Cashflows, the platform that for merchants to accept payments, announces its partnership with Mastercard (NYSE: MA) to offer its merchants Click to Pay.
Mastercard Click to Pay is a described as a consistent way to make online payments, offering consumers a user-friendly guest checkout across devices & browsers.
Built on EMVCo standards, Mastercard Click to Pay reportedly eliminates the need to manually enter card details or recall complex passwords.
With online purchases growing, the addition of Click to Pay to Cashflows’ payment stack enables its customers to eliminate checkout friction.
UK consumers benefit from an enhanced checkout process, with Click to Pay eliminating the need to manually enter card details or worry about recalling difficult passwords, storing the consumers’ payment cards online in one Click to Pay profile. However, it is uncertain or hard to prove just how secure these methods can be. While service providers may claim or even guarantee robust security, there’s always the potential chance of sensitive details being comprised (quite often due to their being a central point of failure).
As explained in the update, Click to Pay is said to considerably reduce fraudulent attacks by using intelligent authentication and tokenization of payment information.
As noted in the announcement, tokenization transforms sensitive card details into a non-sensitive set of characters known as a “token.” This process ensures that “personal information is never exposed during transactions.”
As mentioned in the announcement, this is vital to businesses as almost half (46%) of consumers still have “reservations about trusting online merchants to keep their saved card details safe.”
The addition of Click to Pay to Cashflows’ payment stack, including Apple Pay, Google Pay, and PayPal, comes at “no extra cost” to customers. Notably, the solution embeds directly into Cashflows’ existing checkout lineup without redirects.
1 in 5 consumers cite a long checkout process or there being “too many steps” to a payment as triggers for abandoning their cart.
With consumers favoring ease of checkout experience, Cashflows added the technology to its payment options to “enable further growth for its merchants.”
Cashflows Chief Growth Officer, Paul Clarke, said that the eCommerce landscape offers enormous opportunities for businesses, especially those in the mid-market, but perfecting online checkout flows remains a challenge. They further noted that surrounded by complexities, the payments landscape is “near impossible for businesses to navigate without a dedicated payment expert.”
At Cashflows, they are building what they claims is “a fairer, more efficient payment system to help businesses to grow and reach success.”
The intend to create payments “perfected” by people, and as part of that, they are always exploring how we can enhance our offering to streamline the payments process.
Suren Nawalkar, SVP for Business Development, UK and Ireland explained that most people still use guest checkouts when they shop online.
Suren added that Click to Pay is an effective solution which “saves the need to remember lots of different passwords.” They are working with partners like Cashflows to make sure their customers have access to the very best payments innovation.