TORONTO – (COMMERCIAL THREAD) – Payment service provider Clik2pay has launched its latest product, which allows consumers to pay for online purchases directly from their bank account. This one-of-a-kind development was pre-launched with Canada’s largest retailers at RCC Store – and comes at a key time given the rapid shift to e-commerce triggered by the pandemic.
âRetailers have always relied on card payments for online sales,â said Mike Bradley, CEO and Founder of Clik2pay. âAdding Clik2pay as an online payment option reduces the cost of payments for retailers and opens up online shopping to millions of Canadians who do not have a credit card or prefer to pay directly from their bank account . ”
A growing number of businesses were already moving to the web, but during the pandemic, “e-commerce has become essential for non-essential businesses,” according to Statistics Canada. In March, Payments Canada reported that 49% of Canadians were using e-commerce more often than before the pandemic. Still, online shopping is heavily focused on credit cards, which can cost 100 times more than in-store debit cards. As a result, the cost of payments has increased for retailers throughout the pandemic.
âThe shift to e-commerce and curbside pickup has resulted in higher costs, which is only part of the new standard that retailers are living in every day,â said Terry Mathews, director of Mathews Consulting, who led financial services and payments for – and now advises – many of Canada’s largest retailers. âClik2pay at online checkout costs a fraction of the price of other payment types – often less than half for large organizations. This creates significant cost savings for a busy retailer.
Clik2pay leverages multiple layers of bank-grade security and the highest standards in risk management by using one of the world’s most secure money transfer services.
Clik2pay also supports bill and invoice payments from customers’ bank accounts by SMS, email or QR code. Clik2pay for business features include easy-to-use APIs, end-to-end payment tracking, real-time notifications, status updates, transaction history, and a full settlement file.
For more information and to monitor future product releases in the coming months, visit clik2pay.com and follow Clik2pay on LinkedIn.
Clik2pay was founded in 2018 and is led by a team with deep business and technological expertise in payments, retail banking and digital banking. Our passion is to improve the way people pay – and the way businesses get paid.