The Benefits of Open Banking to High Risk Merchants

Pay iO is a platform powered by open banking which enables companies to receive card-less payments from its customers. It’s designed for online retailers and high-risk merchants specifically can benefit in a number of ways. From jewellery and CBD to car parts and alcohol, some product sectors are more open to fraud than others. This is why Pay iO’s open banking solution is a great option. Pay iO is packed full of features designed to make life easier for high-risk retailers and to save them money and the best part about it is, they don’t need to choose Pay iO over any other provider. Let the customer decide which payment option suits their needs. Simply add Pay iO to the check-out options. According to the OBI, there are more than 4 million open banking users in the UK. Aside from having many advantages to an online retailer, it’s also fast becoming a payment option that consumers expect to see when shopping. 

By choosing Pay iO a high-risk merchant can benefit from:

Avoidance of fraudulent charge backs: Removing cards means a retailer can resolve disputes directly with customers, saving time and money and it stops charge backs that are done fraudulently.

Elimination of card fraud: Transactions are card-less therefore removing a step in the process where fraud could take place. Open banking is highly secure. It does require customers to give access to their data, but only by consent.

Improved customer acquisition and retention: According to the OBI in the UK there are more than three million open banking users and this number is set to grow exponentially. Customers are starting to expect a card-less checkout option. Don’t lose out on new customers or disappoint the ones you have.

Direct settlement of funds: The payment processing time is seconds instead of days. With Pay iO a retailer receives the funds immediately which makes cash flow much easier to manage. The real-time aspect of open banking applies to all use cases, from payments to data. 

Enhanced customer experience: Payments are fast, just a few clicks are needed. This streamlines the customer journey and stops frustrations, such as an issue with their card billing address, that might cause them to abandon their cart. Refunds can also be processed quickly and easily. 

Saving money on fees: Open banking fees are a lot less than card transaction fees. You can vastly improve your margins by offering Pay iO as a payment option at check-out. It also prevents charge backs meaning merchants can settle disputes directly with consumers. This is especially useful in cases where the system is being abused. 

A streamlined customer journey: Customers don’t need to create a Pay iO account to use it. This makes it a truly fast and effective way to pay. It’s also a secure system as well as removing card fraud from the equation. Improving the customer experience and making them feel secure in their purchases are excellent ways to embrace the shoppers of the future. 

Watch our video below to get a good understanding of Pay iO in action. Our brochure can be downloaded here. If you want to know more get in touch and we’d be happy to give you a call and a demo

Pay iO’s articles do not constitute financial advice and are for information only.