Open Banking

In this blog, we’ll explore the benefits of Open Banking payments for finance teams and how to combat everyday hurdles to streamline and simplify the reconciliation process.

How does Open Banking optimise reconciliation?

Manual processes involved in account reconciliation can often consume a significant amount of time, money and resource. For example, in the automotive industry finance owners are used to getting calls on their weekend, asking if funds have landed in an account so that dealership teams can release a car. With Open Banking, finance owners get their weekends back as teams can see payment land in your business account in real time. With real-time settlement, Open Banking drives operational efficiency, which drastically reduces reliance on manual processes. This not only saves time but also helps to scale your business as manual processes are taken care of, resulting in less need for further resources or costly systems.

Mistakes and human error are amongst the most common reconciliation discrepancies. Whether it’s a formula error or even something as simple as an incorrect payment reference keyed in by a team member, human error can lead to a lot of wasted time and manual effort in fixing issues. Open Banking streamlines the reconciliation process by pre-populating the correct payment details, leaving no room for human error.

Most banks charge businesses for every fund entering a business bank account, and although it may be a small charge, it quickly adds up. Through Open Banking, merchants can make use of settlement accounts that not only allow for simpler reconciliation and reporting, but also provide real-time payment confirmation and automate refunds and payouts. The use of settlement accounts also eliminates the need to pay a charge on every transaction, as an end-of-day sweep means there’s just one charge to pay as opposed to the possible thousands.

Card and BACS payments can take up to three days to settle, impacting cash flow to your business. With Open Banking, you receive funds instantly, giving you better visibility and control of your real-time cash position. With Vyne, funds can be swept at a custom time that works best for your business.

Open Banking allows for speedy and simple payment reconciliation, and Vyne enhances this further with our reconciliation API and portal, enabling merchants to download reports directly from the user-friendly portal.

Look no further. Open Banking powered Pay with bank enhances operational efficiency, ultimately driving revenue and mitigating risks.

Optimising reconciliation with Open Banking payments

Reconciliation can be a finance team's biggest headache. With high transaction volumes, multiple payment channels, and varying formats, ensuring every dollar is properly accounted for is a complex, time-consuming process. Add in the pressures of real-time reporting, regulatory requirements and the risk of costly errors, it’s clear why mastering reconciliation is a critical, and often underestimated, challenge.

Team Vyne

For me in Support, it’s all about ensuring that every Vyne user is able to get the most out of our platform at all times, by providing them with the right knowledge and tools to be able to guide them through any issue. This includes gathering feedback from our customers to generate insights that help improve our service. 

In addition to managing Vyne’s Support inbox and Help Centre, I also get involved in the go-live process of all new customers by running workshop sessions to ensure that all new users are fully trained on what Vyne is and how to make full use of our platform. 

What’s the best thing about your role in support?

Having worked in Support for quite a while, I’ve experienced a range of different working styles at previous workplaces. Customer feedback around issues and bugs not being acted upon is something I’ve experienced before, but thankfully at Vyne this is not the case. Our amazing Product and Engineering teams are always eager to help no matter the issue, listen to any feedback and work towards finding a solution that works for all. It means I can go back to our customers with confidence and provide them with the level of service they expect from us. 

How do we ensure both our merchants and consumers are supported with all things Vyne?

 that covers all aspects of Open Banking and Vyne, allowing both merchants and consumers to self-serve on common topics. When further support is required, our committed Support team is just an email away. Once new merchants have been onboarded, they receive a welcome guide with useful information and assets like a guide on how to market Vyne. As well as this, the Support team carry out a personalised workshop session to ensure all users are fully trained on how to make use of the Vyne platform. Finally, each merchant is sent a bi-monthly Support newsletter which is where we look to provide updates that may be of interest to our portal users. 

When I’m not working, you’ll either find me in the gym or in front of the telly. Then once the social battery has charged up, I love getting out and about with friends, whether that’s at our local or the next big music festival, where we can have a bit of a boogie. I’m also an avid traveller - I’ll soon be ticking off country #46, Bahrain. 

Vyne Spotlight: Support

We pride ourselves on our company culture and expertise. Our team is made up of various nationalities, backgrounds, skillsets and everyone plays a crucial role in our success. We're not into bragging, but everyone at Vyne is pretty awesome. Next up in our employee spotlight series… Darren, our Client Support Manager who has been with Vyne for almost two years.

Announcement

This strategic acquisition, which has been approved by both the UK's Financial Conduct Authority (FCA) and Saudi Central Bank (SAMA), bolsters Tarabut’s ability to deliver faster, more accessible, and more interconnected financial services globally.

The deal closed officially on August 1st, positioning Tarabut to lead the way as new regulations for Payment Initiation Services in Saudi Arabia and Open Finance in the UAE come into effect. The integration of Vyne’s advanced technology into Tarabut’s operations will bring cutting-edge A2A payment capabilities to the Middle East, starting with Bahrain, where the first customer is expected to go live by the end of the year, and expanding to Saudi Arabia and the UAE as Open Banking regulations evolve.

Vyne, established in 2019, has quickly become a leading player in the UK, processing billions of dollars through an existing client and partner portfolio with hundreds of businesses in the retail, financial services, and automotive sectors. Using Vyne technology, customers can move money in real-time, paying directly from their bank account in seconds, bypassing expensive and slow traditional methods. This integration will enable instant, bank account-linked payments, offering unparalleled service to businesses in the retail, automotive, and SME sectors.

As the region braces for the new financial regulations, Tarabut is poised to lead with its compliance-first approach and advanced technology offerings. Tarabut’s existing tech stack of data and compliance products coupled with Vyne’s payment expertise opens new doors for seamless, cardless, account-to-account payment and streamlined operational processes, such as enhanced real-time reporting and reconciliation.

 “We are excited to welcome Vyne into the Tarabut family. This acquisition is a pivotal step in our long-term growth strategy, allowing us to bring mature, tried and tested payment products to the region, and providing solutions for the everyday issues that merchants and consumers face when taking or making payments. With Vyne’s technology, we are well-positioned to capitalize on new opportunities for innovation, market penetration, and sustainable growth. This is a significant milestone in Tarabut’s mission to seamlessly connect financial ecosystems in the Middle East.”

Karl MacGregor, CEO and Co-Founder of Vyne, added: 

“The Middle East is experiencing exponential growth and transformation in the financial services sector, and as regulations catch up, our technology can simultaneously ensure compliance and convenience. 

Merchants and consumers want speedy, secure, and convenient customised payment experiences. Open banking solutions can deliver on this demand. We believe the future of payments is digital and they need to be frictionless, contactless, and fair. 

Becoming part of the Tarabut family allows us to bring our innovative payment solutions to one of the fastest-growing markets in the world.”

The acquisition not only strengthens Tarabut’s technological infrastructure but also extends its operational footprint to the UK, solidifying its position as a global leader in Open Banking. Existing customers will benefit from enhanced services, while new customers, will have access to best-in-class A2A payment solutions as the Open Finance regulations roll out across the region.

Tarabut’s acquisition of Vyne is the latest in a series of key investments designed to maintain and expand on its market dominance in the MENA region. These moves include the company’s $32 million Series A investment announcement in May 2023, and recent partnership announcements with major banks across Bahrain, the Kingdom of Saudi Arabia, and the UAE.

British fintech start-up Vyne acquired by Middle Eastern giant Tarabut in major deal 

London, UK – September 3rd, 2024: London-based start-up Vyne, a real-time account-to-account (A2A) payments platform for online businesses has been acquired by Tarabut, the first and largest regulated open banking platform in the MENA region, for an undisclosed sum. 

Tarabut is a leading, Dubai based, fintech company that specialises in Open Banking solutions enabling banks, fintechs and businesses to access millions of financial accounts, unlock data-driven insights and make instant account-to-account payments with a single, secure, open banking API. Tarabut is on a mission to make financial services better, faster, accessible and more affordable for everyone.

3. What impact will this acquisition have on my business, as a Vyne customer?

There will be no impact on your business operations. We will continue to provide the same fast, secure, and cost-effective open banking powered payments. 

4. I’m a Vyne partner. What does this mean for my clients?

Your partnership with Vyne remains the same. We’re fully committed to helping your clients enhance their payment processes with faster, fairer Open Banking payments.

5. Will there be any changes to contracts?

No, there will be no changes to existing contracts due to the acquisition. Vyne will continue to operate under Vyne Technologies Ltd which is authorised and regulated by the Financial Conduct Authority (FCA) as an Authorised Payment Institution with reference number 925649. 

6. Will there be any changes to checkouts or integrations?

No, there will be no changes to current checkouts or integrations. All existing integrations and checkouts will continue to function as they do today, with no development changes resulting from the acquisition.

Yes, you can! We are actively maintaining and enhancing our UK product and continue to onboard new clients.

8. I’m interested in adding Open Banking powered payments to my business operations in MENA, can you help? 

We can. If your business operates in the MENA region, please

 who will be able to walk you through the product. 

Vyne acquired by Tarabut: FAQs

We’re thrilled to announce that Vyne has been acquired by Tarabut. This acquisition will enable us to continue to grow Vyne in the UK and Ireland, while enabling payment products through Tarabut in the MENA region. 

Case study

 integrated Open Banking powered Vyne Pay with bank into their checkout through our partner 

, to enable their customers to make quick, secure, cardless money transfers. When searching for an Open Banking payment partner, B A Exchange were looking to solve two key issues; high transaction fees and slow settlement times.

B A Exchange save 87% on transaction fees with Vyne

Within the remittance industry, it’s not uncommon for payment processors to charge substantial fees for transactions, meaning a portion of the sender's money doesn’t actually reach the recipient. For B A Exchange, saving costs on high transaction fees was the main priority when searching for an Open Banking partner as they were looking to combat this issue to significantly reduce fees for their customers. 

Alongside saving costs for their business and their customers, B A Exchange were keen to continue innovating and bringing new payment methods to their customers, which is why they were one of the first remittance companies to use Open Banking in the UK. 

“With Vyne, we’re saving around 87% on transaction fees compared to card payments. Since adding Vyne Pay with bank to our checkout, we’ve noticed a significant transformation in our business as we’re no longer affected by high-cost card fees, meaning we can continue investing in improving our customer experiences.” - Azad Kamrul, Director & CEO at B A Exchange

Vyne Pay with bank claims 95% of B A Exchange share of checkout

“Shortly after integrating, we decided to make Pay with bank the only payment option on our website checkout to boost the usage of Vyne due to the incredible cost savings we see on transaction fees. Vyne is used for 100% of our online money transfers, with the only exception being customers who are unable to use Open Banking due to things like no access to online banking, which has resulted in Vyne claiming 95% share of our checkout.”

For money remittance businesses, positive cash flow and speedy settlement is imperative with them turning around payments within a day. Traditional international bank transfers often take between 3-5 days to arrive, so instant settlement through Open Banking powered Pay with bank was just what B A Exchange were looking for.

“Instant settlement through Vyne is a huge benefit for us as a money transfer business. Not only do payments made through Vyne reach recipients quicker but the process of sending is streamlined too. Around 90% of our transactions are made by repeat customers, and as Vyne is the only payment method on our checkout, this shows the cardless payment method is favoured amongst our customers as it’s much quicker, easier and safer than manually entering payment details.”

“The service we receive from the Vyne team is second to none”

As one of the first merchants to go live with Vyne, B A Exchange have had a longstanding relationship with the Vyne team, and have helped develop both our product and portal through recommendations such as adding additional permission levels to portal users. 

“The service we receive from the Vyne team is second to none. Since day one, the interactions we’ve had with the Vyne team have been incredible, whether that was during the easy integration process, quickly answering support tickets or providing feedback through our Customer Success Manager. Pay with bank has come a long way since we first integrated, and where we’ve had recommendations or feedback, the team has always taken it on board and acted upon it which has resulted in the strong relationship we have today.”

“Vyne is a valuable part of our business that we will continue to move forward with, due to the level of service we receive and the benefits to both us and our customers.”

Interested in adding Vyne Pay with bank to your Money Transfer business?

Cut transaction costs and boost checkout conversion with instant settlement and cardless payment journeys. Click the button below to book a demo with our sales team.

B A Exchange x Vyne Pay with bank case study

Since 2011, B A Exchange has been providing access to fast and reliable money transfer services from the UK to Bangladesh.

I’m the first point of contact for client integrations, discovery calls and technical account development. I work closely with our Revenue, Success, Product, and Engineering teams to ensure our merchants have frictionless integrations. Additionally, I gather feedback from our merchants to share learnings across our business.

What’s the best thing about your role in integrations?

Meeting and learning about new businesses is one of the most rewarding aspects of my role. Open Banking can be used in multiple ways and I love seeing the positive impact our payment product can deliver for our merchants. My job also includes a lot of collaboration with many team members from Vyne, who are all at the top of their game and a good laugh to work with.   

How do we make onboarding and integrating with Vyne a seamless process?

We take great care in understanding our clients' needs and working practices to design solutions that are both technically sound and user-friendly. This approach ensures a smooth user experience, driving adoption and customer satisfaction.

While integrations are technical, I try to make the process fun for all parties involved, from commercial stakeholders to developers. Adaptability is also key, as different clients use varying methodologies from waterfall to agile, scrum or simply preferring regular meetings to review the ongoing process. As part of this ongoing process, I continuously refine the UAT process to simplify it as much as possible without compromising quality or risking issues after launch.

The goal is always to ensure that merchants can start accepting Vyne as quickly as possible. This is why we have pre-built integrations via connectors, repositories, and dedicated integration team members to guide our clients through the process.   

How quick is the onboarding and integration process with Vyne?

Over the years, I’ve learned that the more work you do during the scope of integration phase, the faster the go-live is. Equally important is the emphasis on understanding every business we integrate with to ensure our product seamlessly fits into their existing infrastructure. This should also ensure a smooth roll-out when they are ready to start accepting payments from their customers.

Depending on the product that suits a client best, we can get merchants up and running straight away with no development work through our no-code payment links product or some of our pre-built integrations. Additionally, we aim to make the process as easy as possible for merchants wanting to integrate directly against our APIs, and we’ve seen many success stories of clients integrating our payment solution within two weeks!

Outside of work, I am a massive geek. I love playing board games with my friends, with chess and concordia being personal favourites of mine. I also love music, I play the occasional gig with my folk band and enjoy composing music for various media companies.

Vyne Spotlight: Integrations

We pride ourselves on our company culture and expertise. Our team is made up of various nationalities, backgrounds, skillsets and everyone plays a crucial role in our success. We're not into bragging, but everyone at Vyne is pretty awesome. Next up in our employee spotlight series… Zyg, our Integrations Analyst who has been with Vyne for over a year and a half.

Partnership

In March 2024, Vyne partnered with BZQUICK to help businesses adopt a new way of customer interactions and operations with easy-to-use digital tools and Open Banking services.

Please explain BZQUICK, who you are and what you do

BZQUICK is a FinTech company which helps SMEs grow faster and stronger by digitising the undesirable manual processes, getting paid faster with less pain and improving their position to get working capital.

How are BZQUICK helping merchants scale their business?

With our technology and the Open Banking services of our partners, we make it easier for merchants to drive conversion across multiple channels, streamline communication with clients as well as back-office, not to mention make smarter business decisions with holistic commerce data.

How are businesses approaching changing consumer buying demands and how is BZQUICK helping them achieve this?

After the pandemic, businesses are facing a more diversified client base (B2C, B2B, D2C, online and offline) and they usually use siloed applications to handle orders from different channels.

Also, merchants are adopting more payment choices due to the increasing demand of customers. It means more manual work in sales documentation, payment collection & reconciliation, back-office operations and reporting.

Through BZQUICK’s technology hub, we simplify the complex nature of multi-channel sales, payment collection and reconciliation so merchants can open new space of business easily at a relatively low cost.

Why did BZQUICK engage an Open Banking partner?

Open Banking is the future of commerce but many SMEs cannot benefit from the trend because they don’t have the know-how and resources to do it. Therefore, BZQUICK engages with Open Banking partners and pre-integrates their services with our solutions so merchants can kick-start easily.

What was the key factor(s) in your decision to partner with Vyne?

We chose to partner with Vyne as they are a trusted and secured payment service provider, offering advanced technology, user-friendly UX/UI and are open to new ideas.

Stay tuned for the next instalment of the Partner Spotlight series. In the meantime, learn more about 

Partner Spotlight: BZQUICK

At Vyne, we pride ourselves on the great partnerships we’ve built. In each edition of our Partner Spotlight series, we’ll showcase our partners, what they do and why they chose to partner with Vyne. Next up in the series… BZQUICK.

If you’re looking to integrate an Open Banking payments solution, this article will explain the three different approaches you can take to help you understand which is the best for your business. 

When evaluating Open Banking payments solutions, you need to consider how to integrate them into your existing platforms and processes so that your teams such as finance, customer support and sales can easily manage the payments in their everyday work lives. 

Whilst self-built integrations allow for a fully customisable payment flow, complex integrations with the bank APIs could take months to complete. Not to mention, the in-house headaches associated with getting regulated as a PIS (Payment Initiation Service), maintaining uptimes and relationships with the banks, which all take resource away from business operations and ultimately, revenue generation.

2. Partner with an Open Banking payments platform

Integrating through an Open Banking partner allows for a quicker journey to ‘go live’ than self-built integrations, while reducing the amount of engineering resources required. The timescales can vary with this method of integration dependent on the complexity of the platform's APIs, but usually takes no longer than a few weeks. This type of integration also requires sales and accounts teams to ensure the integration works efficiently with their current operations. However, the benefits often outweigh any negatives, as the platform handles all things bank connectivity, regulations, security and is on hand to assist with technical issues.

3. Through an existing partner integration

Existing partner integrations enable plug and play onboarding with little to no integration required. By integrating through an existing partner, such as PSPs, DMS or Ecommerce platforms, there are no extra operational processes for sales and account teams, as the integration consolidates and simplifies admin and reconciliation processes. All the benefits of Open Banking payments without the development time and operational headaches. 

We’ve worked hard to build the most intuitive and easy to use Open Banking powered account-to-account payment solution, and so Vyne Pay with bank enables merchants to offer fast, seamless, secure and fair payment experiences.

It couldn’t be easier to offer Vyne Pay with bank through our existing partner integrations; end-to-end in just a few steps. Vyne offers quick, easy development-free integration with an extensive number of partners, including 

Not looking to integrate through a partner? We also offer a single, simple API which allows for an easy direct integration with Vyne. You can check out our developer docs 

Alternatively, Vyne’s no-code payment links provide all the benefits of Open Banking powered account-to-account payments such as fairer fees, instant settlement, fraud resilience and cardless payment experiences. Spare yourself the hassle of an integration as your business can start taking Open Banking powered payments within hours.

Ready to add Vyne Pay with bank to your business?

Get started with a simple integration to Vyne Pay with bank, and you can be cutting costs and boosting customer experience in no time. Click the button below to book a demo with our sales team.

Three ways to integrate to Open Banking payments

Integrations… Did your stomach just drop? For some businesses an integration equals time, money and a whole lot of operational headache. But it doesn’t always have to be that way.

Vyne has launched a WooCommerce extension to enable e-commerce businesses to benefit from Open Banking powered account-to-account payments. Businesses can save up to 80% on transaction fees compared to card, boost cash flow with instant settlement and refunds, and significantly reduce the risk of fraud with biometric authentication, all while offering consumers a quick, seamless, cardless payment experience and instant refunds.

What does the Vyne Pay with bank WooCommerce checkout look like?

Vyne’s WooCommerce extension allows e-commerce businesses to customise their design options for the Pay with bank checkout widget. Merchants can also easily reorder the payment option stack to their preference.

Consumers can make payments in as little as three taps. There’s no need to leave the sofa to grab their card or manually input card details. Once the consumer has chosen to pay with Vyne they’ll simply choose their bank, log in to their mobile banking app and confirm the payment. This significantly reduces the time it takes to make a payment, which can result in fewer abandoned baskets and higher conversions.

How does Vyne Pay with bank help e-commerce businesses and their customers?

Vyne helps businesses significantly reduce the chance of losing stock to fraudulent customers as each payment has bank-level security such as biometric authentication without adding extra friction, making it significantly harder to commit fraud. This gives retailers the confidence that the customer is legitimate, reducing the risk of fraud, chargebacks and the costs associated with them.

Don’t wait days for funds to settle. With Vyne Pay with bank funds land in your account within seconds, providing an accurate, real-time view of cash flow.

Encourage repeat purchases with instant refunds

Enhance your customers experience with your brand, boost customer sentiment and encourage repeat purchases with instant refunds. With Vyne Pay with bank customers no longer need to wait days for funds to land, as refunds are paid straight to the customers account instantly. This removes the risk of both customer dissatisfaction and support team enquiries. 

Retain more hard-earned revenue with fairer transaction fees

Traditional payment solutions often come with high costs, such as 1.5% - 3.5% fees on card transactions, which eat into merchants hard-earned revenue. Vyne Pay with bank enables merchants to avoid high-cost card fees as the payment goes straight from the customer's bank account to the retailer’s account within seconds, removing costly intermediaries.

Interested in adding Open Banking powered payments to your WooCommerce checkout?

Vyne Pay with bank is already used by e-commerce businesses such as MyProtein, lookfantastic, Zavvi, 

 and Patrolbase. Find out more about adding Vyne Pay with bank to your WooCommerce website by booking a demo with our sales team.

Vyne Pay with bank now available on WooCommerce

E-commerce businesses using WooCommerce can now add Vyne Pay with bank to their online checkout.

Our partnership with Keyloop will enable dealerships and OEMs to benefit from Open Banking powered account-to-account payments. Vyne Pay with bank is integrated directly into Keyloop’s DMS and is available to all UK customers through Payments from today. 

What are Open Banking powered account-to-account payments?

Open Banking launched in the UK in 2018 and was introduced to improve competition in the financial services to create fairer, more personalised products for consumers and businesses alike. Open Banking payments enable businesses to bypass expensive, slow card processors while accessing faster, seamless payment experiences. 

As more businesses add Open Banking to their operations, the alternative payment method is continuing to grow and reach more consumers. In fact, at the end of 2023, over 129 million Open Banking payments were made in one year an increase of over 80% from 2022. 

How can Keyloop customers benefit from Open Banking powered Pay with bank?

Transform your payment experience with Vyne Pay with Bank

If you’d like to understand how Vyne Pay with Bank can add value to both ends of the payment experience, then this webinar recording is for you. You’ll discover all you need to know about the features of this powerful solution, designed to make payments fast, secure, and seamless and keep costs down.

Click the image below to watch the webinar.

How do I add Open Banking powered Vyne Pay with bank to my Keyloop DMS? 

We’ve worked with Keyloop to make sure that dealerships and OEMs can quickly and easily add Vyne Pay with bank to their DMS to boost existing operations. To get started, complete this short form and one of our team will be in touch to arrange a demo.

Vyne partners with Keyloop

We’re thrilled to announce our partnership with Keyloop, the international automotive technology company.

This partnership enables automotive dealers and their customers to pay and get paid with an alternative, cost-effective, and optimised payment method powered by open banking. Customers can pay for deposits, parts and servicing, and full payments, directly from their own mobile banking app or online banking. From today, instant open banking powered account-to-account payments will be available to Keyloop’s UK customers through Payments, which is integrated with the Keyloop DMS.

This partnership is part of Vyne’s ongoing mission to make open banking powered account-to-account payments easily accessible so that more dealers and OEMs can benefit from:

Unlike other payment methods, open banking transactions are authorised directly with banks through mobile banking apps or online banking in real-time, and funds transfer instantly. This means that automotive retailers can provide a smoother purchasing process for customers, as well as a real-time view of cash flow, allowing businesses to retain more money and boost operational processes.

Sebastien Fabri, Partner Director at Keyloop commented 

“Our goal is to work with our partners to develop the solutions that give the industry the best possible service. Our partnership with Vyne is our latest commitment to developing solutions to help dealers and OEMs navigate a tough consumer landscape and facilitate sales at a time when every penny spent is being scrutinised by consumers.”

Karl MacGregor, CEO and Co-Founder at Vyne commented 

“Our partnership with Keyloop is a big step forward in greater adoption of account-to-account payments. Our open banking solution adds to the incredible tech solution that Keyloop offers its customers by simplifying payments, satisfying consumer demand, and reducing costs for dealerships and OEMs.” 

Interested in adding Open Banking powered payments to your Keyloop DMS? Click the button below to get a demo. 

Vyne partners with Keyloop to offer dealerships open banking payment solution

Vyne, the specialist open banking powered account-to-account payment provider, today announces a partnership with international automotive technology company Keyloop.

 pride themselves on providing high-quality products at competitive prices as an independent elite retailer. To maintain competitive prices and provide high-quality products, Marks Electrical is constantly exploring how to innovate to decrease costs for consumers while improving experiences.

In March 2023, Marks Electrical added Vyne Pay with bank to their checkout, giving consumers the ability to make Open Banking powered account-to-account cardless payments. When searching for an Open Banking payment partner, Marks Electrical were looking to solve three key issues; high transaction fees, slow payment experiences and the increasing number of chargebacks.

Marks Electrical save 80% on transaction fees with Vyne

For Marks Electrical, saving costs was one of the top priorities when integrating with Vyne, particularly as margins in the industry are tight. With card payments taking the highest share of wallet, they’re susceptible to high-cost card fees, manual data input and increased fraud and chargeback risk.

“With Vyne, we’re saving 80% on transaction fees compared with card payments. This allows us to continue investing into improving operations, customer experiences and marketing.” - Josh Egan, Chief Financial Officer at Marks Electrical.

Cardless payments improve customer experiences

One of the key driving forces behind Marks Electrical is to continue offering a market-leading service. Nationwide delivery across the whole of the UK, next day delivery across 90% of the UK, and next day installation across 70% of the UK is just a selection of what makes up their market-leading service. As a result, they’ve won numerous awards and have a 4.9 rating on Trustpilot.

When searching for an Open Banking partner, customer payment experience was top of mind for Marks Electrical. “We wanted a payment solution that goes hand-in-hand with our services like next day delivery and installation, making the customer journey as easy as possible. Vyne does just that.”

The checkout experience for purchasing appliances can be lengthy with customers needing to provide details for installation, delivery and integration options. This can feel like a much lengthier process for customers that have just had an appliance breakdown and they are trying to quickly replace their fridge, for example. “Vyne’s quick and easy checkout saves our customers from any extra manual data entry, whether that’s card details or setting up accounts, and improves the final stage of the checkout journey with us. This helps us to continue improving our customer sentiment and retention.”

With other payment methods such as cards, the chargeback risk is ever-increasing which not only eats into margins but requires resources to manage them. This is an increasing issue for Marks Electrical that they were looking to resolve through integrating with Vyne.

“We see chargeback and fraud risk present in almost every other payment method, except Vyne. As payments made through Vyne are verified with bank-level security, we see no chargebacks which is one of the main reasons we value payments made with Vyne.”

Vyne consumer awareness campaign increased Marks Electrical conversion by over 15%

With an aim to increase awareness and cart share for Pay with bank within the Marks Electrical customer base, we ran a joint consumer awareness campaign in March 2024. The campaign highlighted that the more consumer touch points and awareness of the payment method, the higher the conversion and cart share. The campaign spanned across a week and saw an increase in conversion of over 15%.

“Vyne sales are valuable to us at Marks Electrical, and we’re always happy when customers choose to checkout with Pay with bank; not only because of the cost-saving and removed risk of chargebacks, but the instant settlement and ease of reconciliation is a huge benefit.”

“We want to continue driving our relationship forward with Vyne as we can see the growth potential. It is definitely a part of our long-term journey of offering market-leading service, especially as customers start demanding cardless payment experiences.” 

Interested in adding Vyne Pay with bank to your checkout?

Marks Electrical x Vyne Pay with bank case study

For over 35 years, Marks Electrical have been selling the best appliances and televisions to over a million satisfied customers.

, the specialist Open Banking powered account-to-account payments provider, has announced a partnership with 

, the leading provider of self-service technologies for automotive dealerships. The partnership enables dealers to save costs on transaction fees, boost cash flow through instant settlement and refunds, and reduce the risk of fraud with the use of bank-level security.

The automotive aftersales check-in and check-out process often presents several pain points for both customers and dealerships, including lengthy wait times and laborious paperwork. One of the biggest challenges is often around payments, from clunky customer experiences due to manual data entry or high-cost, slow settling, insecure card payments for dealerships.

We’re combining Vyne’s expertise in Open Banking powered payments with Tjekvik’s proficiency in intuitive self-service technology to provide dealerships with a safer, fairer and more efficient aftersales check-in and check-out experience.

How does Vyne Pay with bank through Tjekvik help dealerships?

Ready to enhance your customer experience while reducing costs?

Vyne and Tjekvik sync seamlessly with most dealer management systems, enabling you to start streamlining your customer experience.

Vyne and Tjekvik announce partnership

Vyne and Tjekvik have launched a new partnership to help boost automotive payment experiences while cutting costs.

Research

In June of 2023, the Payment Systems Regulator (PSR) announced it was examining a sample of approximately 20 card scheme and processing fees changes between 2017 and 2021. These fee increases are directly impacting automotive dealerships across the UK.

The pressure is on dealerships to cut costs

As the cost of taking payments continues to increase and inflation nips at our ankles, it’s increasingly important for automotive companies to review where they’re spending and highlight opportunities to cut costs. For the average automotive business, the amount of fees taken by cards can significantly impact profitability but offering consumers payment choice, is critical to enable and empower experiences online and in dealerships.

In order to better understand the impact of card transaction fees on automotive dealerships we’ve surveyed, interviewed and analysed the results from 89 UK based automotive companies. Our hope is that this research helps automotive dealerships to understand how their card fees compare to their competitors and peers in the market. After all, as the cost of doing business is increasing, we need to ensure that each and every business has access to fair, payment processing to grow their dealership. Download our report to see what we found.

Report: Automotive card fee market comparison

Download our automotive card fee market comparison report to see how your card fees compare to the rest of the automotive industry.

In August 2023, Vyne partnered with DWS, a leading B2B digital commerce agency. As an agency dedicated to offering tailored solutions that not only simplify but also amplify an online presence, Vyne Pay with bank is a perfect addition to their stack of solutions.

We’re a group of people passionate about digital commerce with specialist skills in website programming, design, implementation and maintenance. 

We pride ourselves on offering a direct and no-nonsense approach with an emphasis on efficiency and time to market to achieve a seamless, efficient and innovative experience.  Our customers think of us as their go-to for everything from building sleek Adobe Commerce websites, to keeping them running smoothly. We're kind of obsessed with making things perfect and love to help businesses shine online. Our secret sauce? We blend our tech skills with your team, making sure we're not just another agency but a real extension of your crew. Plus, we've developed a new, next generation Product Information Management (PIM) – Total PIM – designed especially to give our clients a cost effective, modular solution that keeps things simple for their staff.

How are you helping businesses keep up with what shoppers want?

The shopping world is always spinning, and we help businesses stay ahead of the curve. Whether your customers are leisure or functional browsers, it’s all about giving shoppers a tailored, smooth experience on your site or on their phone. Really, it’s all geared towards making sure when someone's ready to buy, they find exactly what they're after and making the payment process as seamless as possible. We've got some nifty tricks up our sleeve, like tweaking recommendations based on what visitors have checked out before or what's flying off the shelves.

Got any tricks for nailing the whole omni-channel and personalised shopping experience?

Absolutely! Our Total PIM is the hero here — it's a powerhouse for managing all your product details in one spot, ensuring everything's spot-on across all your sales platforms. Plus, we're all about flexibility, letting you tweak product information to suit the vibe of each channel. And for that personal touch? We're leveraging AI to make sure your customers see the stuff they're most likely to love, from the moment they land on your page to the suggestions they get. It's like having a digital shopping buddy for every customer.

Why team up with an Open Banking partner?

We shook hands with Vyne because we're always on the lookout for the next big thing in e-commerce, and smooth, secure payments are a huge deal. Partnering with Vyne lets us offer a checkout experience that's not just fast, but also super secure. 

Choosing Vyne was a no-brainer for us. Their top-notch Open Banking tech, iron-clad security and seamless payment experiences were right in line with our mission to push the envelope in digital commerce. Vyne's all about making payments a breeze, which fits perfectly with our goal to boost our clients' efficiency and keep their customers happy. It felt like finding the missing piece of our puzzle.

Partner spotlight: DWS

At Vyne, we pride ourselves on the great partnerships we’ve built. In each edition of our Partner Spotlight series, we’ll showcase our partners, what they do and why they chose to partner with Vyne. Next up in the series… Developed With Style (DWS).

, the specialist Open Banking powered account-to-account payments provider, has announced a partnership with independent payments experts, 

, to give Vyne merchants easy access to comprehensive payment health checks and unbiased advice from industry experts.

As the UK’s largest independent payments broker, AcceptCards are trusted by all major UK acquirers, payment gateway providers, terminal and EPOS system suppliers, and alternative payment methods to deliver unique and bespoke solutions to drive cost savings and operational efficiencies.

Download PDF	Date of update
Modulr: Terms and conditions [UK]	10/2024
Modulr: Terms and conditions [UK]	01/2024
Modulr: How we keep your money safe [UK]	01/2024
Modulr: How we keep your money safe [EU]	02/2023

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