Payments for Businesses needing open banking.
Open Banking presents a secure and efficient payment rail, particularly beneficial for high-risk businesses seeking alternatives to traditional card payments. Cardflo leverages Open Banking to facilitate direct bank-to-bank transfers, offering enhanced security, lower transaction costs, and improved payment finality, thereby optimising payment processing for merchants.
What's included.
- Facilitate direct, secure bank-to-bank payments.
- Reduce payment processing fees compared to cards.
- Improve payment finality and reduce chargeback risk.
- Enhance security through strong customer authentication (SCA).
- Streamline reconciliation with real-time payment notifications.
- Comply with PSD2 regulations for Open Banking payments.
Common questions.
What are the primary benefits of Open Banking for high-risk businesses?
Open Banking offers lower transaction costs, reduced fraud risk due to direct bank authentication, and improved payment finality. These benefits are significant for high-risk businesses looking to optimise their payment infrastructure and minimise losses.
How does Open Banking reduce chargeback risk?
Open Banking payments are typically push payments, initiated directly from the customer's bank account with explicit authorization. This direct debit model inherently carries lower chargeback risk compared to card-based transactions, which is valuable for high-risk sectors.
Is Open Banking secure for customer data?
Yes, Open Banking is built on secure, regulated frameworks (like PSD2 in Europe). It uses strong encryption and multi-factor authentication, ensuring that customer data is protected and payments are authorized securely without sharing sensitive card details.
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