Looking at the number of digital payments increased by Black Friday and e-Monday then we can confidently say that companies that lack modern online payments solutions will ultimately lose their customers and market share to competitors, who have all of the solutions already in place.
As it turned out in a recent survey of payment behavior commissioned by Eesti Pank, Estonian consumers are very satisfied with the local digital payment solutions, highly appreciating their convenience, modernity, and security. For example, the survey shows that 16% of the population makes their daily purchases online. However, half of the respondents pointed out that larger purchases (equipment, furniture) are made even more often online.
Unfortunately, the business sector is even light-years away from the consumer market. The consumer market, with its vigorous use of all kinds of digital payment solutions from card payments to mobile payments, is putting great pressure on both businesses and the B2B sector, as the positive customer experience, we perceive as an end consumer is also now highly expected.
In order to help companies improve their payment solutions, EveryPay has introduced many new updates to our platform over the past year to make billing with consumers and partners even faster, cheaper, and easier.
Since the end of last year, we have been supporting the possibilities of open banking. This means that you no longer need to have separate bank accounts and contacts with different banks. All you have to do is contact your home bank and ask for the EveryPay solution that allows you to initiate payments regardless of which bank your customer is with. We are also pleased to share that as of last month, EveryPay’s customers can now conveniently serve Coop Bank’s customers as well.
Additionally, we’ve added an automatic reference number support to open banking transactions, which can be used by both merchants and service providers to create and submit invoices. The development is particularly beneficial for medium-sized and large companies, whose use of a reference number is important in their accounts, as it makes digital payments even easier for individuals as well as businesses.
Furthermore, LHV and SEB Bank customers will be able to conveniently refund open banking payments. Until now, the process of refunding bank link payments has been impractical, but now all open banking transactions can be returned on our self-service platform’s Merchant Portal.
EveryPay has always strived to offer businesses and merchants the most convenient, modern, and fast payment solutions available that are fitting for today’s tech-savvy end-user. If you feel like your business is lacking any of the above solutions, kindly contact your home back or get in touch with us directly.