2. Faster Payments and Cost-Savings with Open Banking Open banking is a game-changer for high-value transactions. It removes the hassle of card limits and costly processing fees and offers a safer, faster and more cost-effective alternative to manual bank transfers, drafts, or cheques. With open banking payments, customers no longer fret over mistyping lengthy account details. They experience a quick, secure and seamless way to pay directly from their bank accounts. Customers authenticate payments via their banking app, with personal data encrypted and safeguarded by industry-standard security measures. Sensitive payment information thus remains ‘invisible’ to fraudsters, bolstering security. Unlike direct debits, where payments are initiated by the merchant and pulled from the payer, open banking empowers customers to initiate payments themselves, ensuring greater control. Advanced Pay-by-Link solutions streamline invoicing with branded payment requests, enabling customers to settle bills effortlessly. With preset payee information, payments are securely authenticated in just a few clicks, highlighting how open banking improves businesses’ accounts receivable processes. Furthermore, with Faster Payments Services in the UK, open banking transfers are instant and all parties are promptly notified, so deals can be completed more quickly. 3. Streamlined Operations and Payment Orchestration With smart payment orchestration controls, builders merchants can automate payment methods based on criteria like transaction value, location, product type, or transaction specifics. For example, they may accept card payments for deposits and use open banking for final balances. This approach provides customers with credit card protections and reduces card fees for merchants on larger payments. Merchants can automate follow-ups for failed or abandoned transactions, offering alternative payment methods to complete the transaction - via bank or card. This strategy not only saves on transaction fees and operational costs but also mitigates card fraud and reduces chargebacks. Partnering with an advanced paytech built for teams allows merchants to optimise trade counter sales, tool/plant/machine hire and credit control operations. This partnership helps minimise risks, particularly crucial during customer onboarding. Smart features such as Autocharge facilitate easy cost recovery for damages or theft by enabling future charges if the equipment is damaged or not returned. Additionally, merchants can streamline payment collection using Group Send, uploading lists of outstanding debtors and automatically sending tailored payment requests to each account. Scheduled chase paths ensure persistent follow-ups until payments are received, saving valuable time in collecting and managing payments. Payment innovation is revolutionising the construction sector by addressing long-standing challenges of cash flow, late payments and security risks. By adopting smart Pay-by-Link solutions and leveraging advanced paytech capabilities, builders merchants can minimise cash use, streamline operations, secure payments pre-delivery and maintain compliance with stringent data regulations. These advancements not only reduce risks of data breaches, fraud and chargebacks but also significantly cut costs associated with payments admin. Additionally, innovations like open banking enable faster, more secure transactions, overcoming the limitations of traditional payment methods. About Prommt Founded in 2017, Prommt is a payments platform that is revolutionising payments for enterprises and their clients. Its innovative solutions enable fast, frictionless card and open banking payments anytime, anywhere. Prommt is an enterprise-grade solution that is built for teams, supporting multiple locations and provides powerful reporting and alerting capabilities. It is trusted by industry leaders across the automotive, luxury retail, hospitality, builders merchants and insurance sectors. Headquartered in Dublin, Ireland, Prommt is used by businesses today across Europe and North America and is the winner of the Best Open Banking Service Initiative awarded by Global Payments Innovation Awards 2023 as well as a finalist for the Best Open Banking Payments Project within the Open Banking Expo Awards 2023. Curious to learn more about how Prommt can help you? Get in touch - www.prommt.com About the Author Serial paytech entrepreneur Donal McGuinness is CEO of Prommt. He studied Information Technology at DCU and Telecommunications Engineering at DIT and spent the early years of his career in the telecommunications industry. His experience in mobile payments dates to 1999 when he founded his first mobile payments company, ItsMobile and since then has been working areas covering payments, money remittances and digital identity. 29 THE door industry journal summer 2024 Also online at: www.dijonline.co.uk Industry News
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