Mollie strengthens Pay by Bank

Mollie has updated its 'Pay by Bank' feature, leveraging technology from its recent acquisition of GoCardless to streamline the checkout process. For retailers, this represents a significant shift in how you collect payments. Instead of relying on traditional credit card rails, this system allows customers to pay directly from their bank accounts. This is particularly useful for high-ticket items where credit limits might be an issue or where card fees eat into your margins. The new interface is built to reduce friction. It offers a faster, mobile-optimized experience that helps prevent cart abandonment. By integrating this into your existing Mollie setup, you can offer a modern alternative to traditional financing or BNPL that feels just as seamless but settles differently. For operators, the main benefit is the potential for lower transaction costs compared to major credit cards. It also provides an extra layer of security, as payments are authenticated directly through the customer's own banking app. If you are seeing high credit card processing fees or frequent chargebacks, moving a portion of your volume to direct bank payments is a smart strategic move to protect your bottom line.

Source: Finextra — Lending

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