How an Australian Fintech plans To Uberfy payments everywhere
Australian Fintech Spenda plans to help all businesses trade like Uber, by offering effortless transactions at the point of purchase or completion of a service.
The software features an intent to pay framework and workflow payments that can be tailored to suit almost any business.
Spenda Managing Director Adrian Floate said COVID-19 and the resulting decline in business activity has made it necessary for businesses to provide safe, fast and easy payment options for customers.
“Industry disruptors like Uber introduced consumers to a seamless payment system – a process customers now want in all their payment transactions,” said Floate.
“Once customers have entered their details and confirmed tokenisation of their card they can enjoy contactless transactions triggered at the point of purchase.
“Pre-tokenisation of payment methods allows all types of businesses to charge for goods and services on delivery in real-time.”
The benefits for customers:
Enhanced customer experience – Payments seem invisible. Customers won’t need to wait for an invoice or remember to pay their bills.
Convenience – Swipe yes to pay or automatic payments saves time. Customers do not have to worry about having cash or cards on them. They can purchase goods and services anywhere and at any time using their smartphone.
Security – customers do not give out credit details over the phone or risk typing in the wrong bank account details. Mobile payment apps use tokenization encryption technology. This technology replaces personal card data with a number, so no sensitive data is exposed during the authorization process.
The benefits for business:
Better cash flow – making it easy for customers to pay is the key to fast payment and increased sales.
Eliminates debt recovery challenges – enhanced customer reconciliation automation means less time spent chasing up late invoices and improves relationships with customers.
Real time collaboration – improves transactions with one integrated system that benefits both parties.
Less computer hardware – reduces the need for terminals (such as Eftpos) in the field.
Security – good payment systems offer anti-money laundering (AML), know your customer (KYC) and two factor authentication (2FA).
The Spend MD said the new workflow payments software allowed businesses to disrupt their respective verticals – just like Uber.
“The use of software that enhances the customer’s experience resulted in Uber dominating the taxi and ride-share industry,” Floate said.
“Uberfication has become synonymous with pivoting a business by providing convenience for customers.”
“We can help businesses automate payments for the ultimate in customer convenience.”
