What could have been a year when small and medium sized businesses (SMEs) bounced back has instead been marred with further setbacks courtesy of soaring energy costs, rising inflation, supply chain issues and wider economic uncertainty.
Account-to-account payments (A2A) powered by Open Banking can help SMEs reduce transaction costs by up to 80%, improve cash flow with instant settlement, and drive conversions with an easier, faster and more secure checkout process.
At the inception of Open Banking, the likes of 'The Open Up Challenge' encouraged businesses to build solutions to enable SMEs to overcome the barriers they faced when entering the Open Banking ecosystem. These included costs incurred when integrating with third-party Payment Initiation Service Providers (PISPs) and other time-consuming integrations, with some even creating their own checkout experiences. This undeserved market has undoubtedly faced challenges, even from platforms providing the very solutions they need.
Vyne’s Pay with bank solution has overcome these issues with a hosted checkout where payment can be completed in as little as three taps. Our integration with e-commerce partners makes it easy for SMEs to get up and running. Our industry-first, self-serve onboarding for SMEs removes lengthy Know Your Business (KYB) processes that can cost valuable time. Our self-serve onboarding process can take as little as five minutes if all the required documentation is at hand.
This move sees Vyne taking a strategic approach in a market where Open Banking payments will have a massive impact on bottom lines. With a proven track record of working across various sectors, the next step sees Vyne supporting SMEs with a payment method that provides business-boosting benefits.
Damien Cahill, Co-founder @ Vyne, said: "We know that SMEs can be hit hard by transaction fees and that budgets of both businesses and consumers have shrunk. Providing a service that allows businesses to use Vyne Pay with bank to grow is at the heart of our partnership strategy. Our mobile-first payment method also allows SMEs to take advantage of the technology to acquire more mobile customers and drive conversion rates."
William Hand, Senior Product Manager @ Vyne said: “We’ve removed a massive pain point for SMEs. This robust, compliant, self-serve onboarding approach will allow businesses to scale quickly. This will give them the opportunity to drive conversions with Vyne’s mobile-first Pay with bank checkout, as well as all of the other benefits that come with it.”
Features for SMEs
Self-serve – time is precious, so we’ve designed our sign-up process to be straightforward and completely online.
Integration – a hassle-free way to add Vyne to checkout with no integration required.
Real-time payment status – gain complete visibility of payment statuses, so you can release goods with the confidence that funds have been received.
Hosted checkout – beautiful, customer-focused payment journeys that require only three simple steps to complete.
Full and partial refunds – increase customer loyalty and retention by delivering a better customer experience with instant refunds.
Native mobile experience – increase cart conversions with a mobile-first payment method, built to make checking out as effortless as possible.