Increase your average basket size and conversion rate with innovative bank transfer solutions.
Current Challenges
Today, businesses are facing new challenges, especially in customer retention, conversion rates, and average basket size. In addition to overcoming customer mistrust when it comes to providing their payment information, they must also deal with issues of payment declines and cart abandonment, which directly impact sales and, consequently, the company’s growth. That’s why offering a seamless payment experience has become essential.
The emergence of innovative payment solutions.
The Immediate Bank Transfer
Since the implementation of PSD2 (Payment Services Directive 2), numerous Open Banking payment solutions have emerged in the market, setting themselves apart from traditional payment methods. These new solutions enable merchants to have integrated, seamless payment options, avoiding disruptions when processing large shopping carts that are often limited by credit card transaction ceilings. This is the promise of immediate bank transfers – an innovative, smooth, and secure payment solution.
How does it work?
Thanks to Open Banking technology, it is now possible to directly connect to banks’ APIs to offer automated account-to-account payments. This approach ensures a secure and direct connection between the merchant’s bank and the payer’s bank, eliminating all intermediaries that could previously disrupt payment flow and lead to unjustified declines.
The payment process becomes simple for the payer: they select their bank, log in using their usual credentials, validate the payment with dual authentication, and the payment is confirmed.
A guaranteed payment experience
The payment experience offers a smooth process similar to card payments while avoiding the constraints often associated with traditional bank transfers.
For the merchant, there is no need to share their IBAN, eliminating the risks of fraud associated with this practice. As for the payer, they no longer need to add a new beneficiary to make their transfer. The payment is completed in a few clicks, and the merchant receives immediate payment confirmation, with the funds directly deposited into their bank account.
Benefits for the payer
An optimal customer experience
As mentioned earlier, this innovative payment solution offers a completely optimized customer experience, without friction and fully secure. Indeed, the payment is made directly from the payer’s secure banking space, guaranteeing their peace of mind and the protection of their data. No sensitive information is transmitted or collected during the payment initiation by the service provider.
No constraints related to card limits
Thanks to the instant bank transfer technology, the payer is no longer limited by banking card limits and potential rejections, as this type of transfer establishes a direct connection between the payer’s bank and the merchant’s bank, benefiting from the limits associated with bank transfers rather than debit cards.
Faster delivery
Once the payment is made, the merchant receives instant confirmation. Since the payment is irrevocable, the merchant can prepare the order without having to wait for the funds to arrive in their bank account. This allows them to release their stocks and ensure that the customer receives their order faster than with a traditional bank transfer, which can take up to 3 business days to arrive in the merchant’s bank account.
Benefits for the merchant
Fintecture is a French company that has set out to transform and digitize payment by bank transfer, for both paying and getting paid, allowing businesses to unlock their revenue. Regulated by the ACPR, this fintech actively works in the fight against fraud and has deployed a secure and proprietary payment infrastructure, partly relying on open banking.
Payment solutions through bank transfers streamline the ordering process, with no limitations related to credit card limits, and without interrupting the payer’s journey. This was the case for Racetools, which saw its average basket size increase by 273% thanks to our bank transfer solutions.
Switch all of your cash receipts to innovative solutions.
Don’t let payment failures cause orders to fall through anymore.
Customize the journeys on your website to offer Fintecture payment in case of credit card payment failures. You can also asynchronously and offline follow up on failed payment orders by generating payment links from Fintecture. Insert these links into a dedicated email for orders with payment issues.
Replace check payments with Fintecture.
If some of your customers still prefer paying by check, encourage them to switch to Fintecture bank transfers. This will save you time on time-consuming tasks and reduce the risk of non-payment. Discover how to remove check payments in this article.
Maintain your customers’ payment habits.
The traditional bank transfer remains the preference for merchants when it comes to payments, especially in B2B where the buyer may not always have access to their company’s bank account.
In this situation, we suggest adopting Fintecture’s intelligent bank transfer solution. For your customer, the payment experience will be similar to a standard bank transfer. On your end, you’ll benefit from simplified reconciliation and real-time payment tracking through our customized IBAN system.
