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Latest Press
May 10, 2024 Paytech’s role in converting abandoned carts into completed purchases

Retail Banker International & Electronic Payments International

70% of shoppers prioritise the availability of their preferred payment method when choosing where to complete a purchase. For Millennials, this preference is even more pronounced, as 80% will abandon an online checkout if their desired payment option is unavailable.

In order to mitigate cart abandonment and meet customer expectations, it’s crucial to remove friction at checkout and offer a variety of payment methods, ensuring easy, seamless, and secure transactions. The checkout should be simple and streamlined – the fewer steps from product discovery to purchase, the better.

Businesses can shift their focus from cart abandonment to payment success, by embracing innovative and secure payment solutions with automation and smart features – like payment reminders, personal shopping with a card on file, and automated chase paths for failed transactions. Donal McGuinness, Prommt CEO, discusses how leveraging payment orchestration tools and data analytics helps businesses gain a competitive edge, be highly responsive to customer needs, and understand customer behaviour to attract and retain them.

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May 10, 2024 How PayTech innovation is creating new value in MOTO

A whitepaper by Edgar Dunn & Company, commissioned by Prommt and Barclaycard

Pay by Link is establishing itself as an alternative in the evolution of digital payments. Smarter and more sophisticated solutions are reducing costs and improving the customer experience, helping to increase sales in the remote payments market.

Fraud and the protection of customer data provide an ever-increasing challenge for the payment industry. Evolving Pay by Link solutions offer significantly improved protection and peace of mind to customers and merchants offering high value goods and services. It not only protects and supports the entire payments value chain, but it provides a high level of customer experience offering significant advantages for merchants to safely drive and increase sales in specialised markets.

Explore the evolving landscape of traditional MOTO payments, the challenges faced by merchants, the advancements in Pay by Link innovation and its benefits in the remote payment sector.

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April 10, 2024 How Open Banking is Driving Car Sales

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.

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Latest Publication
Client Insights - Open Banking Payments, Q4 2023
Client Insights – Open Banking Payments, Q4 2023

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.
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So much more than Pay by Link
So much more than 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.

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