Pay Better and Get Paid Better
It’s obvious that Open Banking has come to stay.
Is it really true that it´s so effective in saving money?
In our last article we shared with you that Open Banking immediacy makes it possible for companies to shorten the working capital cycle, as it is not tied up to unpaid customer invoices, more cash is available to keep the company operating. However, immediacy is not the only aspect that makes it more appropriate to save costs, also the fact that the payment is processed in the same environment plays an important role and can be critical.
When the transaction is processed in different windows, the risks of uncompleted transactions increase considerably, because every additional step or external distractions can interrupt the process, end up in shopping cart abandonment, and this can greatly and adversely affect the conversion rate.
Open Banking innovates, among other aspects, by including the possibility of completing transactions on the same window and even customizing the interface, so that customers feel they are always in the same environment, contributing to the reduction of transaction abandonment.
The impact of user interfaces in shopping processes is an extensively discussed topic among business scholars. Papers from all over the world discuss this subject and provide us with various insights about it. For instance, the results of the experiment and research conducted at the University of Jonkoping by Cornelius Sagandira and Karl Berg recently suggested that simpler processes lead to higher user trust.
User trust is the basis of high conversion rates. That’s why the user interface can’t be neglected. The design should make digital interaction as simple, fluid, intuitive, and efficient as possible. The interface should be an easy path for the customer, not a barrier.
In addition to this, customizing your business paying interface by using your corporate colors, images, and all of your company characteristic graphic design will contribute to generate trust between your company and your clients during the payment process.
The simplest and most intuitive the process is, the higher will be the probability it is completed successfully. With Open Banking you’ll offer to your customers the easiest way to complete payments and there’s no doubt you’ll benefit from that.