Vyne has launched a WooCommerce extension to enable e-commerce businesses to benefit from Open Banking powered account-to-account payments. Businesses can save up to 80% on transaction fees compared to card, boost cash flow with instant settlement and refunds, and significantly reduce the risk of fraud with biometric authentication, all while offering consumers a quick, seamless, cardless payment experience and instant refunds.
What does the Vyne Pay with bank WooCommerce checkout look like?
Vyne’s WooCommerce extension allows e-commerce businesses to customise their design options for the Pay with bank checkout widget. Merchants can also easily reorder the payment option stack to their preference.
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 and confirm the payment. This significantly reduces 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?
Reduce payment fraud and chargebacks
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 with them.
“We see chargeback and fraud risk present in almost every other payment method, except Vyne. As payments made through Vyne are verified with bank-level security, we see no chargebacks which is one of the main reasons we value payments made with Vyne.” - Josh Egan, Chief Financial Officer at Marks Electrical
Boost cash flow with instant settlement
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. This removes the risk of both 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 retailer’s account within seconds, removing costly intermediaries.
“With Vyne, we’re saving 80% on transaction fees compared with card payments. This allows us to continue investing into improving operations, customer experiences and marketing.” - Josh Egan, Chief Financial Officer at Marks Electrical
Interested in adding Open Banking powered payments to your WooCommerce 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 WooCommerce website by booking a demo with our sales team.