TrueLayer’s payment links allow businesses to accept fast open banking payments via email, text, or QR code, boosting open banking across Europe.
Payment links, a new tool that enables businesses to accept rapid payments powered by open banking directly from an email, text message, or QR code, have been introduced by open banking payments network TrueLayer. Customers who wish to use payment links provided by TrueLayer must first scan a QR code or click an internet link that takes them directly to their online bank accounts in order to make a payment to the company that provided the link. Use of this feature is possible both online and during in-person transactions.
An immediate payment technique gaining popularity is payment links. This new capability will hasten the expansion of open banking payments further into the mainstream when combined with TrueLayer’s presence throughout Europe.
Payment links make it easier to develop payment sites by allowing companies to set up checkout pages quickly. A website or the integration of an outside e-commerce platform are not necessary for the procedure.
For instance, businesses can use payment links for easier invoicing, charities can use them to expedite in-person donations, and retailers can use them in email retargeting to target cart abandonment.
Payment linkages are already active with TrueLayer clients like Southampton’s Solent Wholesale, one of the top carpet wholesalers in the South West region, and Topps Tiles, which operates over 300 locations countrywide. Both are leveraging the new TrueLayer product feature to enhance invoicing by automating the procedure via email, cutting costs associated with payment processing, and streamlining the payment process for their clients, thus improving their cash flow.
Making it possible for “merchants to accept open banking payments anywhere”
“Legacy payment options, like cards, simply haven’t kept up with the experiences customers and businesses have come to expect when making a purchase,” said Michael Brown, head of e-commerce at TrueLayer. These processes have a long settlement time, considerable friction, and frequently expensive infrastructure requirements.
Payment links, which are powered by open banking, are a simple-to-implement and instant-to-settle solution that will let businesses take open banking payments everywhere, including through their marketing channels, emails, texts, and even in-person.
“The payment linkages provided by TrueLayer are just another illustration of how open banking may be leveraged to improve consumer and business payment experiences. It highlights TrueLayer’s dedication to advancing the boundaries of open financial payments once more.
“With TrueLayer’s payment links, we can automatically send invoice payment requests from our CRM, and the payments settle in real-time,” explained Luke Crooks, director of Solent Wholesale Carpets. Compared to using cards, employing TrueLayer has allowed us to reduce the cost of payment processing. Also, the integration process took less than 48 hours from beginning to end.
Because of their helpful support staff, thorough online documentation, and GitHub features that made the integration process simple and rapid, we chose TrueLayer.