New fintech hits major milestone

Australian payment service provider PayDock will offer a range of new, secure, mobile-friendly payment options to its e-commerce merchants powered by Bluechain. The new Bluechain payment option simplifies the checkout process, allowing registered customers to quickly and safely pay on their mobile with a few taps.

Conventional checkout processes for online shopping carts require the customer to type in their credit or debit card details, which typically includes the cardholder’s name, a 16-digit card number, the expiry date and a three-digit security code printed on the back of the card. Instead, consumers simply register their details with Bluechain and receive a payment request on their phone when making purchases in-store or online or when paying a bill or making a donation.

Customers can link any card or bank account to their Bluechain profile, and when they receive a payment request from a store or an invoice from a biller, they select which account they want to pay from, when they want the payment to be made (immediately or some future date), and then simply approve the payment. The payment is completely secure because the details of a registered customer and their accounts are never revealed to the merchant or biller, so the information can never be stolen or misused.

In addition to one-time payments online or in-store, the PayDock payment platform enables merchants and billers to offer a payment schedule, such as when purchasing a subscription or an insurance premium. This avoids the need for direct debits, which will be popular with consumers stung by the high fees charged by the banks.

With a scheduled payment (as opposed to a direct debit), the payments are scheduled by the PayDock app (not the bank) and the consumer is asked to approve each payment. If there are insufficient funds in the account, they can simply select a different account, including a credit card, or delay the payment for a few days to give them time to transfer money into an account.

The PayDock payment platform not only increases simplicity and security for consumers, it also lowers costs for online merchants. Streamlining the checkout process and providing a wider range of mobile-friendly payment options significantly reduces cart abandonment for today’s increasingly mobile consumer. Safer, simpler and cheaper all adds up to a better experience for both consumers and merchants.