When we first heard about Account-2-Account payments that were possible through Open Banking, we discovered those benefits and as a Payment Service Provider, we didn’t want to be behind anyone else. So, we implemented the solution to our platform.
As a result, that helped us to offer our clients a great alternative to cards. Direct Account-2-Account payments from final user’s bank account to merchant’s bank account.
The solution has shown a good interest amongst our clients and we have noticed that solution started to get its momentum. It can be explained with several key benefits that each merchant must know when talking about Open Banking payments -
1. Payments are much cheaper than cards
2. There is no risk of chargeback, Fingerprint & Face ID ( As we know, they are expensive and time consuming )
3. Funds after the payment go directly to the bank account of the merchant
And anyone will be right when pulling out these factors.
However, we didn’t want to stop developing the product even further. We stepped into the revolutionary moments with our clients together and we listened to them very carefully. We asked them - What do they like about Account-2-Account payments and what they wish could be changed? Apart from positive comments, we heard several issues our clients wish could be solved with Open Banking.
The main questions were -
1. How can we improve the process of refunds? Since there is a need to log in to Your Online Banking and initiate the outgoing transaction manually.
2. Is there a chance of automatic reconciliation? Typically, the business might have 1 Bank account and having all the financial movements on this account can be challenging.
3. Is it possible to receive a notification when funds arrive at the account and to whom we received the funds?
That is the reason we decided to introduce our home-built solution which we named “Open Banking: Advanced”.
The solution that covers all the pains that were raised by our clients when having standard Account-2-Account payments.
I am more than happy to tell You how we can help every business vertical with the “Open Banking: Advanced“ solution.
1. Dedicated account with Your name. We will issue an account under Your name where You will receive only A-2-A payments
2. Funds aggregation. You don’t need to be worried about the funds since we are collecting them on Your behalf and monitor that all transactions come to the account. And there is no need to be worried about reconciliation since it will be done automatically by us. When You want to have these funds in Your Business Bank Account, we will settle them upon Your request.
3. Payment confirmation. As soon as funds arrive at Your dedicated account, we will inform you about it with the payer’s information included. We will provide You with the full name of the final user as well as the Bank Account he made the payment from
4. refund can be done from one place. There is no need to log in to Your online banking and enter all the details manually in order to initiate the payout/refund. Since we have provided You with Payer’s details on the initial payment, You can use this data to do the outgoing payment using our dashboard.
By taking a look at these benefits, it can be noticed that solution can be a great fit for any vertical and any merchant that works either with payouts or not. It’s a great solution for those who require to receive information about the payer in order to provide the good/service.
And what is vital to mention, that cheap cost per transaction and no risk of chargeback hasn’t disappeared. We just added new features to the standard Account-2-Account payments.
What I also want to bring to Your attention today is the recognition that Open Banking payments are here, and we are no longer talking about them in a future tense. Here at ECOMMPAY, we help businesses to focus on their core business whereas we will provide You with the payments solutions that will help You to grow constantly.
Open Banking: Advanced - is the solution that will bring You to another level in terms of payments.
Watch the online talk here