It’s a truth as old as business itself – payments are central to retail. Consumers and retailers alike have never had the choice of how to spend, receive and refund money. And rightly so. We all have our preferences at the checkout, and the right options at the 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 seeks success through innovation and customization to the needs of your business. The rewards for doing this are obvious. Better conversion rates, an improved customer experience and more trust.
But what to look out for with this perfect payment partner? Here are some basics:
reliability – Today’s consumers are used to instant processing and instant results. There is no room for consistent technical errors. Does your payment partner have a quality product with minimal downtime and a proven track record?
customer authentication – Online payments can be used for illegal activities. It’s important that your payment partner can provide customer authentication to protect your business from crime.
cost per transaction – Can your payment partner save your business money? Open Banking payments eliminate the middleman of cards and their fees to save money on every transaction.
Cross-Border Payments – If you plan to expand your business in the future or offer your products abroad, don’t underestimate the complexity of receiving payments and refunds. Find a partner who will do this for you.
And it doesn’t end with technical capacity. Can you trust your partner to challenge you and your business to take the right steps to grow? Are they ready 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. Trustly has been working together since 2017, offering Boozt consumers an easy way to pay directly from their bank accounts on desktop and mobile. This was crucial when Boozt expanded into Finland and faced the complicated challenge of offering consumer bank transfers. After initially integrating separately, the banks realized they needed a simpler solution to meet the challenges of international sales. Through the integration with Trustly, Boozt reached 17 retail banks in Finland with an integration. Trustly’s cross-border open banking payment solution simplified complexity and saved Boozt over 40 hours of manual administration per week.
The cooperation and joint problem solving did not stop there. Boozt found that his target customer base was increasingly browsing on mobile, but only a fraction of it was converting. Boozt wanted to create the best possible mobile checkout to take full advantage of this growing trend.
Boozt reviewed the main components of a successful checkout process and looked at the partners who were delivering good results, and worked with Trustly to make Open Banking an integral part of their new Booztpay solution. Boozt now has a mobile-first checkout with full control over the brand experience and customer journey. It allows Boozt to offer a full range of direct checkout and buy-it-now, pay-later options, which also extends to the post-purchase experience when it comes to paying bills.
The results of focusing on a Mobile Centric Checkout speak for themselves. To date, Boozt sees that 73% of purchases are made on mobile.
In an interview with our partner at Boozt, Hanui Ye, Payments and Order Management Director, we learn more about the reasons behind their switch to Booztpay. “Through Booztpay we have full control over our payment details while ensuring the best shopping experience for our customers. It also allows us to test different ideas to learn and use the knowledge gained to optimize the healthy level of payment mix for Boozt.’
At Trustly we value the partnership with our customers and speaking to Hanui underscores that a strong partnership was essential to launching their payment solution. Trustly’s collaboration with Boozt helped them find a healthy mix of payment methods that suited their business. There is no one size fits all when it comes to payments. But with the willing support of a payment partner, your business can find a mix that works.
Founded in 2008, Trustly is the leading global open banking payment provider. Redefining the speed, simplicity and security of payments, our digital account-to-account platform connects some of the world’s best-known merchants with consumers directly from their online banking accounts. Today we serve 8,100 merchants, connecting them to 525 million consumers and 6,300 banks in over 30 countries.
About Casper Lie
Casper is Head of Account Management, E-Commerce at Trustly, responsible for relationships and development with merchants in the sector. Casper drives growth and since 2020 finds together with some of the leading merchants in Europe the best solution for open banking in e-commerce. Before Trustly, Casper has extensive experience in the international e-commerce sector at DHL.