Retailist Magazine

77% of customers say they’d abandon their cart if their preferred payment method isn’t available, according to a recent report by PYMNTS. In today’s digital world, a fast, frictionless and personalised experience isn’t just nice to have – it’s essential.

The checkout process is more than a transaction; it’s the final brand touchpoint where impressions are made and loyalty is won. When brands cater to customer preferences, they’re not just selling – they’re building a meaningful connection. Every step of the shopping journey shapes how customers feel, and that positive feeling is what brings them back.

With the holiday season around the corner, Donal McGuinness, CEO at Prommt, shares four key strategies for a seamless, personalised checkout that boosts sales and brand loyalty, in his latest op-ed for Retailist. Don’t let cart abandonment be a missed opportunity – make each payment journey count!

FS Awards 2024

We’re on a winning streak! Huge congratulations to Team Prommt for taking home the “Innovative Banking Product Award” at the FS Awards! A special shoutout to our fellow finalists, Revolut and An Post Money – competing against such esteemed brands makes this achievement even more meaningful for us!

This recognition follows our recent win for “Best Open Banking Payments Project” at the Open Banking Expo in London last week. It’s a fantastic testament to our team’s dedication and commitment to driving innovation and excellence in payments.

We attribute Pay by Bank’s success to our smart payment orchestration controls, which empower merchants to automatically present the most suitable payment method – whether bank or card – based on transaction value, type, or location. This dynamic approach boosts adoption, lowers costs for high-value transactions, and delivers a seamless payment journey. Optimising the payment options offered to customers is essential to driving both adoption and success in open banking payments.

With Pay by Bank, our clients enjoy a payment success rate of over 93%, and effectively mitigate risks such as card fraud, data breaches, and chargebacks. Some of our clients have reduced card fees by up to 88%. We’re thrilled to keep pushing the boundaries of innovation alongside Token.io, our licensed partner for Pay by Bank.

Open Banking Expo Awards 2024

We are thrilled to announce that Prommt has won “Best Open Banking Payments Project” at the Open Banking Expo Awards in London last night! This recognition is a testament to our team’s hard work and commitment in driving innovation and excellence in payments!

Seamless and flexible payment options are essential for the success of open banking payments. Prommt’s smart payment orchestration empowers merchants to automatically present the most suitable payment method – bank or card – based on transaction value or location. This dynamic approach drives adoption, reduces costs on high-value transactions, and ensures a frictionless payment journey. Optimising the payment options offered to customers is a key factor in maximising success.

“Its model gives real payment choice to merchants and their customers, with new methods like Pay by Bank co-existing alongside more conventional methods, like cards. Prommt has seen particular traction with Open Banking in sectors with high-value transactions, and was able to demonstrate real savings for merchants.”

FS Awards 2024

We’re on a roll! After being selected as finalists in a category each for the Pay360 and Open Banking Expo Awards and two categories for the National Fintech Awards, Prommt has now been nominated as finalists in THREE categories for the FS Awards – Payments Innovation, Innovative Banking Product and FS Trust!

What sets us apart are our smart payment orchestration tools that enable merchants to present the optimum payment method – bank or card – dependent on transaction value, location or type. They can set chase paths for failed or abandoned transactions, offering alternative payment options to maximise payment success. This approach helps them save on high transaction fees and operational costs while significantly reducing the risks of card fraud, chargebacks, and data breaches.

As a leader in remote payments, Prommt’s success is built on trust. We offer secure, merchant-branded payment journeys with customisable email templates and embedded links. By integrating checkout into the merchant’s site with consistent branding, we ensure a familiar and reliable payment experience.

Prommt is built for teams across multiple locations, offering powerful reporting and alerting features. It functions as a stand-alone platform or integrates seamlessly with systems like Oracle OPERA (V5 and Cloud) and Border CounterAct. With strong integration capabilities and partnerships with major payment gateways, clients can be up and running in as little as two weeks.

We’re thrilled to be recognised for our impact in the payments industry! It’s a true testament to our team’s hard work and commitment to excellence. We look forward to the awards ceremony in October, and wish all the finalists in our categories the best of luck!

The Retail Bulletin

In an interview with The Retail Bulletin, Prommt CEO Donal McGuinness dives into the fintech and open banking trends shaping the next decade. He discusses the challenges retailers face today and how innovations in payments technology can help overcome them. Donal also highlights how clients are leveraging Prommt for a competitive edge, the standout features that set our platform apart, and the strong partnerships that amplify the value of our solutions. Plus, get a glimpse into what’s on the horizon for Prommt.

National Fintech Awards 2024

We are excited to share that we’ve been shortlisted for Best Payment Solution AND Emerging Fintech Company of the Year at the Fintech Summit & Awards 2024!

As a leader in remote payments, Prommt’s success is built on our commitment to trust. We provide secure, merchant-branded payment journeys with custom email templates and embedded payment links. By integrating the checkout into the merchant’s site and maintaining consistent branding, we ensure a familiar, trustworthy payment process from start to finish.

What sets us apart from our competitors are our smart payment orchestration tools, which help drive Pay by Bank adoption. Merchants can set automated thresholds to present their preferred payment methods based on transaction value, location, or type. They can easily set automatic chase paths for failed transactions or where the cart has been abandoned, and present an alternative payment method to complete the transaction – bank or card. This strategy allows them to achieve substantial savings on transaction fees and operational costs, while also mitigating card fraud and minimising chargebacks.

Designed for teams across multiple locations, we offer robust reporting and alerting features. Prommt can function as a stand-alone platform or seamlessly integrate with industry systems like Oracle OPERA (V5 and Cloud) and Border CounterAct. Our clients get up and running quickly, usually within two weeks, thanks to strong integration capabilities and partnerships with major payment gateways. Our average churn rate is impressively low, remaining under 0.2%.

Being recognised for our impact in the payments industry is a huge honour and a testament to our team’s dedication to excellence. We look forward to the awards ceremony in October, and wish all the finalists in our categories the best of luck!

Open Banking Expo Awards 2024

We’re thrilled to share that Prommt has been selected as a finalist for the Open Banking Expo Awards in the “Best Open Banking Payments Project” category!

Our Pay by Bank solution is revolutionising high-value payments, delivering faster, safer, and more cost-effective transactions across industries like hospitality, builders merchants, luxury retail, and automotive. Our clients benefit from significant cost savings through reduced scheme/interchange fees, card fraud, chargebacks, and operational costs. We enable secure, seamless checkouts via SMS, email, chat, web, or in-app, offering Pay by Bank as a default or alternative payment method to card based on a set of orchestration parameters like transaction value, location, or customer type.

Being recognised for our impact in the payments industry is a huge honour and a testament to our team’s dedication to excellence. We look forward to the awards ceremony in October, and wish all the finalists in our category the best of luck!

CPA Ireland

Did you know that 70% of shoppers look for their preferred payment method when deciding where to buy? For Millennials, this is even more critical – 80% will abandon an online purchase if their preferred payment option isn’t available.

“Today’s customers want hassle-free checkout, consistent brand interactions online and offline, payment flexibility, and fast, secure transactions with strong fraud protection,” writes Donal McGuinness, CEO of Prommt

Your payment journey isn’t just a transaction—it’s an extension of your brand and often the final touchpoint that leaves a lasting impression. The key to reducing cart abandonment may well be in offering the right payment choices. Many brand websites miss this mark, leading to 20% more abandoned carts compared to online marketplaces.

Discover how smart payment technology can turn abandoned carts into successful sales in Donal’s latest opinion piece for CPA Ireland. 

Door Industry Journal

On average, builders merchants wait an alarming 94 days to receive payments, according to the industry’s days sales outstanding (DSO) metric. This prolonged delay—over three months—can severely disrupt operations and increase the risk of fraud and insolvency. In fact, late payments contributed to 28% of UK construction sector insolvencies in 2023.

By partnering with a paytech company, such as Prommt, builders merchants can secure payments before delivery, ensure compliance with data regulations, reduce chargebacks, and lower the costs and time associated with payment collection. They can offer flexible payment options and present card or bank (or both) payment methods based on merchant-defined purchase value thresholds. With advanced features, they can automate credit control, effectively manage arrears and personal payment plans, and optimise staff time in payment collection.

In his latest opinion piece for the Door Industry Journal, Donal McGuinness, CEO at Prommt, explores how payment innovation can reduce fraud, costs, and cash dependency in the hardware industry.

IBS Intelligence Podcasts | A Cedar Consulting Unit

Personalised experiences are the hallmark of luxury purchases. It’s not just about the product—it’s about how the customer feels during the purchase. Payments play a vital role in this experience. The payment journey is an extension of the brand, making it crucial to remove friction at checkout, and offer a choice of safe and convenient payment options.

For high-value purchases, open banking provides a safer, faster, and more cost-effective alternative to manual bank transfers, drafts, or cheques. Businesses can cut costs and protect margins by reducing high transaction fees, card fraud, chargebacks, and payment operation costs.

In this episode, Gloria Methri of IBS Intelligence chats with Donal McGuinness, CEO at Prommt, on the impact of open banking and digital payments transformation on the luxury retail and automotive sectors – particularly around remote and online high-value transactions.