This strategic partnership underscores Radial's commitment to streamlining operations by providing global merchants with more efficient, secure, and cost-effective payment options.
In the competitive landscape of online shopping, merchants face challenges related to fraud prevention, authentication, and payment expiration. Research in the industry highlights the significant impact of these challenges, projecting that the UK card industry could incur losses of GBP 165.1 billion due to fraud over the next decade. In response, ecommerce businesses must seek secure methods for processing consumer transactions to mitigate revenue losses and enhance the overall customer experience.
Radial's implementation of the Open Banking Pay by Bank solution enables direct fund transfers from customers' bank accounts to merchants, diverging from traditional credit card and wallet transactions. This approach guarantees payments using Link Money's proprietary AI/machine learning model, providing merchants with confidence while eliminating uncertainties associated with conventional payment methods.
Link Money representatives acknowledge Radial's proactive approach in adopting new payment methods requested by merchants. The partnership aims to deliver the cost-effective and secure Pay by Bank payment method to Radial's merchants.
The Pay by Bank solution improves merchant profitability by reducing transaction fees by 70-80%, making it a financially advantageous option. Compared to credit cards, Pay by Bank requires customers to authenticate payments within their trusted banking app, lowering the risk of fraudulent activity. Additionally, the elimination of payment card expiration ensures a seamless and efficient payment process, saving merchants valuable time previously spent on revenue recovery efforts. With these benefits, Pay by Bank emerges as a transformative solution that addresses merchants' market needs while providing them with a competitive edge in the evolving digital payments landscape.
Representatives of Radial emphasised the company's commitment to providing merchants with the latest payment and fraud solutions through innovation and partnerships. Open Banking represents a transformative force in the ecommerce industry, offering a secure and appealing alternative to traditional payment methods for both merchants and consumers. The partnership with Link Money marks a significant step towards revolutionising the payment industry, aligning with Radial's vision of providing a user-friendly experience for all stakeholders.
Radial is a provider of integrated payment, fraud detection, and omnichannel solutions for mid-market and enterprise brands in the ecommerce sector. With over 30 years of industry experience, Radial offers tailored services and solutions to address each brand's unique needs, empowering them to navigate the dynamic digital landscape and deliver a seamless, secure, and superior ecommerce experience.
Link Money is a payment platform offering fast and secure payment solutions that enable individuals to make transactions directly from their bank accounts. The platform provides security, ease, and a debt-free option for users, while offering merchants lower fees compared to other payment methods.
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