Vyne Newsletter March 23
We’re at the end of the quarter. But before we move onto pastures new we’re ringing the starting bell for the checkout showdown, we're sharing how the automotive group Pendragon save 73% on transaction fees vs card and we’re giving you a no-strings-attached copy of our Open Banking payments Jargon Dictionary. Seriously, no strings.
March highlights:
🛍️ Simplicity, variety or personalisation: The checkout showdown
🚙 Pendragon save 73% on transaction fees vs card
❓ Do you know your PISPs from your ASPSPs?
😖 The biggest payment pain point automotive dealers face today
🛍️ Simplicity, variety or personalisation: The checkout showdown
As more alternative payment methods build traction in the market how can businesses balance checkout simplicity alongside providing consumers with their preferred payment methods?
Checkout fatigue can happen - checkouts can become overwhelming with tens of available payment options to choose between. But providing consumers with their preferred payment method boosts conversion. Here’s how to walk that tricky tightrope:
👉 Simplicity wins. Understand your customer’s payment preferences to simplify the options you show at checkout.
👉 Preferred payment methods boost conversion. Every consumer has a preference, they want ease, familiarity and speed. By offering consumers their preferred payment method you’re removing barriers to conversion.
👉 Personalisation increases the ease of payment. By preselecting or reordering payment options based on past usage, location or price point, consumers don’t need to browse payment options and can convert quickly and easily.
🚙 Pendragon save 73% on transaction fees vs card
Pendragon is on a mission to transform automotive retail through digital innovation and operational excellence. Open Banking powered account-to-account payments are a key driver of this strategy.
Pendragon and its automotive brands Evans Halshaw, Stratstone and CarStore faced high transaction amounts and as a result were at the mercy of high-cost card fees and impacted by slow settlement.
Launched in April 2022, Vyne gave Pendragon’s consumers the ability to make direct account-to-account deposits and full payments instantly. Through Open Banking powered pay-by-links, this could be done from the comfort of their own home or in dealerships, without any manual data entry.
“We’re saving 73% on transaction fees with Vyne. This enables us to retain cost allowing us to continue to invest in innovation through digital, omnichannel experiences.” – Martin Dobson, UK Divisional Finance Director at Pendragon
Read the full case study
📝 Vyne snippets
😖 Sneak peek: We asked 40 automotive professionals what their biggest payment pain point is. 45.2% said that high-cost card fees are their biggest pain point. Keep your eyes peeled for the full report in April.
👩 Snaps for International Women’s Day. We celebrated by looking back at some of the spotlights from the women behind Vyne. Alicia Stratford, Finance Director and Lucy Moss, Head of Customer Success.
👋 Find us at the Smarter Payments Summit. If you’re attending the April event we’d love to hear from you. Get in touch to get a coffee on us.
❓ Do you know your PISPs from your ASPSPs?
When was the last time you heard an acronym you didn't know? We’ve all been in a position where acronyms and industry jargon become overwhelming, especially when evaluating a new product.
That’s why we’ve created the Open Banking payments Jargon Dictionary 📖
The Jargon Dictionary covers:
🔢 The basics of Open Banking payments
📲 Vyne Pay with bank terminology
🎀 The features which make up our pricing packages
You’ll be speaking the lingo in no time. Click the button below to download your copy, no strings attached. Seriously, we don't want any info from you.