Digital design and marketing agency Zap has launched its new payments product alongside Zap Cashier. Zap Cashier is a service that offers a seamless payment experience, embedded directly into Zap’s technology platform. Zap’s payment functionality is secured by TrueLayer, a Pay by Bank provider. DNA Payments, one of Europe’s leading independent players in card payments, also supports Zap Cashier. More than a quarter of Zap’s clients are already using the service.
Pay-by-bank is a payment method that allows customers to make online purchases directly from their bank accounts, without the need for a credit or debit card. It enables customers to use their online banking credentials to authorize a payment and transfer funds from their bank account to the merchant’s account.
It’s also known as “account-to-account (A2A) payments” or “bank transfers”. This method is facilitated by open banking, which allows secure access to bank information for payment processing.
The launch comes on the back of rising demand from end users and merchants to deliver faster, smoother payment journeys. Additionally, features that are essential in the highly competitive gaming space. With Zap Cashier, end-users will enjoy a fully integrated pay-in and pay-out journey, eliminating the need for manual bank transfers.
For merchants, Zap Cashier is already delivering significant time and cost savings. Zap suggests this is achieved with less administration needed thanks to its full integration with the Zap platform. Zap says the service will also deliver enhanced customer support for clients and their users.
Early adopters
Capital Competitions have been an early adopter of Zap’s payment proposition. Jamie Jackson, Director at Capital Competitions said, “Since moving to Zap our customer feedback has been great. The flow is clear and easy to use. We have noticed a much higher acceptance rate with less payment declines. The interface is simple and easy to use with great reporting tools on revenue received.”
Steven Sefton Digital Director at Zap said, “This is the culmination of over a year’s worth of development. We aim to deliver our customers a better player experience. It’s a pleasure to work with DNA Payments and TrueLayer to deliver better services to platforms and their users alike.”
“Pay by Bank is redefining how platforms handle payments,” said Mariko Beising, VP Partnerships at TrueLayer. “Zap’s move reflects the broader shift we’re seeing. Businesses across industries are turning to Pay by Bank to deliver better user experiences and lower payment costs.”
Colin Neil, Head of Corporate at DNA Payments added, “Simple, unified payments are the foundation of a great user experience. It is an absolute necessity across a number of sectors. With our market-leading payment platform and Zap’s drive to deliver the best competition system in the UK. We are able to deliver a best-in-class experience for site owners and users.”
DNA Payments has direct plugins with leading eCommerce CMS platforms like Big Commerce and WooCommerce, underpinned by its leading checkout payments gateway. This unrivalled expertise in online payments allowed the team to help bring this product to market.
Enterprise Times: What this means for business
PWC’s report The Future of Retailer Payments outlined pay by bank as one of six key trends that will define the retail payments landscape over the next few years. A study by Nuapay found that more than 54% of consumers would be willing to pay via account-to-account payments if the option was available, demonstrating the largely unaddressed opportunity with this payment method.
Encouraging customers to pay by bank transfers reduces the fees associated with a typical card transaction. Retailers could use loyalty rewards to incentivise customers to upload money onto loyalty cards or pay through an in-app experience directly from their bank accounts.
At a smaller scale, Pay by bank could be an attractive option for small-to-medium enterprises who are typically less sophisticated from a payments / banking perspective. As a result, they have substantially lower bargaining power. Pay by bank is relatively immature in retail and does have an impact on services provided by the networks such as liability and protection. However, the prize of reducing processing fees could be significant.
