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How To Address The Risks & Challenges Of Remote Payments In Hospitality

Addressing the Risks and Challenges of Remote Payments in Hospitality

Webinar 

Listen to hoteliers and expert payment leaders discuss how the latest innovations in payments can drive revenue, reduce costs and optimise the guest experience. This webinar is brought to you by HOSPA and Prommt and includes experts from The Strand Palace Hotel, Euronet and FreedomPay.

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Prommt Announce US Partnership with Leading Payments Platform FreedomPay

Prommt Announce US Partnership with Leading Payments Platform FreedomPay

Press Release 

Leading payment request platform Prommt has today announced that it has extended its partnership with one of the world’s top payment brands, FreedomPay, to the US market. This partnership builds on existing collaboration in Europe and was announced today during the Government of Ireland’s US Trade Mission, at a special delegation meeting in New York City with Simon Coveney, Minister for Enterprise, Trade and Employment, Nathan Ware, SVP, Global Sales, FreedomPay and Donal McGuinness, CEO of Prommt.

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Protect margins by reducing fraud and chargebacks in remote payments

Protect Margins by Reducing Fraud and Chargebacks in Remote Payments

Companies Digest

The resurgence of travel in 2023 is seeing guests return with an increased appetite for bold adventures, luxurious stays, and tailored experiences that cater to their unique preferences. The post-pandemic era of travel presents exciting business opportunities, but the road to recovery has not been smooth with increasing inflation, supply chain disruptions, staffing shortages, and soaring energy costs. With the current challenges faced by the industry augmented by higher guest expectations, there needs to be a shift from viewing payments as a back-end function to recognising that payment is the first interaction a guest has with your brand, and, furthermore, that innovation in remote payments is a lever for profitability.

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Edgar, Dunn & Co.

Leadership Interview Series: Conversation with Donal McGuinness, CEO at Prommt

Edgar, Dunn & Company

Donal McGuinness features in this month’s Leadership Interview series with Martin Koderisch, Principal at Edgar, Dunn & Company. Donal talks about his career, Prommt’s value proposition, growth plans, and the evolution of open banking in Europe. 

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Customer Spotlight - The Westbury, The Doyle Collection

Customer in Focus: The Westbury 

The Doyle Collection 

The Westbury, one of Dublin’s finest luxury hotels and a member of The Leading Hotels of the World, are using Prommt to streamline their remote payment collection process, enabling the hotel to send secure, trusted, branded payment requests to their guests via any messaging channel. A part of The Doyle Collection, an Irish family-owned Hotel Group, The Westbury recently adopted Prommt’s open banking payments (Pay by Bank), using the system for group reservations and events, eliminating card processing fees and further reducing chargebacks with additional protection against fraud.

The Company of Master Jewellers

CMJ Supplier Spotlight: Prommt 

Many luxury retailers’ staff use phone consultations and web chats for more personal shopping assistance to guide customers through their buying journey or to take a deposit. Similar to e-commerce transactions, these purchases demand a frictionless and flexible payment experience – one that doesn’t hinder the joy of shopping while protecting the customer and merchant from fraud.

Adam Ball, CCO at Prommt, explains how Prommt empowers retailers to efficiently request, collect and track remote payments through card and Open Banking transfer. Our solution helps luxury retailers drive profitability by significantly reducing card fraud and chargebacks, minimising payment administration, and delivering a remote buying experience that reflects their brand identity.

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Prommt is revolutionising remote payments for enterprises and clients

Prommt is revolutionising remote payments for enterprises and clients

4i Magazine

Donal McGuinness, CEO at Prommt, shares his insights on Open Banking, and how investing in today’s technology enables retailers to meet consumer expectations and better adapt to tomorrow’s market fluctuations.

Open Banking enables merchants to protect margins, which is particularly relevant in a challenging economic climate. In addition, it offers an easier, more streamlined process of accepting bank payments compared to manual bank transfers, resulting in a further reduction of operational overhead. Donal shares key findings based on client adoption of Prommt’s Pay by Bank.

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How Hotels Can Reduce Costs, Protect Margins, and Gain Loyalty with Remote Payments Innovation

Finance Derivative

Open Banking is bringing greater security, speed, and personalisation to guest payments across all areas of hospitality. Whether it’s reservations, meetings and events, food and beverage, or spa – hotels can protect their bottom line, reduce operational overhead and meet evolving consumer expectations head-on. Cards are still critically important, but offering guests choice is the key, especially where the transaction value is high.

“With an advanced pay-by-link service supporting both card and instant account-to-account bank payments, hotels can easily bring their checkout to wherever is most convenient for their guests – via SMS, WhatsApp, email, or web chat,” writes Donal McGuinness, CEO of Prommt

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Client Insights - Open Banking Payments

Client Insights – Open Banking Payments

Pay By Bank (PBB) is a game changer for many of our clients. Over the past few months, a wide range of our clients have adopted our Open Banking payments capability as an optional and in some cases, the default payment method when requesting and instantly collecting high-value payments with zero card processing fees. We are sharing our key findings to date in this latest insight paper.

Highlights include:

  • Strong adoption within a mix of verticals including Automotive, Builders Merchants, Luxury Retail and Hospitality.
  • Average Transaction Value (ATV) for PBB is nearly four times higher than the ATV for a card transaction.
  • The highest value PBB transaction was a car purchase for £54,000. Car transactions account for 9 of the top 10 highest value transactions. These top ten highest value transactions account for almost half a million pounds. 
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WEBINAR: Addressing the Risks and Challenges of Remote Payments in Hospitality

Webinar: Addressing the Risks and Challenges of Remote Payments in Hospitality

Wednesday 17th May, 10 – 10:30am

Listen to hoteliers and expert payment leaders discuss the risks and challenges of remote payments and how innovation can reduce risk, costs and protect margins. This webinar is brought to you by HOSPA and Prommt and includes experts from The Strand Palace Hotel, Euronet and Freedompay.

Register Now
Donal McGuinness, CEO at Prommt

Why I think Prommt can disrupt the payments market

Business Age

While changing customer behaviours may have taken 10 years at the turn of the century, it is now taking 36 months – or even less. Consumers have a desire for convenience and frictionless purchase experiences, they are routinely transacting online, are familiar with 3D secure and SCA steps (Strong Customer Authentication) and typically use a mobile banking app.  Added to this, is the arrival of Open Banking payments. 

With market conditions driving change and consumers & merchants willing to embrace change, Prommt is perfectly positioned to disrupt the remote payments market. Donal McGuinness, CEO at Prommt, reveals his thoughts on what the future holds for Prommt and the world of remote payments.

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Leaders in Payments & Fintech

EDC Podcast Ep10: Lorraine Fahy, CMO at Prommt, Start Up Growth Story, Remote Payments Via Personalised Payment Links

In this episode, Martin Koderisch of Edgar, Dunn & Co. speaks to Lorraine Fahy, CMO at paytech Prommt. Prommt is a leading SaaS platform that enables businesses to request, collect and track remote payments from customers with secure and personalised payment links that can be sent via email, text as well as from with in chat and messaging apps. Customers are then given the choice to pay by card or by account-to-account bank transfer (Pay by Bank) that leverages new Open Banking technologies.

In our conversation, Lorraine expands on the company’s growth journey to date and plans for the US market.

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Prommt & Lloyds Bank Cardnet

Prommt is delighted to work with Lloyds Bank Cardnet, who have been providing businesses with card payment and merchant services for over 25 years. From payment gateways to data analytics and intelligent point of sale, they have the capability to tailor card payment solutions to help businesses develop and grow, while making it easy for their customers to pay.

As a Cardnet referral partner, this alignment focuses on numerous industries, including the Builders Merchants/Hardware sector, where taking advance payment by card over the phone before delivery is common practice.

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Drive Profitability with Innovation in Remote Payments

Drive Profitability with Innovation in Remote Payments

The Overview, Hospa

Holidaying at home continues to grow in popularity since its surge during the pandemic, as recent studies highlight 81% of British hotel guests plan to stay at a UK hotel in 2023. Learn how innovation in remote payments reduce costs, protect margins and drive profitability – especially amid the challenges faced by the hospitality industry today such as inflation, energy costs, rising interest rates, staffing shortages and supply chain disruptions.

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Open Banking Payments: 5 Ways Merchants Reap the Rewards

Open Banking Payments: 5 Ways Merchants Reap the Rewards

Open Banking is quickly becoming a popular alternative payment choice for merchants across Europe, empowering them to offer their customers with a swift, secure and seamless way to pay directly from their bank accounts. By embracing this capability, businesses across Retail, Hospitality, Automotive, Hardware and Services can enhance customer security, improve the checkout experience, and drive profitability. This blog highlights 5 ways merchants reap the rewards of Open Banking through reduced transaction fees, fraud mitigation, faster payments, enhanced customer experience and maximised payment success.

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Prommt Payment Requests

Innovation in payments drives real impact for the Hardware Sector

The Hardware Journal 

Prommt is delighted to be featured in the Feb 2023 issue of Hardware Association Ireland’s The Hardware Journal, where CEO Donal McGuinness highlights how Open Banking payments generate significant business impact for hardware stores and builders’ providers. This is a great payment option that is perfectly suited for high value sales, helping merchants to significantly reduce card processing costs and fraud.

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Innovating Payments in Hospitality

Innovating Payments in Hospitality

Hotels and restaurants often need to take payments over the phone, but processing payments in this manner carry unique challenges with respect to compliance, high card & payments operations costs, vulnerability to chargebacks, and a guest experience with a bitter aftertaste. Trusted by some of the world’s most luxurious hotels, Prommt Payment Requests are innovating guest payments across all areas of hospitality – reservations, meetings and events, food & beverage and spa – making the remote buying process more secure, efficient and effective for team management.

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MGN Builders Merchants Choose Prommt Payment Requests

MGN Builders Merchants choose Prommt Payment Requests

MGN have been using Prommt Payment Requests since 2021, and introduced Pay by Bank as a payment method since October 2022. With over 10% of payments going through Open Banking already, MGN have generated significant card processing savings with Pay by Bank. The ability to provide flexible payment options enhances their customers’ experience. Additonally, Prommt helps MGN achieve operational efficiency by reducing the cost and time involved in payment collection.

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Prommt Payment Requests

6 Ways Prommt Revolutionises Remote Payments

Prommt revolutionises how businesses get paid by empowering them to easily request instant card and open banking payments, reduce fraud and costly chargebacks, ensure compliance with data regulation laws, maximise payment success, deliver a seamless customer experience, as well as excel at team management and flexible access control.

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What to watch out for in 2023 by Stephen Culligan

What to watch out for in 2023

We recently chatted with Stephen Culligan, VP Product at Prommt, to hear what he thinks will be trending this year in the world of remote payments. 

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Paytech leader Prommt hits three million payment requests in Europe and eyes further expansion in North America

Paytech leader Prommt hits three million payment requests in Europe and eyes further expansion in North America

Press Release

Despite the challenging headwinds being experienced by many companies today, Prommt has completed a successful Series A funding round at the end of 2022, which, coupled with the recent surge in customer growth, will support its aggressive growth strategy to new markets including USA and Canada.

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Going the distance: why are remote payments still a headache in luxury retail and hospitality?

By Eileen Carroll, Púca CEO & Prommt Co-Founder

It’s disconcerting to give your card details to someone on the other end of the line and not know if they’re writing them down or entering them into a card terminal. It’s also frustrating when you’re trying to complete a purchase online and the person assisting you doesn’t stay on the line to help you finish the payment. These poor experiences can unfortunately lead to lost business and unhappy customers.

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Payments & Open Banking Trends for 2023

Payments & Open Banking Trends for 2023

The AI Journal Op-Ed by Donal McGuinness, Prommt CEO

“Open Banking is the driver for change for traditional bank transfers and will do in the 2020s what e-commerce did across the 2000s. It will be just another payment type in the near future,” says Donal McGuinness, CEO at Prommt. This corner of the payments industry has remained largely untouched in terms of innovation until recently, with the emergence of new solutions that help merchants navigate digital remote payments smoothly.

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Why now is the perfect time for innovation within remote payments

Why now is the perfect time for innovation within remote payments

The coupling of Open Banking Payment Initiation with Faster Payments now offers a viable alternative for merchants to efficiently process large volumes of bank payments and enjoy the almost real-time collection of funds. Donal McGuinness, CEO of Prommt, has contributed to an article for Finance Derivative on how Fintech has reshaped the digital payment industry and the changes that are on the horizon for remote bank payments.

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How to build loyalty with Luxury’s new generation of shoppers

How to build loyalty with Luxury’s new generation of shoppers 

The anticipated emergence of Millennials and Gen-Z into the luxury retail space is here. As modern technology and evolving customer mindsets shape the landscape of high-value retail, the lines between physical and digital touch points continue to blur. Read our latest market insight piece to learn how an omni-channel approach to payment flexibility, focused creating bespoke experiences, opens opportunities to enhance the way retailers interact with customers, building stronger and more enduring relationships.

Learn more
How to Reduce Fraud this Festive Shopping Season

Reduce Fraud this Festive Shopping Season

Black Friday and Cyber Monday are synonymous with big sales and deal bonanzas that kick-start the festive shopping season. There is often a sharp increase in online and mobile banking fraud during this time of year, which usually occurs when sensitive payment details including PIN codes are misappropriated. For instance, the value of unauthorised electronic payment frauds stood at €21.5 million for the second half of 2021 in Ireland. Keep security top of mind this holiday season by minimising fraud and chargebacks with Prommt’s secure, trusted, branded payment requests.

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FreedomPay

FreedomPay and Prommt Announce Global Partnership to Deliver Secure Personalised Payment Requests

The move will further enhance FreedomPay’s Next Level Commerce™ solution by providing greater flexibility and choice for enterprise customers who wish to offer a fully branded and rich payment experience. This strategic alignment will help deliver instant, branded, personalised payment requests through email, text, chat, and messaging apps while integrating with FreedomPay’s robust solutions across payments, security, identity, and data analytics.

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Open Banking Quote from Head of Product

Prommt’s Pay by Bank is replacing Bank Transfers

Manual bank transfers carry a high operational cost – they are time consuming and require manual setup that takes a lot of effort. Open Banking payments offer an easy, slick, mobile experience that will revolutionise how finance teams process B2B payments. It’s been just a few months since we launched Prommt’s Pay by Bank capability, and our clients are processing millions of pounds of transactions using this payment alternative, with use cases including the replacement of the cumbersome and dated payment method of Bank Transfers.

FS Awards x KPMG 2022 Finalist

Payments Innovation Award 2022 Finalist

Prommt is delighted to announce that we have been selected as a finalist for the Payments Innovation Award of this year’s FS Awards 2022 in association with KPMG Ireland!

Open Banking Expo London 2022

Open Banking Expo UK 2022

Adam Ball, Prommt’s Managing Director UK,  participated in the Open Banking Expo with partner Token to discuss how the accelerating shift to Open Banking payments is driving a reduction of fraud, and offers a better payment experience for customers.

Mind the Product Conference 2022

Mind the Product Conference 2022

Stephen Culligan,  Prommt’s Head of Product,  attended Mind the Product in London, sharing knowledge, inspiring and being inspired with many peers in the industry. Like any great product, it’s the people behind it that make it a success.

MHL Hotel Collection

Customer Spotlight: MHL Hotel Collection

The MHL Hotel Collection boasts a portfolio of many of the finest hotels in Ireland including The Westin, Hilton Dublin, InterContinental Dublin, Powerscourt Hotel and Resort Spa, Glenlo Abbey and more. MHL is one of the latest clients joining Prommt’s rapidly growing hospitality segment, who have selected Prommt to innovate guest payments across all areas – reservations, meetings and events, food & beverage, and spa – making the remote payment process more secure, efficient and effective for team management.  

Castlemartyr Resort

Customer Spotlight: Castlemartyr Resort

Castlemartyr Resort is a stunning five-star luxury resort located in Cork, Ireland and is the latest exclusive hotel to join Prommt’s fast growing list of industry leading customers. Prommt replaces over the phone payments for bookings, deposits and events with a simple fully-branded payment request using SMS, email, WhatsApp, reducing the risk of fraud and enhancing the overall guest experience.

Token expands connectivity, bringing Open Banking payments to Ireland

Token expands connectivity, bringing Open Banking payments to Ireland

Prommt continues to rapidly gain market share with customers now embracing Open Banking payments in Ireland. Branded as “Pay by Bank” and underpinned by Token’s Open Banking platform, we are thrilled to be part of Token’s announcement.

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Prommt Announce US Partnership with Leading Payments Platform FreedomPay

Prommt Announce US Partnership with Leading Payments Platform FreedomPay

Leading payment request platform Prommt has today announced that it has extended its partnership with one of the world’s top payment brands, FreedomPay, to the US market. This partnership builds on existing collaboration in Europe and was announced today during the Government of Ireland’s US Trade Mission, at a special delegation meeting in New York City with Simon Coveney, Minister for Enterprise, Trade and Employment, Nathan Ware, SVP, Global Sales, FreedomPay and Donal McGuinness, CEO of Prommt.

Prommt & Lloyds Bank Cardnet

Prommt is delighted to work with Lloyds Bank Cardnet, who have been providing businesses with card payment and merchant services for over 25 years. From payment gateways to data analytics and intelligent point of sale, they have the capability to tailor card payment solutions to help businesses develop and grow, while making it easy for their customers to pay.

As a Cardnet referral partner, this alignment focuses on numerous industries, including the Builders Merchants/Hardware sector, where taking advance payment by card over the phone before delivery is common practice.

Prommt enhances Cardnet’s proposition by enabling hardware stores & builders’ providers to send secure, branded payment requests for quick and easy payment, driving a significant reduction in cost, chargebacks and fraud, enhancing the overall payment experience and streamlining the collection process for the merchant, all while ensuring full compliance with data regulations.

Merchants can offer card or bank as a payment method depending on the customer or value threshold, with bank payments driving further cost savings for the merchant.

Open Banking Payments: 5 Ways Merchants Reap the Rewards

Open Banking Payments: 5 Ways Merchants Reap the Rewards

Open Banking is quickly becoming a popular alternative payment choice for merchants across Europe, empowering them to offer their customers with a swift, secure and seamless way to pay directly from their bank accounts. By embracing this capability, businesses across Retail, Hospitality, Automotive, Hardware and Services can enhance customer security, improve the checkout experience, and drive profitability. This blog highlights 5 ways merchants reap the rewards of Open Banking through reduced transaction fees, fraud mitigation, faster payments, enhanced customer experience and maximised payment success.

Innovating Remote Payments in Hospitality

Innovating Payments in Hospitality

Hotels and restaurants often need to take payments over the phone, but processing payments in this manner carry unique challenges with respect to compliance, high card & payments operations costs, vulnerability to chargebacks, and a guest experience with a bitter aftertaste. Facilitating secure and frictionless payment processes open opportunities for businesses to deepen their connection their guests, deliver a rich experience from start to finish, foster loyalty and gain a competitive advantage. Trusted by some of the world’s most luxurious hotels, Prommt Payment Requests are innovating guest payments across all areas of hospitality – reservations, meetings and events, food & beverage and spa – making the remote buying process more secure, efficient and effective for team management.

MGN Builders Choose Prommt Payment Requests

MGN Builders Merchants choose Prommt Payment Requests

MGN have been using Prommt Payment Requests since 2021, and introduced Pay by Bank as a payment method since October 2022. With over 10% of payments going through Open Banking already, MGN have generated significant card processing savings with Pay by Bank. The ability to provide flexible payment options enhances their customers’ experience. Additonally, Prommt helps MGN achieve operational efficiency by reducing the cost and time involved in payment collection.

Prommt Payment Requests

6 Ways Prommt Revolutionises Remote Payments

Prommt revolutionises how businesses get paid by empowering them to easily request instant card and open banking payments, reduce fraud and costly chargebacks, ensure compliance with data regulation laws, maximise payment success, deliver a seamless customer experience, as well as excel at team management and flexible access control.

Prommt Announce US Partnership with Leading Payments Platform FreedomPay

Paytech leader Prommt hits three million payment requests in Europe and eyes further expansion in North America

Despite the challenging headwinds being experienced by many companies today, Prommt has completed a successful Series A funding round at the end of 2022, which, coupled with the recent surge in customer growth, will support its aggressive growth strategy to new markets including USA and Canada. In 2023, Prommt is set to grow its existing US customer base and push further into hospitality, sports services, retail, and building material suppliers across North America. Expansion of the team is also on the cards with a recruitment drive in sales, marketing and product development, building on 2022’s growth.

How to build loyalty with Luxury’s new generation of shoppers

How to build loyalty with Luxury’s new generation of shoppers

The anticipated emergence of Millennials and Gen-Z into the luxury retail space is here. Currently accounting for approximately 50% of luxury sales across the globe, this figure is expected to exceed 70% by 2025 (Bain & Co., 2022). As modern technology and evolving customer mindsets shape the landscape of high-value retail, the lines between physical and digital touch points continue to blur. At Prommt we have noticed that many of our luxury clients are incorporating a more personalised communications strategy that extends to payment collection and beyond, in order to foster relationships with repeat customers. We believe that by developing a business strategy where digital and in-store interactions complement rather than compete with each other, brands are able to successfully create bespoke shopping experiences that connect and leave a lasting impression. Luxury’s new generation of hybrid shoppers expect to engage with brands through multiple channels simultaneously. Read our latest market insight piece to learn how an omni-channel approach to payment flexibility focused creating bespoke experiences opens opportunities to enhance the way retailers interact with customers, building stronger and more enduring relationships.

How to Reduce Fraud this Festive ShoppingSeason

How to Reduce Fraud this Festive Shopping Season

Black Friday and Cyber Monday are synonymous with big sales and deal bonanzas that kick-start the festive shopping season. These deals are not just online or in-store, many purchases, particularly high-value, luxury purchases are often done over the phone in consultation with the retailer. There is often a sharp increase in online and mobile banking fraud during this time of year, which usually occurs when sensitive payment details including PIN codes are misappropriated. The value of unauthorised electronic payment frauds stood at €21.5 million for the second half of 2021 in Ireland. Keep security top of mind this festive season by minimising fraud & chargebacks with Prommt’s secure, trusted, branded payment requests.

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