5 things every SME should know about Open Banking payments

1. There are no card fees

Open Banking payments are made straight from your customer’s bank account to yours. Taking out the payment processor eradicates standard card payment fees of 2-4%, leaving more money in your pocket.

2. It improves your cashflow

Open Banking payments are instant. They use the banks' faster payments network, thereby helping small businesses improve their cashflow. This means improved cashflow for your business compared to using card payments, which often require seven days and more for payments to be deposited into your account.

3. You can invoice via text

At Converso we’ve combined Open Banking technology with text invoicing so that customers are instantly notified of your invoice. With a 5x faster response rate than email, your text invoices are much more likely to be paid on the day.

4. It's more secure

With Open Banking your customers aren’t sharing any of their card details online. Bank-to-bank payments therefore reduce the risk of fraudsters accessing online card details, and help eliminate costly PCI DSS security processes.

Open Banking payments are also SCA (Strong Customer Authentication) compliant. Customers can confirm their identity using their smartphone’s biometric security combined with their banking app, reducing the chance of fraudulent payments with stolen card details.

5. There's no form filling

Your customers don’t have to enter any details to make a payment by bank – they just click on the payment link, and the amount and payee are automatically provided to the customer’s bank. This helps cut payment friction and reduces errors in payment form filling.

Sounds amazing, when can I start using it?

Almost all UK banks are now Open Banking ready so you just need an invoicing service that supports it. We will be launching our Open Banking "Pay by bank" invoicing service in May 2021. Sign up here to Converso and get free access when we launch.

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