Virtual Partner Event 2020: what’s next in payments?
On 3rd September, we came together (via Zoom) for our Virtual Partner Event. During the 50 minutes, our team were joined by companies we've been working closely with over the previous months. Together we shared how to maximise sales, how we can build a winning formula together and what's coming up next in our product set.
Our guest speakers for the event included Charlie Dawson, Founder of The Foundation, who gave a quick insight into building a customer-centric growth strategy, and Dominique Coldwell, Digital Partnership Director and Franco Geraci, Strategic Account Director at Mastercard, who ran viewers through Judopay's newly available payment method, Mastercard’s Pay by Bank app.
For anyone that couldn't make it here's a run down of what we covered:
The latest payments trends
Anthony Yeung, our VP of Growth, opened the event with an outline of current trends in the payments industry. He highlighted how alternative payment methods (APMs) have grown in popularity and are helping businesses reduce friction and bolster security at the checkout – especially during the pandemic and in the hospitality industry, while people are going contactless to avoid germ-ridden cash.
Anthony also pointed out the importance of catering to local preferences when providing payments services in different countries and regions, and even domestically. His final point was to highlight the importance of being compliant with Strong Customer Authentication (SCA) before the deadline, which is 31st December 2020 across Europe and 14th September 2021 in the UK. For more information on SCA, you can read our previous blog.
Pay by Bank App by Mastercard
The Mastercard team gave a great introduction to a whole new payment method. Enabled by Judopay via the soon to be iconic orange button, consumers simply need to download the app to their mobile and select the button at the checkout. The user is then directed to their mobile baking app to make the payment - where customers can also check their bank balance before hitting pay.
Pay by Bank app offers merchants a host of benefits; it’s trusted and secure from a consumer perspective, payments are instantaneous so there’s no need to account for pending payments, there is no need to worry about PCI Compliance as no card details are collected, the solution is compliant with 3D secure, and as the payment is being authorised by the customer's bank, there's a liability shift from the merchant to the bank - increasing conversions and reducing chargebacks.
Building a winning formula with Judopay
Following this, Adam Montgomery, our Senior Partnership Manager, offered practical advice about building a stronger and more profitable relationship with us. From speaking at events, aligning on sales strategies and targets to marketing materials and dedicated Judopay web pages (you can reach out to Adam directly here.)
Adam also covered the importance of our ecosystem strategy and how we aim to create an equilibrium with our partners, generating mutual benefits. We see partners as an extension of our team and find the most effective partnerships are those that approach Judopay in the same way.
Taking a fresh approach to business growth
Being the Founder of a growth consultancy, Charlie presented a new outlook to customer acquisition, stating that it's often the company's outlook that influences the customers it unlocks. He explored how there are two ways to look at the world; from the inside out, analysing the inner workings of a business and believing that has an impact on growth, or from the outside in, putting yourself in your customers’ shoes and providing them with the services they need.
What’s new with Judopay
Our Head of Products, Jumaane Hutchinson, rounded off the event by unveiling some exciting new solutions that we are adding to our product range over the coming months.
MOBILE PAYMENTS WIDGET
Improve the payment experience by displaying additional payment methods on mobile devices without clogging up screens. You can choose to offer cost-efficient payment methods, allow our widget to detect and prioritise payment methods or simply leave it up to your customer to choose how to pay.
Removing the need for expensive in-store hardware, this solution processes card and digital contactless payments using your own mobile device. By scanning the QR code generated on your own device you can offer touch-free payments - limiting the contact between your staff and customers while also reducing the need to handle germ-ridden cash.
CHARGEBACK REPORTING SUITE
Gain access to the data you need to better manage chargebacks; establishing their origins, effectively mitigating payment disputes and ultimately reducing chargebacks.