From access to open banking data to an improved pay by bank experience
Stitch Payments can:
- Eliminate UX friction and user error by embedding pay-by-bank within your existing checkout or payment flows: today, most users need to manually navigate out-of-flow to pay with their internet or mobile banking app, often leading to user input error and drop-off.
- Fully white-label a pay by bank payment method so your users only see your brand. Our pay by bank solution is a component businesses can plug into their application without having to worry about branding conflict.
- Tokenise a bank account to generate one-click and user-not-present payments: one of the benefits of card payments is the ability to charge a card that’s stored on file. With our technology, Stitch can tokenize a user’s bank account to enable repeat payments, without the security, consent, and cost issues of a debit order placement.
- Reduce fraud by 60 – 90%: Card-not-present fraud is one of the major drivers of loss for businesses accepting high volumes of online payments. By leveraging the power of our data product, we could verify user information against bank KYC simultaneously alongside payment initiation, severely reducing fraud risk on the platform.
- Generate millions of dollars in savings for businesses: Bank payments incur lower chargebacks. Plus, our payments product can be offered for a lower cost compared to card alternatives, and as a result, generate massive savings for our customers.
Sky’s the limit – the opportunity for Payments is growing quickly
As we’ve begun to roll out our Payments product to customers (new and old), we’ve seen that the demand for a more cost-effective and frictionless payments solution is growing, not only among the newest and smallest businesses, but also for the largest fintechs, retailers, marketplaces and platforms, in South Africa and beyond.
Stitch has always focused on building robust financial infrastructure. As a result, we’re launching a number of new Payments offerings to continue to meet the needs of our customers, including:
- Pay-ins: the fastest and most secure way for customers to pay, whether checking out at point of sale, or topping up a digital wallet. Businesses can accept zero-fraud, one-click payments directly from customers’ bank accounts in their checkout flow, app, or website.
- Recurring & subscription payments: makes automated recurring and subscription payments easier, increasing customer lifetime value and reducing churn. Businesses can accept both scheduled and ad-hoc payments from customers without the friction and high costs of debit orders or saved cards.
- Payouts: makes paying out to customers as easy as paying in by leveraging the same account linkage to generate a direct payout to the customer’s financial account of choice. Businesses can initiate, track, and reconcile refunds or payouts to their customers in seconds.
- Instant reconciliation: eliminates discrepancies in business accounts by allowing businesses to match payments received without manually sifting through account balances by hand.
Of course, we’re just getting started on our mission to transform the way people move money. Between disbursements, instant settlement, recurring payments, reconciliation support, and merchant dashboards; we’re bringing on a ton of new features in the coming months that we believe can better help the businesses we work with to grow and serve their users. Look out for a website update that will share more on our latest offering.
Want to learn more about how Stitch Payments can help your business accept one-click bank transfers? Get in touch.