TrueLayer Payments for WooCommerce: instant bank payments for SMBs
WooCommerce merchants can now add instant bank payments to their website quickly and easily with the launch of our new plugin. The TrueLayer Payments plugin for WooCommerce will allow ecommerce SMBs in the UK and Europe to join the open banking revolution, by adding instant, secure account to account payments to their checkout, whether as a standalone payment method or as part of a best-in-class checkout experience.
Open banking has found traction among consumers and businesses in Europe, with an expected 65 million users across the continent by 2024. But for SMBs, with limited developer time and complex compliance and security requirements, adding a new payment method — even one with clear benefits — can seem like a daunting undertaking.
Therefore, ease and speed of integration is key. It can take weeks, sometimes months, to add a new payment method, followed by a similar time period of testing and optimising. All the while, these businesses could be losing potential revenue by not offering a shopper’s favourite payment method.
A seamless way to meet your customers’ payment expectations
TrueLayer Payments for WooCommerce solves the integration conundrum, enabling businesses with a WooCommerce webshop a seamless way to integrate instant bank payments into their website with minimal technical and developer resources required. As a result they can quickly and easily benefit from payments powered by TrueLayer, removing the need for customers to input card details, or log into PayPal or other digital wallets.
Instead, customers use their online banking service to make a direct payment, using biometric authentication to confirm their identity, with every transaction authorised by bank-level security.
“As a WooCommerce-based business, the new plugin was ideal. In just a matter of days we had implemented TrueLayer and were running test payments to ensure a smooth rollout to our customers."
Spencer Dryer, Director, BQ Watches
The TrueLayer Payments plugin for WooCommerce launches at a time when demand for instant bank payments are at an all-time high. 2021 YouGov research revealed that 74% of merchants are planning to offer instant account to account payments as part of their long-term strategy. This corresponds to consumer attitudes, with almost two-thirds (63%) of shoppers stating they would be comfortable paying by open banking, particularly for vehicles, car rentals, flight tickets and sporting equipment.
BQ watches up-and-running with TrueLayer Payments in a matter of days
One business already using the new plugin to offer payments powered by TrueLayer is BQ Watches, a leading online retailer for buying and selling luxury watches for over 30 years. As a seller of high-value goods, it wanted to offer instant bank payments as an alternative to fraud-prone cards, as well as a way to reduce chargebacks.
“While we appreciated the benefits of open banking payments for ourselves and our customers, we also needed a fast, straightforward way to implement it,” explains Spencer Dryer, Director at BQ Watches. “As a WooCommerce-based business, the new plugin was ideal. In just a matter of days we had implemented TrueLayer and were running test payments to ensure a smooth rollout to our customers. As a result, we quickly got comfortable with the payment method and knew it would integrate seamlessly into our checkout to provide BQ customers with a great way to pay.”
The next phase of checkout evolution for WooCommerce merchants
With TrueLayer, WooCommerce merchants like BQ Watches also benefit from a more cost-effective payment option where funds settle instantly. This provides added assurance that they can ship orders to the customer without the risk of fraud and chargebacks associated with card payments that can incur significant costs to their business.
Online retailers are entering the next phase of evolution at the checkout, driven by seamless account to account payments. SMBs are keen to deliver a seamless open banking payment experience on par with their enterprise counterparts. The launch of our new plugin has made this ambition much easier to achieve for WooCommerce-based merchants.
To find out more about TrueLayer or our new WooCommerce plugin, speak to one of our payment experts. Or download the plugin here.