Open banking powered account-to-account payments platform Vyne has launched a new no-code payment links product. With the launch, Vyne is aiming to enable merchants to send flexible, fast, low-cost payment links without the need for any integration.
Vyne’s new no-code payment links solution enables merchants to collect payments by automatically generating and sending payment link emails through an easy-to-use portal, or through custom URLs which can be added to the merchants’ existing communications.
Such no-code payment links make it easier for merchants to manage payments: with instant refunds which can be initiated from a click of a button in the portal, and simple reconciliation with downloadable reports and bespoke transaction references.
Merchants can also benefit from Vyne’s checkout experience, as customers can make and complete payments in as little as three taps on their own mobile banking app.
The new product can also enable businesses across a variety of industries to streamline how they collect payments. Merchants that traditionally take payments over the phone such as travel agents or hospitality, can offer customers a more secure, easy way to pay, removing the risk of chargebacks.
William Hand, product director at Vyne, discussed the need for enhanced simplicity in payments: “One of the biggest challenges for merchants today is how to take advantage of new, easier ways to get paid.
“Our no-code payment links product unlocks the true simplicity of open banking with an off-the-shelf solution, enabling merchants to get set up and request payments within a matter of hours. Along with our automated onboarding journey and optimised checkout, our no-integration solution helps take the complexity out of getting paid.”
“Merchants can retain more of their hard-earned revenue”
Consumers can benefit from the speed and ease of the simple checkout process, as they’re provided with a payment link allowing them to complete payment directly from their inbox, no matter where they are, boosting payment conversion and streamlining merchant cash flow with instant settlement.
Luke Flomo, chief revenue officer at Vyne, also discussed the benefits that the new product can offer: “Integrations often involve time, money and operational effort, so our no-code payment links solution is a perfect fit for those merchants seeking a simple, cost-saving payment method without investing time into integrating.
“As well as saving on integration, merchants can benefit from reduced fraud and chargebacks, and PCI DSS compliance requirements, as payment links eliminate the need to take card payments over the phone and bypass high-cost card fees so that merchants can retain more of their hard-earned revenue.”
Vyne is authorised and regulated by the Financial Conduct Authority as an authorised payment institution.