The check, often proposed to the customer as an alternative solution to avoid the refusal of payment, involves many constraints for the merchant: risks of unpaid checks, costly processing of checks, risks of errors during accounting reconciliations... According to the Observatoire du Paiement, the check was the most defrauded payment method in France in 2021. It is therefore important for merchants to turn to more secure payment solutions in order to secure their revenues and guarantee a high level of customer satisfaction.
INCREASINGLY HIGH BASKETS
We observe it every year: during the end-of-year celebrations, spending is increasingly important.
Between 2020 and 2021, the average spending of the French observed during Black Friday has increased by 15% from 259€ to 298€ (Obosco).
According to a recent Deloitte study, retail sales are expected to reach $1280 to $1300 billion this year between Black Friday and Christmas, an increase of 7% to 9% compared to 2020. And Black Friday 2020 had already generated in France a peak of +127% of sales compared to the average month of October!
Beyond this data showing that consumer spending is on the rise year after year during this holiday season, it is also important to remember that consumers are mostly looking for convenient payment solutions. According to a MasterCard study conducted between 2014 and 2015, 77% of french consumers want to pay "anywhere, in any way." Another SOTI study shows that 70% of consumers want in-store staff to be equipped with mobile technologies to offer them better support in their purchases, and 29% of them expect a tool that allows them to make their purchases without going through the checkout.
Consumers therefore want to enjoy a simple, fast, innovative shopping experience and above all one that is adapted to the amount of their purchase.
NEW USES FOR HIGH CARTS MANAGEMENT
In order to bypass the consumer's card limit, and therefore a risk of loss of turnover for the merchant, new solutions have emerged, such as the simplified transfer or the use of split payments.
Market Pay has developed a simplified transfer solution called Pay by Bank that allows customers to pay for their purchases online or in-store without having to enter a bank account number or IBAN, or even add a beneficiary: the amount and reference of the payment are automatically entered, and the payment can be validated securely.
How does it work for the customer?
In-store, they simply scan a QR code or receive the payment link in their email. They can then select their bank, access their account, and validate their payment after checking the pre-filled transfer information.
In e-commerce, the process is similar after selecting the instant transfer as a payment method.
For the merchant, Pay by Bank instant transfer offers payment security as the execution of the transfer is guaranteed, thus bypassing the risk of payment rejections due to card limits. In addition, for all baskets over 100€, the solution offers a significant economic advantage since there are no interchange fees or bank card fees.
For the customer, Pay by Bank offers a smoother and faster process thanks to the pre-filled information without prior entry of the amount or merchant reference information. It is also a secure payment method thanks to the strong authentication that allows customers to validate their payment directly in their banking application.
Among the new payment uses, we also count the split payment allowing the merchant to propose to his customers to spread their expenses in several times. Popular with consumers, split payments are used at least once a year by 60% of consumers in France according to a Oney study.
Would you like to know more about the solutions offered by Market Pay? Contact our sales team to discuss your project.
