TrueLayer Payments for WooCommerce: instant bank payments for SMBs
WooCommerce merchants can now quickly and easily add instant, secure account to account payments to their checkout with our new plugin.
WooCommerce merchants can now add instant bank payments to their website quickly and easily with the launch of our new plugin. The TrueLayer Payments plugin for WooCommerce will allow ecommerce SMBs in the UK and Europe to join the open banking revolution, by adding instant, secure account to account payments to their checkout, whether as a standalone payment method or as part of a best-in-class checkout experience.Open banking has found traction among consumers and businesses in Europe, with an expected 65 million users across the continent by 2024. But for SMBs, with limited developer time and complex compliance and security requirements, adding a new payment method — even one with clear benefits — can seem like a daunting undertaking.Therefore, ease and speed of integration is key. It can take weeks, sometimes months, to add a new payment method, followed by a similar time period of testing and optimising. All the while, these businesses could be losing potential revenue by not offering a shopper’s favourite payment method.
A seamless way to meet your customers’ payment expectationsTrueLayer Payments for WooCommerce solves the integration conundrum, enabling businesses with a WooCommerce webshop a seamless way to integrate instant bank payments into their website with minimal technical and developer resources required. As a result they can quickly and easily benefit from payments powered by TrueLayer, removing the need for customers to input card details, or log into PayPal or other digital wallets. Instead, customers use their online banking service to make a direct payment, using biometric authentication to confirm their identity, with every transaction authorised by bank-level security.
The TrueLayer Payments plugin for WooCommerce launches at a time when demand for instant bank payments are at an all-time high. 2021 YouGov research revealed that 74% of merchants are planning to offer instant account to account payments as part of their long-term strategy. This corresponds to consumer attitudes, with almost two-thirds (63%) of shoppers stating they would be comfortable paying by open banking, particularly for vehicles, car rentals, flight tickets and sporting equipment.
“As a WooCommerce-based business, the new plugin was ideal. In just a matter of days we had implemented TrueLayer and were running test payments to ensure a smooth rollout to our customers."Director, BQ Watches