Nuapay’s partnership with Cocoon enables car repair shops to reduce their costs by three-quarters compared to traditional card payment methods, which are not suitable for car dealerships.
LONDON, January 13, 2022–(BUSINESS WIRE)–Nuapay (EML Payments’ (ASX:EML) (S&P/ASX 200) Suite of Open Banking Products) helps Cocoon provide customers with a better way to pay for their car purchases. Its easier, safer and more secure way for customers to make payments directly from their bank accounts helps car dealerships cope with highly compressed car sales margins (typically
This press release is multimedia. View the full press release here: https://www.businesswire.com/news/home/20220113005116/en/
EML Nuapay’s partnership with Cocoon allows car dealerships to reduce costs by 75% compared to traditional card payment methods. (Graphic: Business Wire)
So far, alternative payment solutions either entail high costs (0.4% – 1% for card payments) or are cumbersome and error-prone (deposit or balance payments). 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 directly from the banking app on their phone with just a few simple clicks. As a result, merchants are not subject to card scheme fees and no banking or card information is shared with the dealer, reducing the risk of fraud for both the dealer and their customer.
Some car dealerships are already making great strides in digital transformation, including Cocoon partner Redline Specialist Cars, the UK’s largest independent premium car dealership.
”Cocoon makes taking payments from our customers remotely much faster and more secure than taking card details over the phone. Which, along with a 75% savings on traditional card-based alternatives, made the change a no-brainer,” confirmed John Graeme, Chief Financial Officer at Redline.
”Car dealerships need an innovative digital payment solution that can significantly reduce payment processing costs while eliminating operational overhead” added Sam Meekins, product manager at Cocoon.
Customer expectations are changing dramatically with new entrants Cazoo and Cinch offering pure digital experiences, forcing offline retailers to catch up and improve their customer experience with smooth, fast and digital shopping journeys.
Cocoon is a software platform that enables low-cost, low-friction payments for merchants in the automotive and healthcare markets.
Cocoon’s solution enables merchants to significantly reduce their payment processing costs while improving their customers’ payment experience.
Alongside account-to-account payments, Cocoon’s platform processes card payments with all major acquirers, allowing merchants to maintain their existing acquirer relationship. This offers merchants a solution to cover all their payment needs.
More information is available on Cocoon-Payments.com.
Nuapay is EML’s suite of real-time open banking and account-2-account products.
Our Open Banking products are unique in today’s market: Refunds? No problem. Installment plans? We feed them. We also offer our customers our direct debit, transfer and instant payment products through 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 continually work tirelessly to reinvent what’s possible with our banking and payment solutions, removing inefficiencies and unnecessary costs, saving you time, money and resources at every turn. These are payments as they should be.
Learn more about Nuapay products here.
About EML Payments
EML provides a platform for innovative payment solutions, helping businesses around the world create exceptional customer experiences. Wherever money is in motion, our agile technology can power the payment process, so money can be transferred 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 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 Digital Director
EML Payments Limited (ASX:EML)
+61 439 730 968