This new solution enables merchants to send out payment links via SMS, email or QR code; collect payments from customers via an open banking payment method; and reduce credit card fees, Boodil said in a Tuesday (May 2) press release.
“Our Pay by Portal solution allows for a seamless and completely branded experience for merchants to collect account-to-account payments via either QR codes, payment links or a self-serving customer-centric page with full support for payment confirmation for both parties,” Boodil Co-founder and Chief Technology Officer Dally Singh said in the release.
Open banking payment options such as Boodil’s can save 60% to 70% on credit card costs while driving increased loyalty and customer engagement, Boodil Co-founder and CEO Harry Luscombe told PYMNTS in an interview posted in April.
These options also eliminate the need for businesses to use manual bank transfers, which can be prone to error and are slow and inefficient, Luscombe said when interviewed for “Rising Demand Makes Faster Payments a Growing Necessity,” the April/May edition of the “Money Mobility Tracker®,” a PYMNTS and Ingo Money collaboration.
“The more merchants adopt the payment method, the more customers will become [familiar] with it, which will thus stimulate adoption and growth,” Luscombe said.
PYMNTS research has found that pay by bank transfer has become the third most popular means for consumer bill pay, after debit cards and credit cards.
Although consumers are using online bank transfers for purchases far less than they are for paying bills at this time, 42% of those who have done so said ease and convenience are the most important reasons they used the method, according to “New Payment Options: Building Stronger Customer Ties With Pay by Bank Transfer,” a PYMNTS and Nuvei collaboration.
With Boodil’s Pay by Portal solution, there is no need to download a mobile app, the email and SMS content is fully customizable, and the merchants receive notifications that they have been paid, according to the press release.
Among the merchants that have implemented Boodil’s Pay by Portal solution is automotive paint protection and detailing provider Carttitude.
“We have high-value transactions, and it would be far too costly if we took these payments via cards,” Claudiu Jijie, Carttitude founder and director, said in the release. “This Pay by Portal solution allows us to safely and securely collect payments via instant bank transfers from our customers rather than relying on them manually transferring the payment.”
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