Discover the truth about bank transfers with our article "5 misconceptions about bank transfers". Explore how the new Fintecturesolutions, such as Immediate Transfer and Smart Transfer, are revolutionizing e-commerce, simplifying payments and boosting conversions.
Eliminate the obstacles of traditional transfers and offer your customers a smooth, secure payment experience. Increase your sales and optimize your payment processes today!
Conventional wisdom #1 - Bank transfers are not suitable for e-commerce
FALSE
In an e-commerce world where the focus is on conversion and the quality of the customer experience, the traditional bank transfer is generally a poor performer. When a customer wishes to pay by bank transfer, their purchasing journey is interrupted. You have to wait for payment to be received before you can count the sale as a conversion.
Yet it is often the only alternative (along with cheques) for cash payment of large baskets. It's difficult, if not impossible, to pay large sums by credit card, because of CB limits.
Fortunately, new bank transfer payment solutions are available. Supported by the roll-out of Open Banking, they enable simple, secure account-to-account payment, with a seamless customer experience.
This is the case with Fintecture Immediate Transfer. Particularly well-suited to e-commerce, it offers all the advantages of a credit transfer, with a smooth customer flow similar to that of an online CB payment.
Myth #2 - My customers must enter my bank details to pay by bank transfer
FALSE
With traditional bank transfers, this is indeed the case. But Fintecture has created a bank transfer payment solution that removes all this friction.
The Immediate Transfer is an account-to-account payment without the constraints of a traditional transfer.
On Fintecture payment pages, customers select their bank and are redirected to their secure banking area. There's no need to enter your IBAN: all payment details have already been entered (amount, beneficiary, reference).
All he has to do is confirm his payment!
Your customers benefit from a smooth, secure experience, similar to an online credit card payment. Merchants who have installed Immediate Transfer report a 15% increase in their conversion rate!
Myth #3 - I can cash in larger amounts by bank transfer than by credit card
TRUE
Credit card payments are subject to the limits set by each bank.
You can't spend more than the limit you've set for a specific period, whatever your card. Payment limits are generally set on a weekly or monthly basis. And while it's possible to ask for them to be raised to a certain limit, they remain significantly lower than transfer limits.
CB limits are the cause of many payment failures in BtoC as well as in BtoB. For this reason, credit transfers remain the most suitable payment solution for settling large amounts.
"30% of Fintecture payments correspond to high amounts that would have been rejected as CB payments".
Jean-Christophe Defossez, in charge of strategic projects for Bricoman
Myth #4 - When a customer pays by bank transfer, I have to wait to validate the order.
FALSE
With traditional bank transfers, you have to wait for the funds to arrive in your bank account before you can validate your customers' orders. This can take up to 72 hours. This solution is therefore not ideal, especially if you are committed to fast delivery or if you work in the service sector. Unless you take the risk of processing the order and facing an unpaid bill...
By choosing Fintecture's Immediate Transfer solution, you receive immediate payment confirmation. What's more, payment is irrevocable. So you can confirm your order immediately.
If you use our CMS plug-ins (Prestashop, Shopify, Magento...), you can view the status of the payment (and therefore the order) directly in your Back Office. If you're creating a customized integration, our APIs enable you to feed the payment status directly into your business tools (CRM, ERP...).
Myth #5 - Some customers don't want to change their payment habits
TRUE AND FALSE
We're seeing good take-up of the Immediate Transfer. Payers are attracted by the simplicity and speed of payment.
However, some customers are unwilling or unable to change their habits. This is the case, for example, in BtoB, where accounting departments manage invoice payment from a centralized tool (where suppliers' RIBs are pre-registered).
We have therefore created a complementary solution to the Immediate Transfer: the Intelligent Transfer.
The principle is simple: your customer transfers funds as usual to a personalized IBAN generated by Fintecture. For them, the payment experience remains unchanged. For you, the changes are major:
- you have a real-time view of the progress of each transfer
- reconciliation is automated!
For an optimal conversion rate, we recommend activating both options. Your customer will choose the solution best suited to his profile and use case. And without any additional integration for you!
What's next?
In light of this, how do you plan to improve your payment processes? Immediate Transfer and Smart Transfer are complementary levers to credit cards that will help you generate additional online sales.
