The era of real-time bank payments has begun, and many companies are scrambling to incorporate instant bank-to-bank payments into their service offering.
How can your business capitalise on the latest innovation in bank-to-bank payments technology?
Here are 3 exciting ways that PayTo is revolutionising the way businesses collect payments:
1. PayTo builds billing confidence and improves cashflow certainty
PayTo removes the uncertainty around processing recurring payments through real-time account validation, funds verification, and instant notifications at various stages of payment processing.
Traditional bank direct debits suffer from a 3-day wait time to determine whether the payment was successful. If a payment happens to be declined, it can seriously impact your business.
As PayTo is a real-time payment method, you’ll be notified immediately of a declined transaction, giving you time to remedy the issue with the customer. Should a PayTo payment fail, payment service providers can automatically trigger failed payment recovery processes, reducing the time and friction associated with recovering failed payments.
PayTo payments are processed 24/7, 365 days a year - meaning your business is no longer impacted by weekends and public holidays. Additionally, your business can readily access funds at any time.
2. PayTo reduces payment fraud
With the rise of payment-related fraud, PayTo is uniquely tooled to help your business combat the possibility of fraudulent transactions.
Before billing can commence, customers are required to authorise the payment from within their banking app. This enhanced account validation means that only the account holder of the bank account can authorise payments, reducing the chance of fraud or unwanted payments.
Effectively, this means that customers are entirely in control of their finances - reducing the likelihood of dishonours. Additionally, the nearly irrefutable evidence of customer approval means that your business will see fewer chargebacks or accusations of fraudulent charges.
Your business is notified when a PayTo agreement is paused, changed, or cancelled by a customer. This gives you time to proactively reach out to the customer and better understand or resolve the situation.
3. PayTo allows customers to self-service
When using PayTo, customers can manage all aspects of their payment plans from within their chosen banking app, eliminating the need to contact customer service.
This significantly reduces the administrative burden of managing payment plans and empowers customers to control their payments - thus saving your business time, and allowing you to focus on other activities.
When customers close their bank accounts, they can choose to move their PayTo agreements to other accounts with ease, minimising any disruption to billing. While PayTo gives the ability for customers to cancel their agreements at any time, PayTo’s intuitive notifications allow for proactive resolution.
Traditionally, businesses would be required to wait until the next scheduled payment to discover if a customer had closed their account, changed their account details or cancelled their direct debit agreement. With PayTo, your business is immediately notified of any change to the customer’s agreement.
Additionally, PayTo’s customer self-service can provide a more convenient and user-friendly experience for customers, improving customer satisfaction and loyalty. This helps to attract new customers, as people are more likely to do business with a company that provides a convenient and hassle-free payment process.
If you’re looking to learn more about PayTo for your business, continue reading about PayTo.