Making payments faster, safer and smarter for businesses and their customers is what makes us tick and the team at Azupay are gearing up for another exciting launch with AzupayTo on June 30.
Built on top of the New Payments Platform Australia (NPPA) PayTo service, AzupayTo allows billers, digital wallet providers and e-commerce businesses to set up automated recurring or one-off account-to-account payments with their customers, instantly. This is a giant leap forward in how Australian businesses pay and get paid, allowing them to offer their customers an instantaneous, automated payments solution with much greater flexibility and control, and dramatically reduced missed payments and processing costs.
What we did to bring PayTo to life.
The key to any successful product is listening to your customers and over the last couple of months we have been asking our partners, our clients and Australian businesses more broadly what keeps them up at night when it comes to getting paid. Insights like streamlining the payment experience while improving operational efficiencies; converting more payers to automated payments and reducing the cost and impact of managing failed payments were high on the radar.
A wise person once said ‘to be successful in business, know your customer’s customer’, so we have listened to and learned from the payer or end consumer too. Our product team have undertaken in-depth consumer research to provide us with unique insights into our customers’ customers’ pain points, behaviours and preferences, and to understand what they’d like to see in an automated payments solution. Having tested numerous payment scenarios with various cohorts, we have also mapped out the optimal PayTo UX for consumers and have developed a proprietary PayTo UX guide which provide to our AzupayTo clients to help them implement and embed PayTo into their payments environment in a way their customers will love.
Our tech team commenced the first design of AzupayTo in early 2021 and unincumbered with legacy technology platforms, we have once again developed cloud only scalable APIs that are highly secure and simple to integrate. Whilst other are talking about what their PayTo solutions ‘will do’ our AzupayTo APIs have already been published and are available on our live sandbox.
Having achieved PayTo certification the Azupay team are on the home stretch and ready to switch on AzupayTo when the NPPA PayTo service goes live on June 30.
What could AzupayTo mean for your business?
For innovative businesses looking to offer their customers the most convenient, simple and safe way to pay, and to reduce the impact of missed and failed payments on their business, AzupayTo is the perfect solution. Our research has shown that by offering greater control and convenience, consumers are more willing to take up automated payments, and AzupayTo provides consumers with just that. This helps them to manage their budgets and reduces the need to cancel services. Estimates in some industries attribute as much as 30% of customer churn being triggered by failed payments, as opposed to the customer initiating leaving due to poor products or services.
While instant settlement of funds is the backbone to the NPP, and is important to many SMEs and to businesses that rely on payment actually being received before they can provide a good or service, many larger businesses such as high volume billers care more about instant notification that the funds are available and payment is confirmed than the funds settling in real-time. Knowing that a verified and validated AzupayTo payment has been made 24/7 365 days a year allows straight-through-reconciliation and frictionless fulfilment, but even the immediate failed payment notification can be reacted to quicker and remediated by offering alternative real-time payment options like AzupayID.
Another benefit that authorised account-to-account payments brings to businesses is the reduction in fraud and chargebacks. By moving to a digital version of direct debit, AzupayTo facilitates instant account validation. This is but one of the many gaps’ digitisation fills when compared to legacy direct debit processes.
Where to from here?
From highly automated, high-volume billers through to digital wallets and SMEs, businesses come in all shapes and sizes with varying levels of technical maturity, capability and capacity. This has played front and centre in the design of the full suite of Azupay solutions, but particularly AzupayTo. We therefore not only offer API or batch interfaces as integration options, but have also developed a toolkit of collateral that supports businesses from day one of integration right through to successful launch with their customers.
Is your business ready to activate PayTo and improve the way you get paid? When you are we are ready to help you with AzupayTo.