Nuapay’s partnership with Cocoon allows auto sales garages to cut costs by three-quarters compared to traditional card payment methods, which are not suitable for car dealerships.
LONDON, January 13, 2022– (COMMERCIAL THREAD) –Nuapay (EML Payments’ (ASX: EML) (S & P / ASX 200) Open Banking Product Suite) helps Cocoon provide customers with a better way to pay for their car purchases. Its simpler, safer and more secure way for customers to make payments directly from their bank accounts helps auto dealers cope with severely squeezed car sales margins (typically
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EML Nuapay’s partnership with Cocoon enables car dealers to cut costs by 75% compared to traditional card payment methods. (Graphic: Business Wire)
Until now, the alternative payment solutions are either expensive (0.4% – 1% for card payments) or cumbersome and prone to errors (payment of deposit or balance). Companies at the forefront of payment solutions are taking bold steps to address these issues. Amazon, the UK’s largest online retailer, has announced that it will stop accepting Visa credit cards from January 19, 2022.
Cocoon automates this process, providing a seamless experience for customers to make fast and secure payments right from the banking app on their phone with just a few simple clicks. As a result, merchants are not subject to card system fees and no bank or card information is shared with the dealership, reducing the risk of fraud for both the dealership and their customer.
Some car dealers are already making great strides in the digital transformation, including Cocoon’s partner, Redline Specialist Cars, the UK’s largest independent premium car dealership.
“Cocoon makes remote payments for our customers much faster and more secure than card data over the phone. Which, with a saving of 75% over traditional card-based alternatives, made the change a no-brainer, ” confirmed John Graeme, Chief Financial Officer at Redline.
“ Auto dealerships need an innovative digital payment solution that can dramatically reduce payment processing costs while removing operating overheads, ” added Sam Meekins, Product Manager at Cocoon.
Customer expectations are changing dramatically with new entrants Cazoo and Cinch delivering purely digital experiences, forcing offline retailers to catch up and improve their customer experiences with smooth, fast and digital shopping journeys.
Cocoon is a software platform that powers low cost, low friction payments for traders in the automotive and healthcare markets.
Cocoon’s solution enables merchants to significantly reduce their payment processing costs while improving the payment experience for their customers.
Along with account-to-account payments, Cocoon’s platform processes card payments with all major acquirers, allowing merchants to maintain their existing acquiring relationship. This offers merchants a solution to cover all of their payment needs.
More information is available at Cocoon-Paiements.com.
Nuapay is the Open Banking suite of products and has 2 real-time accounts from EML, the market leader.
Our Open Banking products are unique in today’s market: Refunds? No problem. Installment plans? We feed them. We also offer our direct debit, wire transfer and instant payment products to our customers on a single platform, giving you a complete payment solution powered by our Nuapay accounts, easy to integrate through our state-of-the-art APIs.
We work tirelessly to reinvent what’s possible with our banking and payment solutions, removing inefficiencies and unnecessary costs, saving you time, money and resources every moment. These are payments as they should be.
About EML Payments
EML provides a platform for innovative payment solutions, helping businesses around the world create exceptional customer experiences. Wherever money is on the move, our agile technology can power the payment process, so money can be moved quickly, easily and securely. We offer industry-leading program management and highly skilled payments expertise to create feature-rich, customizable solutions for businesses, brands and their customers.
Come and discover the many opportunities that our platform has to offer by visiting us at: EMLPayments.com
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220113005116/en/
Sarah Bowles, Group Chief Digital Officer
EML Payments Limited (ASX: EML)
+61 439 730 968