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Transcriptions
00:05 Hello everyone.
00:08 How are you doing?
00:09 I hope you enjoying a beautiful
00:11 weather, sunny weather this summer.
00:12 In this video I want to chat in this
00:15 video I would like to talk to you a
00:18 little bit more about open banking for Ecommerce.
00:26 I know many, many businesses that
00:29 sell online offer various payment methods
00:34 that are embedded into their checkout.
00:37 It could be just a standard
00:39 payment method like card payments.
00:42 Some people offer PayPal as a payment method and
00:46 there is so many different options when it comes
00:48 to buy now, pay later as well.
00:51 However, open banking is slightly different.
00:55 So as a business owner, you can add instant bank
00:59 transfer option to your checkout using open banking and what
01:06 sort of benefits it actually gives you as a business
01:09 owner to have this option at your checkout.
01:13 I think the main and kind of the
01:17 core benefit is actually ability to cut costs
01:21 when it comes to payment processing.
01:23 Open banking is much cheaper to process than card
01:27 payments or Buy Now, Pay Later or PayPal.
01:33 We offer a very affordable service.
01:35 You can cheque our pricing on our website,
01:38 but it is on average about 80% to
01:41 85% cheaper than processing card payments.
01:45 So that's one big advantage.
01:48 Second big advantage is that you get
01:50 paid directly onto your bank account instantly.
01:54 So the second your customer approves that payment
01:58 on the banking app, within literally one or
02:02 2 seconds, that money will arrive onto your
02:06 banking, onto your bank account.
02:09 So there is no lag.
02:10 Plus the full amount for that specific
02:13 order will arrive on the bank account.
02:16 So any fees are not deducted at
02:20 the point of sale at all.
02:24 That actually helps a lot of
02:25 businesses to improve their cash flow.
02:28 Imagine the situation where you have, I don't know,
02:32 let's say 20,000 pounds sitting somewhere on the holding
02:36 account of the card processor and you wait five
02:38 to seven days to get that money onto your
02:42 bank account and you have a payroll coming up.
02:45 That might be a bit of
02:46 a stressful situation for yourselves.
02:48 As a business owner, you would rather avoid it or
02:50 you need to pay your suppliers because your invoices are
02:55 due within that five to seven day period.
03:00 So that is an additional benefit of this.
03:03 And the third one is actually security.
03:06 So open banking payments are more secured in
03:08 card payments because they rely on two things.
03:11 First, no details of cards are stored anywhere.
03:16 So we literally communicate with the bank.
03:19 We give bank instruction to send money to your bank
03:24 account and the user just confirms that on the banking.
03:29 So it means that the
03:29 information stays within that ecosystem.
03:31 It doesn't go anywhere.
03:32 You don't have any details of
03:34 your customers on your system.
03:36 It allows you to stay compliant and saves you a lot
03:41 of stress when it comes to data leaks or data protection.
03:46 more secure when it
03:49 comes to fraud because customer needs to authorise the
03:53 payment so they cannot just there is no ability
03:56 to authorise payments without customer consent.
04:01 So that's kind of the main benefits of
04:04 using open banking as a payment method.
04:07 Another benefit that I haven't mentioned yet is actually
04:10 that it works alongside any other payment method.
04:13 You can have already your contract with your card
04:16 processor and you can just add this payment method
04:19 as additional payment method doesn't replace it, it just
04:22 is an add on, it's an additional payment method.
04:26 The more payment method you offer to your
04:28 clients the better because different customer might be
04:31 comfortable making different types of payments.
04:34 So that's the benefits of open banking
04:37 and when it comes to so if you ask me
04:40 how can I take advantage of this, you can easily
04:43 register with a provider like ourselves and then you can
04:47 take advantage of many plugins that providers that ourselves offer.
04:50 So we offer, for example, WooCommerce plugin.
04:52 If you have a WooCommerce website, if you use Prestashop,
04:58 you can download our Prestashop plugin and so on magenta
05:03 OpenCart so we support multiple plugins and you
05:07 can easily install them and you can register with us.
05:11 And within 15 to 20 minutes you are ready to
05:14 go with your new payment method and start taking advantage
05:17 of those savings that open banking payments bring you instant
05:23 access to those payments and get going and try it.
05:30 If you have any question about Open Banking
05:33 payments, please leave them in the comments.
05:35 I'll be checking the comments on a regular basis.
05:38 If you want to have a chat with myself or a
05:40 member of my team, please get in touch with us.
05:43 You can visit fena.co.
05:45 There's a contact form there.
05:48 You can simply email support@fena.co and one of
05:52 the member of the team will pick up that email.
05:57 Thank you very much and have a lovely day.
Article by
Gosia Furmanik
CEO and Founder
Published on
