Looking for feedback on new payments business

[iainnib]

Hi All,

I've recently started a payments business which aims to help small businesses dramatically reduce their card payment fees by making the bank transfer process as easy as possible. Card payment fees are often seen 'as a cost of doing business' which is understandable, but they add an unnecessary cost to every transaction.

The use cases of the solution are quite wide, but our current customer targets are:

• Trade businesses where the business requests payment via bank transfer or using Stripe (or equivalent) payment links either casually through email/ whatsapp etc, or via invoice.
• Higher value retail (bike shops, jewellery, furniture etc.), particularly when the purchase is done remotely. For example someone contacting a retail store customer service to enquire about a high value product. The customer service can then send them a payment link for the sale to be closed.
• Any business that previously used cash such window cleaners, cleaners or even auto motor mechanics.

Be great to get some feedback on the product. A couple of businesses are trialling the product for no cost in exchange for feedback and would love to welcome more. Anyone interested in trialing? No obligations, cost or commitment.

 

[WaveJumper]

Sorry I really don't understand this, why would anyone want a "third party" payments system, whats wrong with my online banking account or app

 

[iainnib]

Sorry I really don't understand this, why would anyone want a "third party" payments system, whats wrong with my online banking account or app

Direct Pay makes the bank transfer easier. Businessses can send specific requests by distributing payment links via WhatsApp/ text/ email or invoice. The customer clicks the link, selects the bank and authorises the payment. There is no faffing about with account numbers, sort code, or payment amounts so it’s a lot quicker.

It’s also possible to track who has made payment on Direct Pay without accessing the bank. This is helpful in larger businesses as the team don’t need to call the owner/ director to check the bank to understand who has paid or not. It’s makes the bank transfer payment method more scalable.

… as it’s a bank transfer it’s a lot cheaper than card payments, and the money is received instantly.