PAYMENT SOLUTIONS
Business Development Manager at ECOMMPAY, Anthony Medica, is sharing his views on the future of payments for the taxi industry. Anthony is an expert in payment solutions for the mobility business vertical and has helped many companies in this sector to grow their businesses.
How is the payment solutions landscape changing?
The global pandemic has affected everyone, and the online payments industry is not an exception. In the UK alone, according to our research, the fraud level has increased three times during the pandemic, affecting all sectors accepting payments online. As a result, tighter customer authentication processes are to take place. And that’s when account-to- account bank payments can save the situation. Consequently, Open Banking technology is starting to gain popularity, since it allows instant, direct payments from a customer’s account straight to a merchant’s bank account. The solution is also PSD2 compliant and secure.
However, Open Banking is still in the development stage, making it challenging to use for certain business verticals. For the taxi industry, cards are currently the most convenient and popular way to accept payments, but I think that Open Banking will also become a major solution for this vertical soon.
I can’t make any precise predictions about what it’s going to look like, but the way I see it, customers will enter their bank account data in the taxi app the same way they provide card details. This data will be stored safely in an encrypted way and clients will then be able to choose their preferred payment method: card or bank account.
The process will not change globally in terms of using an app, but it will be beneficial for both parties. Taxi operators will enjoy instant payments and reduced operational costs since there are no card processing fees involved, topped with a reduction in fraud. From the client’s point of view, they will enjoy a more efficient way to pay, combined with better control over their financial data, and the assurance that all transactions are being made in compliance with safety and security regulations.
Another innovative payment solution that is worth mentioning when talking about the future of the taxi industry is the use of SoftPOS terminals. This new technol- ogy transforms your smart device into a portable terminal by just installing software. I see it as an extremely convenient way to accept card and e-wallet payments for taxi drivers when a journey was not pre-paid or connected to an app.
What are the main problems facing a taxi business trying to find the best payment solution?
Of course, as mentioned above, the level of fraud and security is of prime importance. At ECOMMPAY, we provide the opportunity to pre-charge customers when a journey is booked by putting a certain amount of money on hold, with the option to both give a refund if the trip was shorter, or charge more if it turned out to be more expensive. What we start with, however, is charging a zero amount upon card verification to ensure the details are entered correctly and the card owner and the app user are one and the same person.
Another pain point reported by taxi industry representa- tives is that some corporate clients claim there’s a lot of paperwork to fill in and extra questions often arise at later stages. Furthermore, taxi operators themselves might have a lot of payment-related questions, and without expert support from a dedicated key account manager, it’s easy to get lost. Finally, not all payment providers support the security strategies developed by taxi companies, e.g. payment settlement at confirmation, card verification at confirmation and card authorisation at confirmation.
What should a business pay attention to when choosing a payment provider that will facilitate taxi business growth?
First, look for a payment provider that sets security and fraud detection as their priority. Strong customer authentication requirements, support of the various payment strategies mentioned above, and compliance with the latest safety regulations are key indicators for that.
Secondly, an individual approach may sometimes be as important as security, since having a personal account manager who is focused on your business growth can not only save you time and money but also will protect you from unconscious actions and irrational decisions.
Finally, having different payment methods to connect and the ability to access innovative technologies is also a feature of a reliable payment provider.
The payment landscape is both changing organically and affected by global events; therefore, a company focused on growing their business should stay ahead of all the challenges and adopt the newest, most secure and user-friendly technologies.
020 7268 4873
info.uk@
ecommpay.com
www.ecommpay.com
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