PayPoint launches new digital payments option amid COVID-19
Citing the impending end of the , PayPoint hopes to mitigate the financial strains of individuals, households and businesses through its new offering, which will facilitate the collection of due or arrears payments.
PayByLink, available through digital payment solution , is a highly customer-centric solution capable of sensitive engagement and conceived to provide agile payment options to those struggling financially in the wake of the pandemic.
Preparing for the new normal
The company’s own research has highlighted the value of communicating with customers in a variety of ways which suit the recipient. It believes that by doing so the likelihood of full or part payment increases.
“The global crisis has impacted every area of our lives, and as Government help begins to lessen the longer-term financial impact is becoming clearer. Organisations are preparing to face a new world of payment collection as life post-lockdown will continue to change how we live our lives,” said Danny Vant, Client Services Director at PayPoint.
“As a business, it is crucial to get ahead of these new challenges and adapt quickly. Businesses must be sympathetic to the difficulties their customers are facing in these uncertain times.
“Offering payment flexibility will be important for consumers going forward, to help them navigate changes to their lifestyle and financial situation. This will ensure businesses can retain good customers and continue to recover costs effectively.”
Outlining the benefits of PayByLink
PayPoint highlights that PayByLink offers a range of benefits for late-payment collection, including:
- Automated SMS customer reminders
- Enhanced customer engagement
- User-friendly interface
- Easy integration into pre-existing CRM (customer relationship management) systems
- Increases efficiency of bulk payments
- Improves cash flow
“Importantly, PayByLink provides customers with payment flexibility, putting them in control whilst improving cash flow for the business awaiting payment. The user-friendly payment options remove friction from the payment process whilst retaining security and peace of mind, increasing customer engagement and collections success,” added Danny Vant.
“Working together with customers, considering their financial challenges and providing payment flexibility, businesses can help valued customers navigate this stressful time and may find they benefit from better customer retention and more efficient payments in future.”
Tink partners with Novalnet AG for open banking payments
The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.
Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide.
According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform.
The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly.
Novalnet partnership with Tink
By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe.
The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021.
Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties.
“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants."
Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”
He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”
Image credit: Novalnet AG