Providing exceptional customer experience (CX) is paramount for success for any retailer in today’s difficult climate. As consumer behaviour shifts towards digital channels and convenience becomes increasingly important, retailers must adapt their payment methods in-store to meet these changing expectations and align with online. One such innovative solution gaining traction is Pay by Bank, offering a number of benefits for both retailers and consumers.

According to UK Finance, remote banking payments processed via Faster Payments Service or cleared in-house are projected to rise to £5.7 billion by 2031, nearly doubling from current figures. Amidst this growth, Pay by Bank is now gaining momentum among retailers. The benefits it offers for retailers are undeniable, including lower processing fees, integration with omnichannel experiences, and faster fund transfers.

This article discusses why Pay by Bank is not just advantageous for retailers but also aligns with consumers’ interests. From its simplicity as a mobile payment method to its low-risk and secure nature, Pay by Bank emerges as a tool to supercharge CX. By empowering consumers to transact directly with businesses and eliminating unnecessary intermediaries, Pay by Bank facilitates quicker and more convenient payment experiences, meeting the demands of today’s consumers.

Simplified QR Payment Method

Pay By Bank introduces a user-friendly mobile payment solution, seamlessly integrating in-store transactions with online convenience. With a quick QR code scan, customers swiftly complete purchases, enhancing convenience and reducing friction in their buying experience. This simplicity cultivates favourable brand impressions and promotes repeat business, ultimately elevating customer satisfaction. For details on the 6 easy steps to accept Pay By Bank, click here.

Low Risk and Secure Transactions

Security is paramount in today’s digital age and Pay by Bank addresses this concern effectively. Utilising secure banking infrastructure and authentication protocols, Pay by Bank ensures that transactions are encrypted and protected. This reassures consumers about the safety of their financial data, building trust in the retailer and encouraging them to make purchases with confidence. By prioritising security, retailers can mitigate the risk of fraud and safeguard their reputation in the market.

Empowering Retailers to Transact Directly

Pay By Bank empowers retailers to engage directly with consumers, cutting out third-party intermediaries. This direct connection promotes transparency and simplifies the payment process, eliminating unnecessary complexities. By bypassing interchange and scheme fees, Pay by Bank boosts merchants’ profit margins.

Meeting Demands for Convenience and Speed

In today’s fast-paced world, consumers demand convenience and efficiency, especially when it comes to payments. Pay By Bank meets these expectations flawlessly with its seamless and swift payment solution. Retailers can seamlessly integrate customers’ online shopping experiences into their in-store transactions using Pay by Bank. This allows customers to finalise purchases quickly in-store, bypassing the need to enter card details or navigate cumbersome checkout procedures. This smooth process not only saves time but also amplifies overall satisfaction, fostering repeat business from satisfied customers.

Global Trends: Leading the Way in Innovation

Sweden stands out as a trailblazer in instant payment solutions, notably with the renowned Swish platform. Launched in 2012 as a P2P mobile payment solution, Swish quickly expanded its services to include business transactions (P2B) in subsequent years.

Since its inception, Swish has garnered immense popularity, boasting over 8 million users as of May 2023. The platform, developed collaboratively by six major Swedish banks in conjunction with Bankgirot and the Central Bank of Sweden, has also gained membership in the European Mobile Payment Systems Association.

With a staggering user base, Swish has become a cornerstone of Swedish payment culture. Its versatility and ease of use have led to an average of 10.21 transactions per customer in May 2023, showcasing its widespread adoption and integral role in the Swedish payment ecosystem.

These statistics underscore the transformative impact of innovative payment solutions like Swish and the growing acceptance of mobile payment methods in Sweden. As these trends continue to evolve, they provide guidance to retailers seeking to enhance customer experience through cutting-edge payment technologies.

APMs such as Pay By Bank lead the way in enabling merchants to cut costs and improve bottom-line profitability. Furthermore, MultiPay’s unique single API means we can quickly work with merchants to build new and exciting payment infrastructures that deliver to their exact requirements. In addition to yielding tangible cost benefits for retailers such as reduced processing fees, simpler refunds and faster settlements, Pay By Bank enhances transaction security and minimises fraud. Moreover, the more ways in which customers can checkout with ease, the happier they will be.

Conclusion

In conclusion, Pay by Bank presents a compelling opportunity for retailers to supercharge customer experience both in-store and online. By embracing this innovative payment method, retailers can benefit from lower processing fees, integration with loyalty schemes, and faster fund transfers. Pay By Bank aligns with consumers’ interests by offering simplicity, security, and convenience in the payment process. As consumer preferences continue to evolve, retailers must adapt their strategies to meet changing expectations. Pay By Bank emerges as a solution that not only addresses current needs but also paves the way for future innovations in retail payment experiences. By leveraging the power of Pay by Bank, retailers can stay ahead of the curve and deliver exceptional CX that drives loyalty and growth in an increasingly competitive market landscape.