Improving Consumer Experience with Alternative Payment Methods (APMs)
With more options than ever, customer satisfaction is top of mind for merchants. And while many challenges, like supply chain disruption, are beyond their control, merchants can control the customer experience during the checkout process. A huge part of that is providing payment options that resonate with the modern consumer. Hence, the rise of APMs.
Digital payments give customers a simpler and more efficient way to pay because they can bypass the manual process of entering account or card details and provide consumers with flexibility in their payment options. In addition to customer satisfaction, APMs can offer additional benefits like lower processing costs which make them attractive to merchants looking to trim unnecessary costs.
Meeting Expectations with Contactless Options
In addition to rising expectations about the payment experience, the desire to limit exposure during transactions due to the global pandemic helped establish a new precedent: contactless payments. According to a survey conducted by the Payments Journal in March of 2020, the use of contactless payments increased 30% since the outbreak of the pandemic. Many consumers developed a preference for using their personal phones at checkout. Because consumers desire convenience and expediency, payment options that require an app download don’t align with their lifestyle.
Even with the steady recovery from the pandemic, contactless payment options are here to stay. According to a report by Research and Markets, contactless and eCommerce payments are projected to account for half of total wallet spending by 2025.The rise in popularity has been coupled with rapid innovation in the space. Options that are flexible, contactless, and speedy, like SensePass and Trustly, whose offering is the fastest way to pay using a phone, have grown exponentially throughout the pandemic.
Marrying APM and Contactless with Trustly and SensePass
Consumer expectations and behavior have changed, irreversibly. Merchants need to provide payment options that are flexible, simple, and trustworthy. Additionally, payment options need to be virtually contactless for comfortability and ease-of-use. Trustly’s partnership with SensePass combines Alternative Payment Methods (APM) with a contactless platform so that consumers can pay quickly and safely with payment options they enjoy, like Trustly’s Online Banking Payments.
The wireless, self-powered, and contactless SensePass Box allows merchants to accept APMs at the point-of-sale, all from one place. When consumers choose Trustly as their payment choice, they are able to quickly and easily pay directly from their bank account—no card, app, or registration required. Together, these solutions enable a seamless user experience and ultimately help merchants reduce processing costs and operational expenditure. Finally, SensePass’s patented technology and Trustly’s SOC2 certified payment solution ensure the security and integrity of financial data for the entirety of the payment experience.
SensePass, founded in 2017, is a breakthrough innovator in contactless payments. Started by a team of seasoned technology veterans and fintech innovators, SensePass is expanding the boundaries of digital payment processes and building the next chapter in the ongoing development of payment technology. To do so, SensePass has built an omnichannel payments network that operates around any digital payment method or digital wallet, including an integrated system that goes far beyond traditional wallet apps and proprietary SensePass devices that customers can access with a simple tap of their phones. SensePass has offices in New York and Tel Aviv.
Founded in 2008, Trustly is a global leader in online banking payments. Our digital account-to-account platform redefines the speed, simplicity and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to the traditional card networks at a lower cost. Today we serve 8,000 merchants, connecting them with 525 million consumers and 6,300 banks in over 30 countries; and in 2020 we processed over $21 billion in transaction volume in our global network.
Trustly has 768 employees across Europe, North America and Latin America. We are a licensed Payment Institution under the second payment services directive (PSD2) and operate under the supervision of the Swedish Financial Supervisory Authority in Europe. In the US, we are state regulated as required to serve our target markets. Read more at www.trustly.com/us.