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Making Payments & Payouts Secure for Merchants and PISPs

Fast and secure payments & payouts are a must-have for B2B and B2C businesses alike – discover how B4B can supercharge your business or PISP.

There are two common challenges throughout industries across the globe: payments and payouts. From businesses in tourism looking for quick payments, payout services to customers, or Payment Initiation Service Providers (PISPs) looking to facilitate fast payments for their partners, and even corporate businesses looking to distribute their expense networks across the globe, speed and security is essential.

For small businesses alone, 30% reported late payments problems are due to poor practices. However, there are a myriad of ways businesses can speed up their payment services. Depending on the nature of the challenges, ways to improve payment speed can include:

  • The deployment of an instant payment service
  • Issuing card services
  • Supercharging Payment Initiation Service Providers (PISPs) for instant confirmations

Why speed and security is important

Building a reputation as a company that pays out quickly and securely is worth its weight in gold. Whether you’re a gaming business paying out winnings to your customer base, an online retailer providing refunds for your customers, or a travel company providing stranded passenger payouts, it’s important to be faster than your market competitors, or your customers will start looking elsewhere.

Slow, unsecure payments and payouts and other financial risks can drastically impact business reputations, which Deloitte reports as one of the biggest strategic challenges companies face. Speeding up and tightening processes can remove the risk of holding up the supply chain for B2B transactions, or dragging down review and approval ratings through data protection breaches or delayed payouts.

It’s not only your reputation that can be on the line, too. Fintech Global claims that a third of UK consumers are spending less in online transactions because payouts are taking too long to reach their bank, as well as 52% saying they’re unlikely to do business with the same company if payouts are taking too long to complete. While this may not have a great enough impact to dampen reputation, it can slow down business growth at the first hurdle.

But, how can businesses tackle this potential pitfall while still offering secure payments and payouts to their customers and other businesses?

Fast, secure payments and payouts

The easiest way to secure fast payouts is by offering physical and virtual cards to your customers. Card services like these allow the transfer of funds instantaneously, enabling consumers to make transactions and check their balances as quickly as possible.

Debit card usage is becoming increasingly popular as we head towards a cashless world. In the UK, for example, debit card usage rose by 8.1% in 2022, with over 2.1 million transactions occurring in November alone.

B4B Payments offer these services, allowing businesses to distribute funds, as well as consumers to spend worldwide. Providing fast and secure payouts is a mark of a reliable and reputable brand, and with B4B Payments, businesses are able to advertise the fact that they have the ability to distribute these services through the use of branded cards. This means companies can distribute payment services on behalf of B4B Payments.

Branded cards are designed by businesses, for a business’s customers, allowing them to place marketing collateral onto each card, in the form of a logo or business name – which can be an easy way to spread the word as cards begin to circulate to customers or partners across the globe.

Virtual and physical cards are a great way of securing payments too, especially in the world of corporate expenditure. They allow companies to track and record business payments through one dedicated online platform, as well as pre-load and top-up cards for on-the-go expenses like travel, events, and more.

Facilitate quicker payments and payouts as a PISP

But what about the intermediaries? with PISPs initiating payments or payouts on behalf of businesses like fintech and financial services, it’s important to be able to provide a fast and efficient service for your merchants and partners to ensure continued business.

With B4B Payments’ Reconciliation for Open Banking service, PISPs can use their own VIBAN infrastructure as a merchant account. This offers merchants the ability to make fast and secure payments in 25 currencies, including SEPA, FPS, USD, ACH, and SWIFT.

Our services integrate directly into bespoke PISP interfaces through the B4B Payments API, or allow selected merchants access to our digital platform.

Making payments fast and secure is the name of the game for PISPs, and our confirmation and reconciliation services do just that. With instant notifications of funds received, PISPs are able to improve relationships and maintain integrity and trust with your merchants through domestic rails in the UK and EU.

For established PISPs or new-to-market, B4B Payments is able to offer support, allowing those businesses to leverage our own e-money licences to launch your products, and offer additional settlement and safeguarding services once PI authorisation is granted.

Connecting with your business

Here at B4B Payments, we have over 15 years of experience in developing safe and secure payments and payouts for businesses.

Our goal is to keep our clients one step ahead of their competitors and to ensure that they can keep their teams happy by facilitating fast and transparent global transactions.

Book a demo with us now to learn more about our payment and payout solutions, as well as our Reconciliation for Open Banking service that we offer for PISPs.

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© 2006 – 2024 Payment Card Solutions (UK) Limited trading as B4B Payments is a financial technology company authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 930619). UAB B4B Payments Europe is authorised by the Bank of Lithuania as an Electronic Money Institution (Licence No: 76) under the Law on Electronic Money and Electronic Money Institutions 2011.

In Europe, Cards are issued by B4B Payments pursuant to license by Mastercard International Inc. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

In the USA, the B4B Payments Visa® prepaid card is issued by Metropolitan Commercial Bank Member FDIC, pursuant to a license from Visa U.S.A. Inc. 40 Washington Street Suite 150 Wellesley, MA. 02481.

All communications should be sent to: Europe – PO Box 76256, London, SW1P 9NU. USA – B4B Payments, 40 Washington Street Suite 150 Wellesley, MA. 02481.

B4B wants to ensure our customers know that their security is of the utmost importance. As such, we will never ask you to tell us your passwords, card PINs or One-Time Passcodes (OTPs).

At B4B Payments, we have taken all necessary steps to secure customer data and protect their privacy. Our systems have been designed with numerous layers of encryption and stringent firewalls. We use a combination of biometrics, two-factor authentication and other methods when customers access our services online or via our app.