PAYMENT SOLUTIONS
LYNKPAY: TRANSFORMING THE UK PHV/TAXI SECTOR WITH CUTTING-EDGE OPEN BANKING SOLUTIONS
Article by Lee Kerr LynkPay
www.lynkpay.co.uk
In the dynamic world of ground transportation, the UK private hire/taxi sector has experienced a revolut- ionary shift since 2019, thanks to Lynkpay. As the first company to adopt open banking and utilise Open Banking APIs for the taxi sector, Lynkpay has set a new standard in the industry. Lynkpay has gone beyond traditional solutions to offer unmatched automation, commercial savings, and security by providing a centralised platform that integrates banking disburse- ment payments with passenger fare payment services.
WHO IS LYNKPAY?
Lynkpay is a pioneering software platform leveraging open banking technology to revolutionise payment processes within the UK private hire/taxi sector. The company has built the industry’s first trustworthy all- in-one platform, enabling operators to streamline their banking disbursement payments and passenger fare collections. This innovative approach ensures that a single, centralised system manages all financial transactions seamlessly and efficiently.
COLLABORATION AND GROWTH
Lynkpay’s strategic collaboration with Autocab has been instrumental in its rapid expansion. This partner- ship has enabled Lynkpay to extend its services to around 45 cities across the UK, supporting over 20,000 active drivers. By integrating with Autocab’s network, Lynkpay provides a robust and scalable solution that caters to the diverse needs of PH/taxi operators.
WHY CHOOSE LYNKPAY?
For PH/taxi companies, adopting Lynkpay offers a multitude of benefits:
Automation: Lynkpay automates various financial processes, reducing the need for manual intervention. Lynkpay’s platform leads to significant time savings and allows operators to focus on core business activities.
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Commercial Cost Savings: By streamlining payment processes and eliminating unnecessary intermediaries, Lynkpay helps operators reduce operational costs. The centralised platform also minimises the risk of errors and fraud, contributing to overall cost efficiency.
Security of Capital: Lynkpay’s platform ensures secure handling of all financial transactions. Real-time data from banking to card-acquiring payments enhances transparency and control over capital flows.
Real-Time Data: Access to real-time data enables operators to make informed decisions. Lynkpay provides comprehensive insights into financial trans- actions, helping operators optimise their operations and improve service delivery.
Daily Settlements: Lynkpay offers drivers the convenience of daily settlements through the Lynkpay Cash-eWallet. This feature promotes additional driver uptake on digital or account work passed out to their fleets, enhancing driver satisfaction and retention.
Tax Efficiency: Lynkpay’s platform can directly route capital to drivers via banking railings, ensuring that operators only receive a percentage that is VAT account- able. This structure can lead to significant tax savings and simplifies compliance with HMRC regulations.
Compliance and Regulation: Lynkpay’s design strongly focuses on compliance and regulation. The platform’s features support good bookkeeping practices and ensure readiness for future audits. For instance, operators can post driver credit or within passenger prebooking, and Lynkpay can send out SMS payment links to charge before a job is released, providing a transparent and accountable payment process.
CONCLUSION
Lynkpay is not just a payment solution but a comprehensive platform transforming how private hire/taxi operators manage their financial transactions. By integrating open banking technology, Lynkpay provides unparalleled automation, security, and cost savings, setting a new benchmark in the industry.
As the sector evolves, Lynkpay remains at the forefront, driving innovation and ensuring that operators and drivers benefit from a streamlined, efficient, and secure payment ecosystem.
JULY 2024 PHTM
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