It’s a truth as old as business itself – payments are central to retail. Consumers and retailers alike have never been more spoiled for choice on how they’d like to spend, receive, and refund money. And rightly so. We all have our preference at checkout and the right options at point of purchase can make or break a sale.
Finding that healthy mix of payment methods for your business is made easier by finding the right payment partner. One that is looking to bring success through innovation and tailoring to your business’ needs. The rewards of getting this right are obvious. Better conversion rates, an improved customer experience, and increased trust.
But what to look for in that perfect payments partner? Here are some fundamentals:
Reliability – today’s consumers are used to instant processing and immediate results. There is no room for consistent technical error. Does your payment partner have a quality product with minimal downtime and can point to a track record of success?
Customer authentication – online payments can be used for illegal activity. It’s essential that your payment partner can provide customer authentication to protect your business from crime.
Cost per transaction – can your payments partner save your business money? Open Banking payments cut out the middleman of cards and their fees to save money on every transaction.
Cross-border payments – if you’re looking to expand your business in the future or offer your products overseas, don’t underestimate the complexity of receiving and refunding payments. Find a partner who can handle that for you.
And it doesn’t end at technical capacity. Can your partner be trusted to challenge you and your business to take the right steps for growth? Are they willing to innovate together – and if so, do they have the ability and legacy to do so?
The partnership between Boozt and Trustly is a good example of how the right payment provider can drive innovation. Working together since 2017, Trustly offers Boozt’s consumers a simple way to pay directly from their bank accounts on desktop and mobile. This was key when Boozt expanded into Finland and was faced with the complicated challenge of offering bank transfer payments for consumers. After initially integrating the banks separately, they realised they needed a simpler solution to meet the challenges of international sales. By integrating with Trustly, Boozt reached 17 retail banks in Finland with one integration. Trustly’s cross-border Open Banking payments solution simplified the complexity and saved Boozt over 40 hours of manual administration per week.
The collaboration and joint problem solving didn’t stop there. Boozt identified that their target consumer base was increasingly browsing on mobile devices, but only a fraction of that was converted. Boozt wanted to create the best possible mobile checkout to take full advantage of this growing trend.
Reviewing the main components of what a successful checkout would be, and looking at the partners that delivered good results, Boozt worked together with Trustly to make Open Banking a substantial part of their new solution, Booztpay. Now, Boozt has a mobile-first checkout with full control of the brand experience and customer journey. It enables Boozt to provide a full range of both direct payment and Buy Now, Pay Later options, which also extends to the post-purchase experience when it comes to paying invoices.
The results of the focus on a mobile centric checkout speak for themselves. As of today, Boozt sees 73% of purchases completed over mobile.
Speaking to our partner at Boozt, Hanui Ye, Payments and Order Management Director, we learn more of the reasoning behind their move toward Booztpay. ‘Through Booztpay, we fully control our payment data while ensuring the best shopping experience for our customers. It also allows us to test different ideas to learn and use the gained knowledge to optimise the healthy level of the payment mix for Boozt.’
At Trustly, we value the partnership with our customers, and speaking to Hanui underlines that a strong partnership was imperative to launching their payment solution. Trustly’s collaboration with Boozt helped them find a healthy mix of payment methods to suit their business. There is no one-size-fits-all solution when it comes to payments. But with the willing backing from a payment partner, your business can find a mix that works.
About Trustly
Founded in 2008, Trustly is the leading, global Open Banking payments provider. Our digital account-to-account platform redefines the speed, simplicity, and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Today we serve 8,100 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries.
About Casper Lie
Casper is Head of Account Management, E-commerce at Trustly, and is responsible for the relationships and development with merchants in this sector. Casper has been driving the growth and finding the best fit for Open Banking in ecommerce together with some of the most predominant merchants in Europe since 2020. Prior to Trustly, Casper has extensive experience from the international ecommerce sector at DHL.
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