise you're losing the upside of a winning customer experience.
Open banking payments with Pay Direct delivers a better payment experience and improves how you receive and reconcile your payments.
In this guide learn how to deliver better payment experiences and improve how you receive funds in a fast-changing environment.
3 Important Trends You Can't Ignore
Everyone's going digital
And it’s happening fast. Online self-service, uptake of the digital economy, and the Open Data revolution are accelerating at a blinding pace. And COVID-19 added rocket fuel to this growth.
More ways to pay
Customers want the payment method that suits them – fast, convenient and secure. Paying by open banking is new but it fits the bill. There's no need to share sensitive payment details, type a long card number or enter a billing address.
Cloud changed the game
You can’t keep up with this rapid rate of change if your systems and software aren’t built for it. But in the world of finance, cloud systems pose a risk so staying compliant is mission-critical.
Let’s face it, your customers have never had so much choice.
Taking payments is easier said than done.
Getting money in should be easy, but expectations have shifted.
Our research showed a rise in the number of cancelled Direct Debits during the pandemic. Collecting recurring or one-off payments while providing a great customer experience got a lot tougher.
Businesses realised they needed to offer alternative payment options as a back-up – these are crucial if a payer has insufficient funds and requires an extension or a part-payment option.
