Cashflows, the fintech payments company, is joining forces with payments giant Mastercard to offer its merchants Click to Pay, offering a faster and more intuitive online checkout experience.
With online purchases growing 10 per cent annually, the addition of Mastercard Click to Pay to the already diverse payment stack of Cashflows further enables its customers to eliminate checkout friction, maximising sales opportunities.
Mastercard Click to Pay is built on EMVCo standards, eliminating the need to manually enter card details or remember a variety of ever-more complex passwords.
Consumers benefit from a simplified checkout process, with Click to Pay eliminating the need to manually enter card details or remember passwords, storing the consumers’ various payment cards online in one Click to Pay profile, securely.
Paul Clarke, chief growth officer at Cashflows, commented: “The e-commerce landscape offers enormous opportunities for businesses, especially those in the mid-market, but perfecting online checkout flows remains a challenge. Surrounded by jargon and complexities, the payments landscape is near impossible for businesses to navigate without a dedicated payment expert.
“At Cashflows, we’re building a fairer, more efficient payment system to help businesses to grow and reach success. Our aim is and always has been, to create payments perfected by people, and as part of that, we’re always exploring how we can enhance our offering to streamline the payments process. Mastercard Click to Pay is a perfect example of this. We’re excited to roll out this new offering to our customers and continue challenging ourselves to deliver the smoothest payment experiences.”
Keeping merchants and consumers safe
Click to Pay reduces fraudulent attacks by using intelligent authentication and tokenisation of payment information across devices. Tokenisation transforms sensitive card details into a non-sensitive set of characters known as a ‘token’. This process ensures that personal information is never exposed during transactions.
This is essential to businesses as almost half (46 per cent) of consumers still have reservations about trusting online merchants to keep their saved card details safe. The addition of Click to Pay to Cashflows’ comprehensive payment stack, including Apple Pay, Google Pay, and PayPal, comes at no extra cost to its customers. In fact, the solution embeds directly into Cashflows’ existing checkout lineup without redirects.
Suren Nawalkar, senior vice president for business development, UK and Ireland at Mastercard, also added: “Most people still use guest checkouts when they shop online. Click to Pay is a quick and convenient solution which saves the need to remember lots of different passwords. We’re working with our partners like Cashflows to make sure their customers have access to the very best payment innovation and technology.”
One in five consumers cite a long checkout process or too many steps to a payment as triggers for abandoning their cart. With consumers favouring ease of checkout experience, Cashflows added the technology to its payment options to enable further growth for its merchants.