Vendreo: A new transaction method for Woocommerce Payment Gateways
Choosing and configuring a payment gateway will be a decision you must make if you have recently launched your WooCommerce store. Woocommerce Payment Gateways are independent service providers that let you take payments online through your eCommerce site.
They do not, however, all have the same rules, speeds, and features. Your charges will go up if you use an inappropriate payment gateway, which will eventually harm your company. Therefore, you should alleviate the stress and choose Vendreo as your additional transaction method to Payment Gateways for Woocommerce.
Simply put, Vendreo Pay is an additional, alternative and complementary payment mechanism for eccomerce.
Vendreo users ab add Open Banking and it is revolutionising the commerce business as it streamlines the notoriously difficult WooCommerce Payment Gateway. Vendreo cuts out the middleman service and allows instant, cardless payments through the Vendreo app to the merchant’s bank account.
Vendreo OpenPay allows for Real-Time Frictionless Payments through Bank App Payments.
What are Bank App Payments?
By enabling third-party payment services and other financial service providers to access banking transactions and other data from banks and financial institutions, open banking enables secure interoperability in the banking sector. Bank App Payments have 2 main functions. Account information services and payment initiation services. Open banking AIS (Account information services) allows you to give access to third parties so they can see the information in your bank account.Payments use the faster payments service, are virtually instant, and are direct from the end-user to the merchant.
In terms of eCommerce, what are the benefits for the merchant?
Instant access to funds. The revenue from the sale is passed directly to the merchant.
Fraud and chargebacks are eliminated. Your customer’s banking app is responsible for correctly identifying their customer, and for gaining irrefutable authorisation for the transaction. The app also comes with biometric security for an extra level of safety, including fingerprint scanning and face recognition.
Strong Customer Authorisation
This is built into the payment flow. SCA becomes the responsibility of the customer’s banking app rather than the merchant. (https://www.fca.org.uk/news/statements/deadline-extension-strong-customer-authentication)
Costs are per transaction and lower than traditional card services.
Improved UX, better conversions
The customer does not need their card handy. They don’t need to input any numbers. The journey from payment decision to a completed transaction is streamlined down to 2 clicks: the purchase button, and the confirmation button within the banking app.
Innovation and disruption
Open Banking will bring new products and business models. It will reduce costs for merchants because the traditional providers will need to react.
What are the benefits for the consumer?
Bank App Payments are very convenient for the consumer. The consumer does not need to input card details or remember pin numbers. The service flow is fast and frictionless.
The ease of use and the security offered by their banking app means a very rapid take-up of Open banking payment services.
Better than the competition?
Vendreo is stronger, quicker, and way more reliable than other Woocommerce Payment Gateways add-ons.
For each transaction that happens on your site, the majority of WooCommerce payment gateways charge a fee. This cost may vary depending on your business’s location, the type of cards your clients use, the payment gateway you select, etc.
By shifting the responsibility to your customers, you can try to fix this. However, this also means that you will need to raise product prices, and your customers might be able to purchase the identical items elsewhere for less money.
Some WooCommerce payment service providers could charge you extra fees on top of the transaction fees. Charges for bank withdrawals, account maintenance fees, or setup fees could fall under this category. These fees can be an inconvenience, especially for newly established enterprises.
Stripe for Woocommerce
Currently, one of the most used Woocommerce Payment Gateways is Stripe. Stripe is a global system that enables individuals and companies to send or receive payments online. Between buyers and sellers, Stripe acts as an intermediary.
Stripe offers relatively low fees to merchants and an impressive checkout interface for consumers.
The main issue with Stripe pay, like most other Woocommerce payment gateways, is that using many of its features, particularly API, can be rather difficult without industry expertise; it is very likely you would need a developer to help you navigate the behind the scenes of Stripe. Whereas with Vendreo it is so easy it can all be done through a very straightforward mobile app.
We are cutting out the middle man (a developer in this case) and allowing for direct payments between customer and merchant. However, should you need further assistance, our site has a help section that can help you with any of the behind-the-scenes functions.
A further issue with Stripe is that it is somewhat restricted in terms of geo-locations. Stripe is only available for business in the 39 largest countries; this limits eCommerce in the remaining parts of the world. However, with Vendreo, you can make and receive payments from all over the world.
Paypal for Woocommerce
Similarly, with PayPal, while it can be used as a WooCommerce Payment Gateway, it comes with many restrictions which can negatively impact your business. Whilst it is available in dozens of countries, there are many restrictions on certain countries and this can complicate global eCommerce. Furthermore, a PayPal business account is required to use the WooCommerce Standard PayPal addon. Because there is no on-site checkout experience, your consumers would be taken to the PayPal website to complete the transaction.
Your account type and the quantity/number of sales you make would determine the PayPal fees you pay. You would need to do extensive studying in advance because such payments would have a big impact on your business.
Using either of the above examples as your sole WooCommerce Payment gateway can add unnecessary stress and costs to your business. However, by incorporating Vendreo as an additional feature, it will streamline your eccomerce business model, saving you time and money. Vendreo is about serving its merchants. Vendreo delivers solid, dependable solutions that increase your bottom line. If you increase your payment options you increase your sales.
Vendreo is a wonderful addition to the Woocommerce Gateway Payments world, and it specifically benefits Charities. By using Vendreo, a charity organisation can offer its supporters a quick, easy and secure way of collecting funds. They can set up a one-off or ongoing subscription payment.
Of course, the best part of Vendreo is that we allow Charities to use our service for free! All charity organisations can send and receive money without paying any service fees. Another benefit to using Vendreo is that you don’t need to wait 75 days to receive only 75% of your donations like you would if you were using PSMS. Vendreo will ensure you receive 100% of your donation into your designated bank account.
How to use Vendreo
So you want to collect money from your clients, eliminate chargebacks and stop Strong Customer Authentic card rejections?
UK retailers lose £4.3 million every day because of SCA declines. The vendreo payment flow eliminates SCA declines by using the customer’s bank biometric checks and passwords. Luckily for you, integrating Vendreo into your eCommerce trading is easy and can be done by following these simple steps.
- Create a Vendreo account at Vendreo.com
- Add the application to your website
- You can now use all of Vendreo’s features.
Vendreo will allow you to enlist and maintain repeat customs. Vendreo Pay recurring payments transform one-off visitors into high-value committed customers.
Increase the average spend, generate predictable revenue, and supply ongoing subscriptions.
Paywalls, site access, memberships, donations, consumables. Maximise the lifetime value of your customer.
Payment for Xero
Get paid instantly using Vendreo Pay from the Pay Now button on the invoice. Businesses using Vendreo direct payments on their Xero invoices get paid faster, and it’s easy to do.
- Connect Vendreo Pay to online invoices in Xero.
- Email an invoice for the customer to view online.
- A ‘Pay now’ button lets customers pay you instantly from their bank app with Vendreo Pay.
- Cheaper than Paypal and card processing, and payments are sent directly into your chosen bank account.
In conclusion, Vendreo is here to save the WooCommerce Payment Gateway. By using Bank App Payments, Vendreo offers real-time frictionless direct account payments. It is perfect for all businesses, big and small, and is completely changing the game when it comes to charity organisations, invoicing, gaming, and ticket sales, just to name a few. Vendreo may be new but is backed by decades of industry experience, and it puts the user first. No more fraud, chargebacks, or cart abandonment. Allow Vendreo to help you increase revenues and sell more, whether it be through one-off payments or recurring subscriptions.