TrueLayer has just announced a new feature that will allow SMEswhose ecommerce business has the woocommerce plugin, include digital payments through open banking.
In Spain there are thousands of SMEs that have the WooCommerce plugin and, therefore, will be able to start offering this type of digital payment solutions to their customers.
The luxury watch brand BQ Watches has been one of the first businesses to implement TrueLayer powered payments using this plugin. As a seller of high-value items, he wanted to offer real-time digital bank payments as an alternative to cards.
It is proven that the payment experience directly influences customer satisfaction. Online commerce between small and medium-sized companies has skyrocketed due to the pandemic, and yet 54% of customers abandon the purchase on the payment page, largely due to problems and interruptions when making the payment, according to a study carried out by TrueLayer and YouGov.
This same study revealed that 74% of merchants plan to offer instant payments between accounts as part of their long-term strategy. This is consistent with consumer attitudes, with almost two-thirds (63%) of shoppers stating that they would feel comfortable paying through open banking technology, especially for vehicles, car rentals, plane and sports equipment.
For SMEs, many of which do not have dedicated development resources, the ease of integration of new payment methods is essential. Adding a new method can take weeks, sometimes months, due to security and compliance procedures. Meanwhile, these businesses could be missing out on potential revenue by not offering the payment method that works best for their users.
Real time integration
The TrueLayer plugin solves this problem, allowing businesses with a WooCommerce web store a seamless way to integrate real-time bank payments into their website with minimal development and technical resources. As a result, they can quickly and easily benefit from the benefits of open banking payments, eliminating the need for customers to enter card details or log in to PayPal or other digital wallets. Instead, customers use their online banking service to make a direct payment, using biometric authentication to confirm their identity.
In the words of Pablo Ruano, country manager of TrueLayer for Spain, “Open banking payments are transformative for SMEs, and thanks to the disintermediation typical of this type of solution, it is possible to reduce payment costs by up to 80% by reducing commissions, reducing fraud and eliminating chargebacks . As a result, the development of financial products is facilitated while improving the customer experience, increasing payment security or reducing the overall price of the product, which will make them stand out from their competitors.”
With TrueLayer, WooCommerce merchants also benefit from a most profitable payment optionwhich provides additional assurance that they can ship customer orders without the risk of fraud and chargebacks associated with card payments that can incur significant costs to your business.
