Secure Payment Solutions Drive Financial Innovation with Buy-Now-Pay-Later IntegrationÂ
Our client is a European stock company and a leading provider of secure and efficient payment solutions.Â
Industry: Banking, Financial Services & InsuranceÂ
3X
growth of
factoring services
80%
increase in online
sales for top retailers
Challenge
Our client, a leading force in the European financial services market, is acclaimed for its groundbreaking banking and payment solutions. With a mission to elevate customer experience and optimize merchant operations, the focus was on integrating into targeted banks and providing customers with the flexibility of buy-now-pay-later (BNPL) services.
Recognizing that over 80% of consumers in this market engage in transactions based on trust, favoring BNPL methods over traditional credit cards or cash payments, the challenge was to implement a secure payment process.
The client required a tailored factoring solution, in which a business sells its accounts receivables to a third party at a discount, that encompassed seamless BNPL integration, an advanced enterprise resource planning (ERP) system, and cutting-edge security measures. It was essential that the solution be user-friendly, with secure payment options accessible via smartphones, while also assuring merchants that delayed payments would not disrupt their operations.
Solution
By comprehensively understanding the complexities of the client’s mission, Concentrix executed a strategic approach that addressed its needs through three pivotal components:
BNPL Integration
We seamlessly integrated a BNPL solution into the region’s largest market payment application. This integration dramatically enhanced the application’s capabilities, rendering it more attractive and user-friendly for both online and in-person transactions. Customers now enjoy greater flexibility in their payment options, reflecting their preference for trust-based transactions.
ERP Integration
Our team developed a bespoke fintech integration designed to effectively manage transaction processing. This encompassed a range of accounting operations, payment processes, and third-party integrations, ensuring smooth execution for both B2B and B2C transactions. The solution provided the client with an adaptable and efficient framework, precisely tailored to their operational requirements.
Security Measures
In prioritizing security, we deployed advanced fraud and security mitigation strategies employing techniques such as optical character recognition (OCR), anti-money laundering (AML) measures, and customer identification protocols to protect sensitive information. This robust security infrastructure upheld the integrity and reliability of the payment system, preventing unauthorized access and fostering trust among clients and customers alike.
Outcomes
Our solutions brought about a significant transformation for the client’s solutions:
3X growth of the client’s factoring services in both value and number of transactions over 2 years
80% increase in online sales for top retailers following integration
Additionally, small businesses were able to expand their client base by offering a universal plug-in solution that connected any payment system to BNPL services, while flexible payment options led to enhanced conversion rates for merchants of all sizes.
Looking ahead, our ongoing collaboration will ensure the client remains at the forefront of the financial services industry, delivering exceptional value to its customers, clients, and stakeholders.
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