What is Pay iO?

Pay iO is a platform powered by open banking which enables companies to receive cardless payments and manage invoices quickly and efficiently. Founded by seasoned business people, it’s packed full of features designed to make life easier for SMEs and to save them money. Any merchant that receives money online for products and services can benefit from adding Pay iO to its payment options 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. At its most basic level a payment powered by open banking allows the customers to make the transaction by bank transfer directly from their account with no need to use a card and without leaving the app. There’s a whole host of benefits to a retail operation no matter the size or the sector:

+ Improved customer acquisition and retention: According to the OBI in the UK there are more than two million open banking users and this number is set to grow exponentially. Customers are starting to expect a cardless 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. 

+ No customer sign-up required: 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. 

+ Digital marketing options: As open banking becomes more prevalent, retailers can benefit from the wealth of data their customers are sharing and market products to them in much more sophisticated ways. Lots of fintechs are appearing which cater to these ancillary services. This will transform the way people shop and change the way marketing plans are rolled out in 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 info@payio.co.uk