Business Age
Customers expect payments to be reliable, secure, and convenient. Simplicity is key: fewer steps mean less friction, and less friction leads to higher conversion rates.
Retailers must address key questions to meet these demands: How can I ensure a secure checkout across all customer touch points? How can I tailor payment options to individual purchases? How can automation streamline the process? And how can I use clear branding and contextual cues to build trust and reduce fraud?
With the holiday season upon us, now is the perfect time to optimise your payment strategy. In his latest op-ed for Business Age, Adam Ball, CCO at Prommt, shares five essential strategies to enhance payment experiences and drive sales.
Find Out More November 21, 2024 Why Card Payments Remain Relevant with the Rise of Open BankingEuropean Business Magazine
“The future of payments isn’t about one solution replacing another; it’s about giving merchants and payers the flexibility to choose the best option for their needs,” writes Donal McGuinness, CEO at Prommt.
As payment technology evolves, so does the way we use cards. Mobile and contactless payments are becoming the norm, and wearable tech – like Apple Watches, fitness trackers, rings and keychains – makes paying with just a tap even more convenient.
Payment innovation isn’t about replacing card payments, but enhancing them.
In his latest op-ed for European Business Magazine, Donal discusses why card payments remain relevant, even as consumers and businesses embrace new payment options like open banking.
Find Out More November 20, 2024 How Omnichannel Payments are Bridging the Generational GapIrish Tech News
“Deliver a great experience, and customers will buy more, stay loyal, and spread the word. But what defines a great experience? Convenience, choice, and consistency,” writes Adam Ball, CCO at Prommt, in his latest op-ed for Irish Tech News.
Offering choice is important, but too many options – like a checkout packed with 20 payment methods – can lead to confusion and cart abandonment. Instead, businesses should focus on a few secure, convenient digital payment options that seamlessly integrate into their omnichannel strategy.
Businesses with a strong omnichannel approach can see up to an 89% boost in customer retention. In his article, Adam shares three actionable methods for implementing effective omnichannel payments.
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Client Case Study in partnership with PXP Financial
“With Prommt, risky telephone and other remote transactions are now streamlined into a simple, secure online process – enabling faster payments, improving cash flow, and ensuring data compliance. We’ve significantly reduced chargebacks, fraud, and the time spent chasing payments.
Within six months, processing payments via OPERA Cloud have driven a significant increase – more than double – in the payment volumes being facilitated by Prommt at the hotel. We highly recommend Prommt to any hotel looking to save time, reduce costs, and optimise their payment processes while delivering a superior guest experience.”
Jane Swinbank-Smith, Head of Finance at The Rock Hotel Gibraltar
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Pay by Bank (PBB) revolutionises bank payments by replacing the cumbersome process of sharing IBANs and account numbers with a seamless digital experience. Unlike card payments, PBB eliminates chargebacks, card fraud, and payment operation costs, making it a game-changer for high-value transactions. Additionally, PBB does not incur scheme or interchange fees.
In our latest client insights paper, we share key findings to date.
Highlights include:
- PBB performs best when combined with Card. Prommt’s payment orchestration controls drive adoption and reduce costs for high-value payments without affecting customer experience. Over 60% of Prommt’s clients have adopted PBB.
- Payment failure rates are significantly lower for Bank than for Card, with average success rates exceeding 93%.
- PBB accounts for 25% of our total payment volume (TPV).
- The automotive sector is the most popular for Pay by Bank, representing over 88% of TPV, with the highest single transaction in this sector reaching £95,000.
- The average transaction value (ATV) for bank payments is now three times that of card payments. Luxury retail boasts the highest ATV at £3,746.
- Motorpoint, a leading motor retailer, saved over £100,000 in the first 8 months after launching PBB.
- Wilsons Auctions have replaced the majority of their card transactions with Open Banking.
Discover more, including adoption use cases, industry-specific highest transaction values & ATVs and current limitations, in our full report.
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