Tech Informed
Tech has made cars as smart as our tablets and smartphones. Yet the process of buying a car is still clunky and long overdue for a makeover.
Many dealerships still wrestle with cumbersome manual bank transfers, drafts, or cheques. For those accepting cards, high processing fees and transaction limits add to the administrative hassle of splitting payments. As a result, cards are often used for deposits, but not for purchase.
But customer expectations are changing – and the bar is higher. There’s a growing call for fast and frictionless buying experiences, coupled with robust protection against evolving fraud tactics. Enter open banking, a game-changer for high-value payments. Customers can enjoy a quick, secure, and seamless way to pay directly from their bank accounts.
Prommt CEO, Donal McGuinness, discusses 5 ways open banking is revolutionising how we buy cars.
Find Out More April 10, 2024 Reduce Fraud and Costs with Open Banking PaymentsCPA Ireland | Accountancy Plus
Global losses from online payment fraud in e-commerce hit a staggering $38 billion USD in 2023. Projections indicate that total merchant losses could surpass $362 billion USD by 2028. In a world where technology continues to evolve at a rapid pace, so do the strategies of those looking to benefit from it.
Card payments are here to stay. But when it comes to higher value transactions, open banking payments have set a new standard for security by greatly reducing chargebacks, and cutting costly payment operations and card processing fees.
In the latest edition of CPA Ireland’s Accountancy Plus, Prommt’s CEO, Donal McGuinness shares his insights on how Open Banking payments can help reduce fraud and costs.
Find Out More January 18, 2024 Irish Tech News PodcastDonal McGuinness, CEO at Prommt, discusses how to effectively identify and protect oneself from fraud as SMS and phone scams grow more sophisticated.
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Following our successful soft launch in July 2022, Pay by Bank has rapidly gained momentum, with an impressive 60% of our clients processing millions through open banking. We are sharing our key findings to date in this latest client insights paper.
Highlights include:
- Clients achieve over 93% payment success rates.
- Automotive is our top performing industry for Pay by Bank. The highest value Pay by Bank transaction in Automotive was €72,714.25.
- The highest value Pay by Bank transaction within Hardware was £47,077 and within Luxury Retail was £66,400. The highest value within Hospitality was just under £20,000.
- Average Transaction Value (ATV) continues to increase each month. The ATV for a Pay by Bank transaction (£4,040) is four times higher than the ATV for a card transaction (£990). Six months ago, the ATV for a Bank transaction was (£2,390) and for Card was (£675). This implies two things – Card transactions are not endangered, and Pay by Bank will continue to bring high-value transactions onto our platform.
- The Prommt checkout is now available as a Web Payment, not dependent on Pay by Link.
Introduction to Prommt
Prommt enables businesses to request, collect and track remote payments from their customers with secure payment links via any payment type, any channel, at scale.
When customers want to pay by phone or a product doesn’t lend itself to e-commerce shopping carts, Prommt allows you to turn risky, time-consuming over the phone transactions into secure, convenient, online payments. Our orchestration tools offers the ability for businesses to easily present card or bank as a payment method.
Prommt focuses on security and confidence and a journey that is native to the retailer.
Ready to get started?
We are available 24/7 to help your payments perform at a world-class level.
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