TrueLayer has developed a payment platform to assist retailers in processing payments and refunds.
Traditional payment methods are becoming obsolete, and customers are looking for an automated system to make transactions and refunds. TrueLayer realizes this need and has created a new payment product that allows instant processing of refunds. The process ensures efficient and cost-effective refunds to simplify operations for retailers.
Key features of the solution
The payment platform is designed to facilitate retailers and customers alike. There are several features that the payment solution offers.
- Instantly processing refunds and withdrawals with the verified details of each customer
- Offers account-to-account payments that customers can top up and buy products with
- Automated reconciliation for businesses with dedicated business accounts that offer complete visibility of their customer’s accounts
- TrueLayers payment platform removes manual entry and automates the entire payment process in a frictionless manner
- Embedded payment flows make for more manageable payments and fewer abandonment instances
- The platform removes interchange fees and chargeback of cards. This makes for a more cost-effective process for both customer and retailer
- TrueLayer’s platform is PSD2 and SCA compliant. This minimizes the risk of payment fraud protecting your transactions
Future of businesses
Payments are considered the last step of an eCommerce lifecycle. This means that the process needs to be streamlined and efficient if businesses hope to increase sales. The TrueLayer payment platform has all the makings of streamlining the payment process. The company claims that the platform can reduce operational costs while minimizing the risk of payment fraud for businesses.
While it is still under development, it can be a huge step forward for retail businesses. The customer operators need to ensure frictionless payment and that the platform is used to its maximum potential.