Open banking payment service, otherwise known as the payment initiation service, offers fast, secure, and transparent terms of pricing ink direct processing between two bank accounts. This banking process has brought a revolution in the financial industry as the financial data is not only managed exclusively by the banks but by the third-party open banking payment service providers to offer various range of services. This can definitely offer many opportunities to business operators. Read below for some reasons why you should consider having open banking as your payment method.
Lower your business cost
When you make any card processing for customer payment, it comes with three fee charges, such as a card scheme fee, an interchange fee, an acquirer mark-up, etc., that customers pay in the form of high prices. Similarly, the retailers get charged with high transaction fees, which benefits the buy now pay later providers.
But when you partner with open banking service providers in UK, there would not be any third party in between your payment flow that would take charge in between as other payment methods do. This would ultimately help businesses lower the cost per transaction, making more profit and rewarding customers.
Provide your customers with a secure and seamless payment getaway
With open banking payments, the customers would be redirected towards their trusted bank environment, so they could make payments in the usual authentication way such as fingerprint or facial recognition, etc., along with all their payment details pre-filled for an instant and easy approval process. Then you can receive all your payments instantly.
Moreover, if you require your customers to pay a set amount every month, then open banking service providers in UK with having your account settings in that feature that could provide your customers with the convenience of recurring payments. This way, the customers would automatically pay a consistent amount on the same day every month without having to forget it.
Minimize the cases of fraud
As digital transactions rise in prominence, the forgery cases become a common occurrence in online payment, putting customers at potential risk of losing money. Although governments are taking the step to make two-factor authentication to increase online payment security, it may have a negative impact on the conversion.
The open banking payment service providers can come in handy as your customer would pay through open banking that is authenticated to their bank credentials, would minimize the fraud risks, and maintain a seamless checkout process between two points.
An open banking payment service provider would make all of your payment processing seamless by providing you with an interface that perfectly matches all your necessities and manages your account, accessing your financial data efficiently. If you are considering hiring an open banking payment service, get in touch with We Tranxact Ltd. to be your third-party service provider.
Jacob Allen is the author of this article. For more information about open banking payment service providers, open banking service providers in UK please visit the website.
