Cashflows, a UK-based payments platform that enables merchants to easily accept payments, has announced a new partnership which will offer its merchants the innovative Mastercard Click to Pay service.
The partnership is driven by the need to simplify the online payment process for consumers.
As online purchases grow by 10% annually, Cashflows is integrating Mastercard’s Click to Pay feature into its payment offerings to reduce friction at checkout and improve conversion rates for merchants.
Cashflows specialises in providing a comprehensive payment stack for businesses, including Apple Pay, Google Pay, and PayPal.
Its mission is to create an efficient and fair payments system, helping merchants streamline their payment processes and increase sales.
Mastercard, on the other hand, is a global financial services company offering secure and fast payment technologies to businesses and consumers worldwide.
The partnership integrates Mastercard’s Click to Pay, a technology built on EMVCo standards that allows consumers to make secure, streamlined online payments without having to manually input card details or remember complex passwords.
This functionality is critical in a time when nearly half (46%) of consumers remain concerned about the safety of their saved card details.
By incorporating Click to Pay into its platform, Cashflows is enabling its customers to eliminate checkout friction and maximise sales opportunities. The solution fits seamlessly into Cashflows’ existing system and adds no additional cost to merchants.
Consumers will enjoy a faster and simpler checkout process, while merchants benefit from reduced cart abandonment rates, as 1 in 5 shoppers cite long checkout processes as a reason for abandoning their purchase.
Paul Clarke, Cashflows chief growth officer, said, “The eCommerce landscape offers enormous opportunities for businesses, especially those in the mid-market, but perfecting online checkout flows remains a challenge. Surrounded by jargon and complexities, the payments landscape is near impossible for businesses to navigate without a dedicated payment expert.”
“At Cashflows, we’re building a fairer, more efficient payment system to help businesses to grow and reach success. Our aim is and always has been, to create payments perfected by people, and as part of that, we’re always exploring how we can enhance our offering to streamline the payments process. Mastercard Click to Pay is a perfect example of this. We’re excited to roll out this new offering to our customers and continue challenging ourselves to deliver the smoothest payment experiences.”
Suren Nawalkar, senior vice president for business development, UK and Ireland at Mastercard, said, “Most people still use guest checkouts when they shop online. Click to Pay is a quick and convenient solution which saves the need to remember lots of different passwords. We’re working with our partners like Cashflows to make sure their customers have access to the very best payments innovation and technology.”
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