Cost-Effective Transactions: Pay with Transfer transactions typically incur lower processing fees than credit card payments. This results in substantial cost savings for retailers, positively impacting their overall transaction expenses.
Enhanced Fraud Protection: Pay with Transfer payments, involving direct bank transfers, carry a reduced risk of fraud compared to credit card payments, which are susceptible to chargebacks and disputes. The method’s deliberate steps, necessitating full customer engagement, minimise the potential for situations warranting chargebacks or disputes.
Swift Settlements: Payments made through Pay with Transfer are processed more expeditiously, contrasting with the lengthier settlement periods associated with credit card transactions. This accelerated settlement pace contributes to improved cash flow for retailers.
Customer Trust: Offering Pay with Transfer as a payment option fosters trust among customers who prioritise the security and transparency inherent in bank-to-bank transfers. Some customers remain apprehensive about sharing card details with payment gateways, making Pay with Transfer an inclusive choice for retailers to accommodate a broader demographic.
Facilitating Cross-Border Trade: The internet’s global reach empowers retailers to sell to customers anywhere. To enable this international presence, retailers can receive payments in foreign currencies through Virtual Accounts. For instance, platforms like Fincra offer Virtual Accounts in currencies like USD, GBP, and EUR, allowing retailers to receive foreign payments seamlessly and locally.