Bold Commerce, a checkout company for omnichannel retailers and direct-to-consumer (DTC) brands, has partnered with Link Money, an open banking payment platform, to enhance payment options for merchants.
This collaboration aims to provide retailers using Bold Commerce’s checkout solutions with access to Link Money’s Pay by Bank offering in the United States, the companies said in a Thursday (Nov. 16) press release.
Pay by Bank offers a range of benefits including reduced payment processing fees, credit card fraud prevention and increased customer retention, according to the release.
Merchants are seeking cost-effective alternatives for accepting payments due to rising credit card fees and fraud incidents, the release said. By integrating Link Money’s Pay by Bank solution, Bold Commerce enables its users to accept open banking payments, potentially reducing payment costs by up to 70%.
The cost of payments remains high in the U.S., driving demand for innovations that provide cost savings, Eric Shoykhet, co-founder and CEO of Link Money, told PYMNTS in an interview posted in October.
“Cost is probably the No. 1 issue, at least in the U.S., and making sure people align with the payment method that makes sense for them,” Shoykhet said.
It’s also important to offer diverse payment options to cater to individual shopper preferences, Bold Commerce CEO Peter Karpas said in the Thursday press release. Customers are more likely to abandon a purchase if their preferred payment method is not available. So, Bold Commerce offers a variety of options to brands.
“Adding Link Money’s Pay by Bank solution to our repertoire rounds out these offerings,” Karpas said.
Shaun Vanderkaap, vice president of strategy at Link Money, added: “As one of the first to enable their merchants to accept open banking payments in the U.S. via Link Money, Bold Commerce is accelerating its leadership in the eCommerce space.”
Bold Commerce specializes in providing customized checkout experiences across various channels, including eCommerce sites, blogs and social media, per the release. Through this partnership, brands using Bold Checkout can now offer Link Money’s Pay by Bank as a payment option to customers, regardless of the channel they are using.
Providing the ability to checkout “in the moment,” while the consumer is in the midst of their preferred online experience, is valuable, Karpas told PYMNTS’ Karen Webster in an interview posted in July.
“Conceptually, you can take a checkout, and you can put it … here, there and anywhere,” Karpas said.