Slash your payment costs with Prommt

Lorraine Fahy

29th Sep 2021
Slash your payment costs with Prommt

The payment success platform that pays for itself

Prommt makes it easier for customers to pay, driving revenue and allowing you to do business with more customers than ever before. It also provides a more seamless and secure payment experience. These are valuable benefits but one of the best things about using Prommt is that the platform pays for itself very quickly and ultimately, could save your business a fortune in the long run.

“Prommt has made a massive impact in terms of collecting payments from customers. It has enabled sales for people who we wouldn’t have taken a risk on before. It’s more than just a secure payment method – it has had a dramatic impact on our processes.”

– Charlotte Disbrey | MP Moran

Cutting your payment overheads down to size

There are multiple ways that Prommt can optimise and enhance your payment performance. Our payment success platform is all about getting paid faster, safer and smarter but Prommt is also a powerful ally in your bid to better manage payment-related expenses. Here are just some of the ways that Prommt will have a positive impact on your bottom line.

  1. Lower Transaction Costs: Payment providers charge higher interchange fees for MOTO or other merchant-initiated transactions. By using Prommt to easily transform these risky and more expensive payments into secure, e-commerce transactions, you can significantly reduce the fees due to your payment processor. In many instances and depending on volumes, this saving alone means that Prommt pays for itself from the very beginning.
  2. Minimise the Risk of Fraud & Chargebacks: Merchant-initiated transactions, such as punching customer card info into a virtual terminal, are much more susceptible to fraud and chargebacks. They do not benefit from the same level of protection as e-commerce payments that have passed through a 3D Secure process. Getting hit with a chargeback can be a costly and time-consuming occurrence. Industry analysis suggests that the true cost of a chargeback is 207% of the original purchase value. No one wants to lose revenue for a product or service that has already been delivered. With Prommt, channeling all of your merchant- initiated payments through a secure, online process greatly reduces the risk and the costs associated with chargebacks. The liability for disputes shifts away from you and your revenue is protected.
  3. Reduce Compliance Costs: Keeping up with all of the relevant regulations associated with payment security and data protection can be a costly business. Maintaining unsafe practices, such as taking card information over the phone, negates that investment and opens you up to the risk of breaches or even penalties. At the very least, treating sensitive customer card information insecurely exposes you to the risk of significant reputational damage. Prommt ensures that all payments are collected in a secure and compliant way, reducing your exposure and minimising costs.
  4. Lower Staff Costs: All in all, accepting payment information over the phone or by email is a manual and time-consuming process. Taking down details, punching them into a terminal, waiting for the payment to go through, then ensuring that the data is destroyed; this is time that should be put to better use. Prommt reduces the amount of admin associated with payments, frees your people up to focus on more value-added tasks and provides customers with an all round better experience.

“Prommt has been very successful for us. We use it to take payment for all sorts of items, cars, jewellery, household items, plant and machinery, IT equipment; everything we sell. It is particularly useful when it comes to high volume, lower value items where remote card payments are common. Staff find it really easy to use. It gives customers a superior payment experience and the level of support has been excellent. I’d highly recommend it.”

– Paul Clarkin, Finance Director | Wilsons Auctions

Prommt will significantly reduce the costs associated with taking payments and will very quickly pay for itself. We would love the opportunity to quantify just how much you could save with Prommt while also demonstrating all of the other benefits that Prommt brings. Book a demo now to see how Prommt could transform your payment processes and help you to unlock significant cost savings.

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