Technology and payments insights for high-growth businesses

We’re excited to share some of the features that we shipped this month at PaySwifter. Our beta is proceeding well, and we are focused on ensuring our merchants are able to process more of their monthly orders with digital payments. We are working towards this goal by:  

1) Reducing payment conversion time for a returning customer

2) Product wireframing for our in-store purchasing flow.

Based on feedback received, we are also working on engineering fixes in terms of tracking ACH files to improve the reconciliation process for merchants (mainly finance and accounts managers).
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Frictionless 1-click checkout for repeat consumers:

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This is a big step in making the PaySwifter experience truly frictionless for our merchants' consumers. Once a consumer has purchased with PaySwifter online, they do not have to authenticate themselves again (i.e. log in again) on the browser/same device. This reduces friction and ensures that the average time taken to complete the transaction for a returning customer drops to around 5 seconds.

As we are aware, the fewer steps involved in a conversion flow, the more we increase the chances of customers completing the payment. We are confident that our new release will reduce drop-offs on the checkout page and bring down average conversion time to 5 seconds or less.

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Easier reconciliation for finance teams:

We have started to consolidate the transactions sent to the bank in batches (calendar day batching). With this, finance and the accounting teams can breathe easy! Accounting and reconciliation become easier as they only see one entry in the bank’s statements from PaySwifter for their dispensaries, instead of one entry per transaction.

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In-store payments:

We are wireframing the best in-store payments experience that will work alongside the ACH-based payment gateway. Our ideal flow is one where the  customer can come into the store, scan a dynamic QR code for their order at the  register and complete a payment in less than 5 seconds. We are also experimenting with another flow, initiated by a merchant, requiring only a customer tap-consent. Basis feedback from our beta customers, as well as engineering capacity, we hope to have in-store payments live by next quarter.

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That's it from us! Are you interested in higher order values, and more repeat purchase orders? Contact us now for a demo, and a chat on all things payments!