Research

In June of 2023, the Payment Systems Regulator (PSR) announced it was examining a sample of approximately 20 card scheme and processing fees changes between 2017 and 2021. These fee increases are directly impacting automotive dealerships across the UK.

The pressure is on dealerships to cut costs

As the cost of taking payments continues to increase and inflation nips at our ankles, it’s increasingly important for automotive companies to review where they’re spending and highlight opportunities to cut costs. For the average automotive business, the amount of fees taken by cards can significantly impact profitability but offering consumers payment choice, is critical to enable and empower experiences online and in dealerships.

In order to better understand the impact of card transaction fees on automotive dealerships we’ve surveyed, interviewed and analysed the results from 89 UK based automotive companies. Our hope is that this research helps automotive dealerships to understand how their card fees compare to their competitors and peers in the market. After all, as the cost of doing business is increasing, we need to ensure that each and every business has access to fair, payment processing to grow their dealership. Download our report to see what we found.

Report: Automotive card fee market comparison

Download our automotive card fee market comparison report to see how your card fees compare to the rest of the automotive industry.

Partnership

In August 2023, Vyne partnered with DWS, a leading B2B digital commerce agency. As an agency dedicated to offering tailored solutions that not only simplify but also amplify an online presence, Vyne Pay with bank is a perfect addition to their stack of solutions.

We’re a group of people passionate about digital commerce with specialist skills in website programming, design, implementation and maintenance. 

We pride ourselves on offering a direct and no-nonsense approach with an emphasis on efficiency and time to market to achieve a seamless, efficient and innovative experience.  Our customers think of us as their go-to for everything from building sleek Adobe Commerce websites, to keeping them running smoothly. We're kind of obsessed with making things perfect and love to help businesses shine online. Our secret sauce? We blend our tech skills with your team, making sure we're not just another agency but a real extension of your crew. Plus, we've developed a new, next generation Product Information Management (PIM) – Total PIM – designed especially to give our clients a cost effective, modular solution that keeps things simple for their staff.

How are you helping businesses keep up with what shoppers want?

The shopping world is always spinning, and we help businesses stay ahead of the curve. Whether your customers are leisure or functional browsers, it’s all about giving shoppers a tailored, smooth experience on your site or on their phone. Really, it’s all geared towards making sure when someone's ready to buy, they find exactly what they're after and making the payment process as seamless as possible. We've got some nifty tricks up our sleeve, like tweaking recommendations based on what visitors have checked out before or what's flying off the shelves.

Got any tricks for nailing the whole omni-channel and personalised shopping experience?

Absolutely! Our Total PIM is the hero here — it's a powerhouse for managing all your product details in one spot, ensuring everything's spot-on across all your sales platforms. Plus, we're all about flexibility, letting you tweak product information to suit the vibe of each channel. And for that personal touch? We're leveraging AI to make sure your customers see the stuff they're most likely to love, from the moment they land on your page to the suggestions they get. It's like having a digital shopping buddy for every customer.

Why team up with an Open Banking partner?

We shook hands with Vyne because we're always on the lookout for the next big thing in e-commerce, and smooth, secure payments are a huge deal. Partnering with Vyne lets us offer a checkout experience that's not just fast, but also super secure. 

Choosing Vyne was a no-brainer for us. Their top-notch Open Banking tech, iron-clad security and seamless payment experiences were right in line with our mission to push the envelope in digital commerce. Vyne's all about making payments a breeze, which fits perfectly with our goal to boost our clients' efficiency and keep their customers happy. It felt like finding the missing piece of our puzzle.

Stay tuned for the next instalment of the Partner Spotlight series. In the meantime, learn more about 

Partner spotlight: DWS

At Vyne, we pride ourselves on the great partnerships we’ve built. In each edition of our Partner Spotlight series, we’ll showcase our partners, what they do and why they chose to partner with Vyne. Next up in the series… Developed With Style (DWS).

Announcement

, the specialist Open Banking powered account-to-account payments provider, has announced a partnership with independent payments experts, 

, to give Vyne merchants easy access to comprehensive payment health checks and unbiased advice from industry experts.

As the UK’s largest independent payments broker, AcceptCards are trusted by all major UK acquirers, payment gateway providers, terminal and EPOS system suppliers, and alternative payment methods to deliver unique and bespoke solutions to drive cost savings and operational efficiencies.

Vyne have worked hard to build the most intuitive and easy to use Open Banking powered payment solution enabling merchants to reduce costs by up to 80% compared to card payments.

When making a payment online or in person, consumers need choice. They need to have payment methods available to them that enable them to convert quickly and easily. While merchants need to be able to cost-effectively optimise the outcomes from their payment processes. It is for this reason that Vyne and AcceptCards have formed a partnership to highlight where merchants can make further savings on payment processing costs.

For Vyne merchants, there are a range of benefits to using AcceptCards, including a free comprehensive health check as well as advice from industry experts focusing on processing costs, functionality, compliance, technology and growth. 

Once a tailored solution has been implemented, all savings identified and secured via AcceptCards are retained in full by the Vyne merchant. As well as this, merchants get access to a dedicated corporate manager providing peace of mind that they have the best deal for their business, both today and in the future.

Interested in booking a free comprehensive payments health check? 

Vyne and AcceptCards announce partnership

Vyne and AcceptCards have launched a new partnership to help merchants cut costs and improve payment experiences

Travel

Open Banking, you’ve probably heard of it by now. Put simply, Open Banking is a framework that enables banks and financial institutions to share consumer financial data with other regulated providers securely in order to create more personalised services and value for consumers. It’s a particularly revolutionary milestone for payments as licensed third parties like 

 can enable payments directly from the consumer's bank account, creating competition in the financial services industry and driving a better service for consumers and businesses alike. 

With Open Banking, businesses are paid quickly, securely and at a lower cost, while consumers use their own banking app which provides security and trust, as well as a seamless payment experience.

Why are Open Banking payments important for the travel money businesses?

Year-on-year the number of Brits taking holidays abroad is increasing, 

last year 57% of consumers said they would take an overseas trip despite the cost of living pressures. When travelling, budgets are also increasing as, 

, almost half (46%) of Europeans have increased their travel budgets compared to pre-pandemic. 

As consumers search for the best exchange rates and speedy service, travel money businesses need to offer their customers the best rates, quick delivery and seamless payment experiences to stand out from the competition. Unfortunately, for a lot of travel money businesses payments are a pain point due to high-cost card fees, slow settlement and clunky payment experiences. Here are three ways Open Banking can benefit travel money businesses and their customers.

Cutting costs has never been more important. Relying on traditional payment methods is making it increasingly difficult for travel money businesses to save with costs anywhere up to 3.5% fees on card transactions.

Open Banking powered account-to-account payments allow travel money businesses to avoid the high-cost transaction fees associated with cards, as the payment goes straight from the consumer’s bank account to the business’ account within seconds. Depending on card fees, Open Banking payments can save travel money businesses up to 80% on processing fees. This results in significant savings and the ability to continue to offer customers the best and cheapest rates.

2. Boost cash flow with instant settlement

It’s no secret that slow settlement is a pain point amongst travel money businesses as it’s usual to turn around payments on the same day. Traditional payment methods like cards can take up to three days to settle, heavily impacting cash flow and reconciliation.

With Open Banking, payments land in the business account within seconds, allowing travel money businesses to turn cash around on the same day and keep a grip on real-time cash flow.

3. Boost conversion with cardless payment experiences

Time is money in today's fast-paced world. Customers are demanding quick and even instant experiences and if anything slows them down, they drop out to go to a competitor. With Open Banking, the payment journey is streamlined by removing unnecessary friction, like manual card data entry. Instead, customers make payments with bank-level security using their mobile banking app or online banking in just a few taps, removing the need for cards or manual data entry.

Open Banking can also increase customer sentiment by improving the process when buying back consumers’ travel money. 70% of 

consumers we surveyed said instant refunds would be important to them if they could build their ideal payment method

. This poses a problem for a lot of travel money businesses that use traditional methods which don’t have the capacity to offer rapid refunds. Card payment refunds can take up to five days to land in customers accounts, and for digital wallets, often longer. 

Payments made through Open Banking can be refunded instantly, meaning customers can receive their travel money refund in a matter of seconds, improving customer sentiment and the potential of returning customers.

Open Banking has grown by 104% in one year

So, why should travel money businesses evaluate Open Banking now? In July 2023, 

Open Banking payments hit an all time high

 with more than 11.4 million payments processed in one month. The number of active payment users also reached 4.2 million, showcasing an impressive 68.2% surge from July 2022. Open Banking is growing at a rapid pace, driven by early adopters in retail, e-commerce, gaming and financial services.

With Open Banking payments on the rise, now is the perfect time for travel money businesses to explore the payment option that can help reduce transaction costs by 80%, improve cash flow with instant settlement, and boost conversion through cardless payment experiences. But don’t just take our word for it; 

55% of TravelFX customers choose to pay with Open Banking powered payment option Vyne Pay with bank

. TravelFX also finds the reduced transaction fees through Vyne to be a “huge benefit” as they’re able to “absorb the cost” and offer customers the best and cheapest rates, all whilst “maintaining operational efficiency” as Vyne Pay with bank transactions settle within seconds.

Start benefiting from improved operations, cost savings and better customer experiences with Vyne

Three ways Travel Money businesses can benefit from Open Banking payments

How can Travel Money businesses benefit from Open Banking payments? This blog covers the basics.

Product

Vyne’s Open Banking powered no-code payment links solution

 offers merchants a code-free way to start taking Open Banking payments. 

Merchants can send automated emails requesting consumer’s complete payments through payment links from an easy to use portal. Here’s how it works:

Merchants can also create payment links to add to existing customer comms by entering the customer name and payment amount. 

No-code payment links can be used to replace unsecure over-the-phone payments or manual bank transfers. This offers industries such as automotive, retail, travel and builders merchants a more secure, cost-saving payment option that reduces fraud while improving consumer experiences.

Here’s how no-code payment links has been tailored to the Irish market

The email which is sent to consumers to request a payment has been updated to feature Irish banks. This improves trust, offers consumers instant recognition and increases conversion. 

Once consumers click a payment link they will be presented with a selection of Irish banks. They select their bank, login to their mobile banking app and confirm the payment. 

If you’re interested in adding Vyne’s no-code payment links to your business, book a demo by clicking the link below.

Vyne's no-code payment links now available across Ireland

From Dublin to Galway, Limerick to Cork, Vyne’s no-code payment link solution is now available across Ireland. 

Case study

Founded in 2021, Petculiar launched to educate a community of pet owners on nutrition, supplements and how to take better care of their furry family members. Petculiar started using Vyne 7 months ago through their Wix website, to offer their customers a seamless, cardless checkout while benefiting from reduced costs and speedy settlement. Learn more about 

Saving costs and improving cash flow were a priority

Petculiar were looking for a payment solution that plugged into their Wix website and enabled them to save costs on transaction fees and improve cash flow with quicker settlement times. 

The rising cost of business, combined with an unpredictable economy makes cost-saving essential for small independents, preparing for unexpected events that could cost their business money or lead to a reduction in revenue.

“SMEs often get charged high-cost transaction fees, so we were looking for a solution that allowed us to save on those costs.” - Hallé, Founder of Petculiar

Since utilising Vyne’s Open Banking powered account-to-account solution, Petculiar enable payments to be made directly from their customer’s bank account to the business’ account within seconds, bypassing the need for high-cost intermediaries which has resulted in huge savings.

With Vyne Pay with bank, Petculiar save 43% on transaction fees

“With Vyne, we’re paying 0.9% + 10p per transaction which is a saving of 43% compared to our other payment method. This enables us to retain costs and to continue investing in bringing more peculiar products to the market.”

Slow settlement cycles can have a devastating impact on an SMEs working capital, often resulting in the inability to restock quickly, upgrade equipment and grow the business. These were the effects being felt by Petculiar when using alternative payment methods, before exploring Open Banking providers.

“Other payment methods were heavily affecting our cash flow as funds were taking days or even weeks to land in our account.”

Since using Vyne Pay with bank, Petculiar benefit from instant settlement which has boosted their cash flow.

Using Pay with bank, consumers can make payments in as little as three taps, and there’s no need to leave the sofa to grab their card or manually input card details. This significantly reduces the time it takes to make a payment, which often results in fewer abandoned baskets and higher conversions.

Petculiar are encouraging customers to use Vyne Pay with bank as opposed to other payment methods as the cost saving enables them to maintain their competitive pricing. In October through to November 2023, the Petculiar Advent Calendars can be exclusively purchased using Vyne Pay with bank. You can pre-order a calendar 

“Initially it's daunting using a new payment method, but once our customers see how seamless and secure the process is, they’re wondering why they hadn’t used it before.”

Interested in adding Vyne Pay with bank to your Wix website checkout?

Cut transaction costs and boost checkout conversion with instant settlement and seamless payment journeys. Click the button below to get started today.

*Vyne Pay with bank is available for Wix Website owners who operate and act in the UK and EU.

Why Petculiar added Vyne Pay with bank to their Wix website

Petculiar Little Shop is a raw and alternative health store for pets, specialising in alternative remedies, exotic products and supplements from nature to keep fur babies in their best health. 

, the specialist Open Banking powered account-to-account payments platform, today announced the beta launch of a no-code verified payouts solution, enabling merchants to automate, manage and verify payouts with no integration needed.

The no-code verified payout solution enables merchants that regularly pay out to their customers to verify account ownership using Open Banking account information. Through a simple email link, merchants can verify a customer’s account automatically without manual documentation checks and the associated admin. This also benefits end-customers by removing a long, time-consuming verification process, and instead offer a quick digital verification, completed in their own mobile banking app in just a few simple taps and the funds land in their account instantly.  

Vyne’s verified payout solution is perfect for pre-owned automotive vehicle purchasing and luxury retail resellers or pawnbrokers. Customers can sell their vehicles or pre-owned items and receive the funds instantly, while the dealership or retailer can be confident that they are paying the right person. Financial services use cases such as travel money buy-backs, insurance claims and investment withdrawals are improved by reducing fraud and optimising the customer experience. Travel platforms can use verified payouts to pay hosts or providers on their platforms, such as short-term holiday leasing. 

 comments: “Currently, payouts are labour intensive, time-consuming and clunky for consumers. I'm thrilled to announce the beta of our no-code verified payouts solution that will revolutionise how merchants make payouts. Using Open Banking, we're able to deliver a consumer-driven verification process that allows sellers to receive their payouts in seconds. Gone are the days of fielding inbound support on payout requests; teams will no longer need to spend hours on admin each week to verify the seller is who they say they are. Our verified payouts offer merchants the platform they need to scale their business, while reducing costs and uplifting the customer's sale experience.”

, adds: “Our solution not only optimises the way merchants make payouts but enables them to enhance their proposition and stand out from the competition. Now more than ever, consumers expect immediate outcomes and payouts are no expectation. With Vyne’s no-code verified payouts, merchants can confidently offer instant payouts for services such as used car purchases and travel money buy-backs. Funds hit the customer's accounts before they’ve even left the building. A competitive game changer.”

Vyne are launching the no-code verified payouts solution out to a limited beta programme, where participating merchants will be given a three month free trial with no obligations. Businesses can register their interest by clicking the button below. To learn more about 

Vyne tackles out-dated, unreliable payouts with beta launch of no-code verified payouts solution

Vyne’s no-code verified payout solution enables merchants to optimise and automate the process of paying out to customers. Merchants in automotive, financial services, travel and retail can cut costs, improve customer experience and save time by reducing manual verification checks.

Partnerships

In September 2022, Vyne partnered with Automotive Transformation Group, the leading provider of automotive retailing solutions. This partnership enables dealers to add Open Banking powered payments to their websites to access fairer transaction fees compared to card, higher payment security and real-time cash flow with instant settlements. 

Please explain Automotive Transformation Group, who you are and what you do.

Automotive Transformation Group are leading specialists in omnichannel, digital retailing, and retention solutions in the automotive retail space. Through our comprehensive, fully integrated software product portfolio, our goal is to help automotive original equipment manufacturers (OEMs), retailers, and financiers achieve greater efficiencies throughout the vehicle sales process – ultimately helping them to acquire, convert and retain consumers easier and faster.

We currently service 82% of the top 200 UK Retail locations and have carefully and compliantly captured over 13 billion digital interactions to date allowing us to develop a deep understanding of car-buying behaviour. We also supply 65% of the world’s Manufacturers, 60% of Europe’s Financiers and 80% of the top 10 Fleet and Leasing companies across 76 countries worldwide.

How are online consumer demands framing how automotive dealers take payment online?

Particularly over the course of the past three years, the scale at which we’ve seen growth – in terms of both technical capability and uptake – in digital retailing has been truly remarkable. The dramatic acceleration that we saw in this space is here to stay; the speed and convenience offered by retailers across multiple verticals in the retail industry has now been normalised, and consumers have come to expect that as a matter of course.

This convenience has been facilitated to a significant degree by the level of integration that retail platforms have increasingly come to offer – both in terms of intuitive browsing tools such as smartphone apps, down to the payment methods that retailers accept. From account-to-account transactions, to mobile payment technology, purchases are becoming faster and more convenient, while maintaining the levels of security and reassurance that customers are looking for.

The growing demand for seamless online browsing and purchase experiences has not been confined to lower-value, day-to-day goods, either; we’re increasingly seeing customers seeking these experiences when it comes to buying a vehicle. The teams at Automotive Transformation Group noted a 21% increase in online sessions across the retail websites that we power, from January to July this year compared to the same period in 2022.* As part of this, we’ve also seen that in the same period, the number of online purchases increased by 36% year-on-year.*

Both automotive OEMs and retailers therefore need to enhance the speed and efficiency with which they can facilitate payments, while upholding high security standards, in order to gain an edge over the competition.

How have you seen automotive payments evolve over the last five years?

The increasing shift to online browsing habits in the automotive retail industry has also had an equally positive impact on how transactions are being made. More and more of them are being completed online – but that is by no means the whole picture.

What’s interesting is that vehicle purchases are increasingly being made in the same style as lower-value goods: through mobile payments. We saw that, in all online transactions completed in January to July this year, 11.5% were made through Google Pay and Apple Pay. This was a 22.3% increase compared to the same period in 2022.*

Account-to-account payment technology is also beginning to get a strong hold in the market; digital automotive retailers have seen Open Banking technology take a significant share-of-wallet – including CarStore, who reported that Vyne Pay claimed 80% of the total proportion of payments.

The key threads in the automotive industry are speed, convenience, and security, and stakeholders in the sector need to make sure they’re fully equipped to service the demands – inspired by the broader shift to digital retail – that consumers are increasingly making.

What was the key factor(s) in your decision to partner with Vyne? 

The emphasis on speed, convenience, and security is top of the priority list for consumers looking to buy a new car; providing an experience that delivers on those three priorities will see customers coming back again and again for their vehicle purchases. Both Automotive Transformation Group and Vyne share that same conviction, and our partnership has enabled us to create a consumer journey that delivers on those demands, and continues to generate impactful results.

Automotive Transformation Group on their website

*All data points sourced from Automotive Transformation Group’s NetDirector

Partner Spotlight: Automotive Transformation Group

At Vyne, we pride ourselves on the great partnerships we’ve built. In each edition of our Partner Spotlight series, we’ll showcase our partners, what they do and why they chose to partner with Vyne. Next up in the series… Automotive Transformation Group!

Vyne has launched an Adobe Commerce extension to enable e-commerce businesses to benefit from Open Banking powered account-to-account payments. Businesses can reduce costs on transaction fees compared to card, boost cash flow with instant settlement and significantly reduce the risk of fraud. All while offering consumers a quick, seamless, cardless payment experience and instant refunds. 

What does the Vyne Pay with bank Adobe Commerce checkout look like? 

Vyne’s Adobe Commerce extension includes a number of front end options that allow e-commerce businesses to customise how Vyne Pay with bank is displayed to customers. With options to display additional value messaging within the mini-cart, on the product page, and in basket, through to dark and light modes.

Consumers can make payments in as little as three taps. There’s no need to leave the sofa to grab their card or manually input card details. Once the consumer has chosen to pay with Vyne they’ll simply choose their bank, log in to their mobile banking app (as normal) and confirm the payment. Significantly reducing the time it takes to make a payment, which can result in fewer abandoned baskets and higher conversions.

How does Vyne Pay with bank help e-commerce businesses and their customers?

Vyne helps businesses significantly reduce the chance of losing stock to fraudulent customers as each payment has bank-level security such as biometric authentication without adding extra friction, making it significantly harder to commit fraud. This gives retailers the confidence that the customer is legitimate, reducing the risk of fraud, chargebacks and the costs associated.

Don’t wait days for funds to settle. With Vyne Pay with bank funds land in your account within seconds, providing an accurate, real-time view of cash flow.

Encourage repeat purchases with instant refunds

Enhance your customers experience with your brand, boost customer sentiment and encourage repeat purchases with instant refunds. With Vyne Pay with bank customers no longer need to wait days for funds to land, as refunds are paid straight to the customers account instantly. Removing the risk of customer dissatisfaction and support team enquiries. 

Retain more hard-earned revenue with fairer transaction fees

Traditional payment solutions often come with high costs, such as 1.5% - 3.5% fees on card transactions, which eat into merchants hard-earned revenue. Vyne Pay with bank enables merchants to avoid high-cost card fees as the payment goes straight from the customer's bank account to the merchant's account within seconds, removing those costly intermediaries.

Thinking about adding Open Banking powered payments to your Adobe Commerce (Magento) checkout?

Vyne Pay with bank is already used by e-commerce businesses such as MyProtein, lookfantastic, Zavvi, Marks Electrical and Patrolbase. Find out more about adding Vyne Pay with bank to your Adobe Commerce (Magento) website by booking a demo with our sales team.

Vyne Pay with bank now available on Adobe Commerce (Magento)

E-commerce businesses using Adobe Commerce (Magento), can now add Vyne Pay with bank to their online checkout. 

In July, we introduced our new solution, no-code payment links, which not only benefits merchants but their customers too. Vyne’s no-code payment links provide all the benefits of Open Banking powered account-to-account payments such as fairer fees, instant settlement, fraud resilience and cardless payment experiences, without the hassle of an integration. Your business can start taking Open Banking powered payments within hours. 

 is an off-the-shelf solution. With admin, viewer and standard users, you can arm your team with the portal they need to manage and boost payment conversion, while reducing costs and offering customers a quicker, easier and more secure way to pay.  

From within the portal, users can automatically send payment request emails or create payment links to add into existing communications.

How to send personalised payment request emails

It’s easy to create and send payment links through personalised automated emails in just a few simple steps. 

The automated payment request emails have been designed to build trust and encourage payments. Every email includes: 

How to create custom payment links to share in existing communications 

If your team has existing email templates for payment requests or if you’d like to add payment links to invoices, you can generate payment links through Vyne no-code payment links to add to your existing comms. Simply enter the payment information and click ‘Create payment link’. This link can then be copied and pasted into your existing emails or SMS.

Easy payment management and reconciliation 

You and your team can easily manage payments from within the no-code payment links portal. With partial or full refunds, real-time payment status’ and the ability to resend payment links to outstanding amounts with the click of a button. Users can also download reports for ease of reconciliation. 

Now you know about the portal, what about the customer payment journey? 

Making a payment with Vyne is quick, easy and cardless. The no-code payment link consumer journey includes the award-winning Vyne Pay with bank 

where customers can complete payments in as little as three taps through their own banking app. Here’s how it works: 

The industry breakdown: How no-code payment links benefit your business…

- Remove the need for high-cost card payments by sending quick, easy payment links directly to customers' inboxes ideal for deposits and aftersales. Encourage payments ahead of time to boost efficiency in dealership.

 - Taking card payments over the phone opens your business and customers up to fraud. No-code payment links allow your travel agency to complete bookings with secure, cardless payments which settle instantly at a fraction of the cost of card payments. So you can be sure the person is who they say they are.

 - Remove the need to ask for card details over the phone and combat chargebacks. Provide customers with an easy, secure payment link and make reconciliation a breeze while reducing transaction fees.

 - Offer customers a more secure way to book rooms and enable your reservations teams to offer instant refunds. Easily identify when to release rooms with bespoke booking references and reconciliation.

High-value retail such as white goods, furniture and electronics 

- Optimise your fulfilment cycle by converting more customers with seamless payment experiences while reducing costs and boosting cashflow with instant settlement.

No integrations, no time to waste. Start sending flexible, fast, low-cost payment links. Click the button below to book a demo with our sales team.

Your guide to no-code payment links

Send flexible, fast, low-cost payment links with no integration needed.

New feature

When consumers click a payment link, they will land on the new enhanced consumer checkout. This landing page provides simple, bitesize information on Vyne and walks the customer through how to complete a payment. In order to build trust, reassurance and boost conversion, the following information has been added to the landing page:

How does enhanced consumer checkout boost conversion? 

We ran extensive consumer testing to better understand needs and pain points when making a payment, specifically through payment links. We ran multivariate testing and presented the users with four variations of a payment link consumer journey. The aim was to gain insight into how consumers understand and trust payment methods, and validate if more guidance on the payment journey will improve confidence, and therefore conversion. Our user testing revealed these key insights:

Consumers felt more confident and trusting of a payment method when they were provided with information to help them understand who Vyne is. We found that consumers would look for indicators of security, like being FCA regulated, and seek confidence and validity that the payment is safe to continue with the journey. When consumers were taken directly to a payment summary page with only the payment value, payee name and reference, they felt poorly informed and wanted to know more about the payment method.

Our enhanced consumer checkout reassures by providing a clear understanding of who Vyne is and how the payment process works, whilst addressing any concerns the consumer might have regarding security and the payment process. Consumers stated that they felt the enhanced journey gave them the right information without making the process feel too long. By ensuring transparency, Vyne can successfully build trust with consumers, encouraging them to proceed with the payment journey.

As payment links are often used to make payments remotely, a key step in the payment process is to reassure the consumer that they’ve landed on the correct page. Reassurance is essential especially when a user isn’t familiar with the payment method. It also not uncommon for merchants to have differing company and trading names appearing as payees, which can cause both confusion and uncertainty for a consumer.

Not only have we enhanced the consumer payment process with the addition of a trust building landing page, but we have also introduced the concept of aliases. This feature allows merchants to specify a friendly name that resonates with consumers for instant recognition and continuity.

Typically, higher value payments, equal lengthier payment journeys. Our testing revealed that consumers want the payment process to match the value of the transaction, and don't feel that the process takes too long when they get the right amount of information.

Although the enhanced checkout includes a payment flow to increase confidence, especially for high value payments, the majority of users stated the enhanced consumer checkout was easy to use and they recall having gone through three, simple steps.

Users felt rushed when there was no information about the payment method and stated that they would leave the payment journey to learn more. This can increase payment abandonment and consumers don't receive the seamless payment experience they demand. 

The enhanced consumer checkout not only includes messaging to explain how the payment process works but also outlines the benefits of Vyne as consumers said that “getting your money back instantly if you’re refunded is reassuring and is useful to include”.

Merchants that are already using our enhanced consumer checkout in their payment link journeys have seen an increase in payment conversion of 26%.

Why add the enhanced consumer checkout to your payment journey?

The new product feature is optional but here’s why we think merchants and their customers will benefit from turning it on.

The aim of the enhanced consumer checkout is to reduce payment link abandonment and put customers' minds at ease by providing the details they need to convert, so there’s no need for them to leave the checkout process to conduct their own research. This not only boosts conversion but it also creates a frictionless payment experience as they’re given all the information they need in one place.

It's quick and easy to add the enhanced consumer checkout to your business. If you're an existing customer, reach out to your Customer Success team to turn the feature on. If you're not an existing customer, click the button below to set up a demo with our sales team. 

Introducing enhanced consumer checkout

We’re excited to announce a new product enhancement that's been designed to get the most from Vyne payment links. Introducing the enhanced consumer checkout. 

Automotive

It’s no secret that dealers fork out huge percentage fees to take customer card payments. High value payments equal high fees. But what if there was another way? 

Introducing a new, alternative payment method for automotive dealers, Open Banking. With Open Banking dealers can bypass the card networks entirely, meaning transaction costs are dramatically reduced. 

How exactly does Open Banking help dealers reduce costs?

Traditional payment solutions often come with high costs, such as 1.5% - 3.5% fees on card transactions. For a typical car purchase this is hundreds of pounds in lost revenue. Then, there’s the hidden cost of manual bank transfers, which can be riddled with human error, often resulting in misplaced money and lost sales. 

Open Banking powered account-to-account payments allow dealers to avoid high-cost card fees and error-ridden manual bank transfers, as the payment goes from the customer's bank account to the dealer’s account within seconds, bypassing the need for a card payment or manual bank transfer, resulting in huge savings. 

Pendragon, for example, save 73% on transaction fees

Card payments unfortunately come with the risk of fraud, and with the UK labelled as the ‘

’, dealers need to be doing all they can to eliminate the chance of losing stock to a fraudulent customer. Manual bank transfers require online banking or mobile banking, and whilst they are secure to set up, they can often open up the possibility of incorrect and missent payments through manual input errors.

Open Banking payments require biometric authentication, such as faceID or fingerprint, and bank-level security within a customer’s banking app, making it significantly harder to commit fraud. This gives dealers the confidence that the customer is who they say they are, reducing the risk of fraud, human error, chargebacks and the costs associated with lost stock.

Add Open Banking to your dealership with Vyne Pay with bank 

We’ve worked hard to build the most intuitive and easy to use Open Banking powered account-to-account payment solution. Vyne Pay with bank enables dealers to offer fast, seamless and secure payment experiences while reducing costs and boosting cash flow.

With cost-saving at the forefront of everyone’s mind, we’re thrilled that we've helped leading automotive retailer, Pendragon, to save 73% on transaction fees verses card. Martin Dobson, UK Divisional Finance Director at Pendragon: “We’re saving 73% on transaction fees with Vyne. This enables us to retain cost allowing us to continue to invest in innovation through digital, omnichannel experiences.”

Saving on transaction fees isn’t the only pain point Vyne aims to tackle, which is why we’ve recently launched a new solution; 

, allowing dealers to send flexible, fast, low-cost payment links with no integration needed. This solution removes the need to take high-cost card payments with manual bank transfer, by instead sending quick, easy payment links directly to customers' inboxes. Not only do payment links increase security with direct account-to-account payments, but they also boost cashflow through instant settlement.

Ready to streamline your customer experience while reducing costs?

We’re continuously expanding our relationships in the automotive industry to make it easy for dealerships to add Pay with bank to their existing DMS, website platforms or through no-code payment solutions. Get in touch today to set-up a demo call with our sales team. 

The new, alternative payment method for automotive dealers

Cutting costs has never been more important. Automotive dealerships are searching for ways to boost cash flow and reduce overheads as the industry continues to recover from supply chain issues but inflation and a competitive market are making it tricky to make any gains.

, the specialist Open Banking powered account-to-account payments platform, today announced the launch of a no-code payment links product, allowing merchants to send flexible, fast, low-cost payment links with no integration needed.

The no-code payment links solution enables merchants to collect payments by automatically generating and sending payment link emails through an easy to use portal, or through custom URLs which can be added to the merchants’ existing communications. No-code payment links makes it easy for merchants to manage payments with instant refunds which can be initiated from a click of the button in the portal, and simple reconciliation with downloadable reports and bespoke transaction references. Merchants also benefit from Vyne’s award-winning checkout experience, as customers can make and complete payments in as little as three taps through their own mobile banking app.

Vyne launches Open Banking powered no-code payment link solution

Vyne’s no-code payment links solution enables merchants to receive customer payments via Open Banking powered account-to-account payment links. Merchants in automotive, travel, builders merchants, hospitality and high-value retail can easily manage refunds and reconciliation while eliminating high-cost card fees resulting in substantial savings.

Download PDF	Date of update
Modulr: How we keep your money safe [UK]	01/2024
Modulr: How we keep your money safe [EU]	02/2023

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