Say goodbye to card fees: How open banking is changing the game for businesses

Card payments have dominated online transactions for years but they come at a cost With their interchange fees chargebacks and processing delays traditional card transactions often chip away at a merchant s profit But what if there s a way around this Thanks to open banking businesses finally have a viable alternative that offers speed security and most importantly cost efficiency The cost of card payments for a businessCredit and debit card transactions typically involve multiple intermediaries the issuing bank the acquiring bank card networks and payment processors Each party takes a cut On average merchants can lose 1 5 to 3 5 of every transaction to fees This adds up fast for businesses operating at scale or with tight margins Plus with cards the cost is not just about fees card payments can take days to settle are vulnerable to fraud and often come with high chargeback risks It s no surprise that many merchants are actively looking for alternatives Open banking the game changerOpen banking technology allows third party providers to access banking data and initiate payments directly from consumers bank accounts with their consent It removes card networks from the equation enabling account to account A2A payments that are real time secure and low cost For merchants this means 1 Major cost savingsWith open banking there are no interchange or card scheme fees and fewer intermediaries This can significantly lower transaction costs making a huge difference especially for small businesses 2 Faster funds flowPay by Bank streamlines the entire payment process by cutting out card networks and unnecessary intermediaries Funds move more directly between the customer s bank and your business reducing delays and helping you maintain a better cash flow 3 Stronger security Open banking transactions are authenticated using strong customer authentication SCA and processed via the consumer s banking platform S #Card #xboxplaygames

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