Digital Payments Challenges & Solutions Digital Payments

In our fourth episode of Digital Payments Challenges and Solutions Podcast, we take another look at the subject of Open Banking and specifically the option that merchants have to allow their customers to pay for products and services via their banking app, alongside the more traditional means of credit and debit cards.

To make our discussion as reality-based and meaningful as possible, I am joined by two guests.

My main guest is Dawn Beeby of Nuapay, a hugely respected player in the payments business, a pioneer of Open Banking, and operator of the industry’s leading Account-2-Account payment environment.

Also joining us on the Podcast is Jason Mace, Managing Director of Gala Tent, and a business that captures a significant and growing number of payments from their customers using open banking rails.

During the discussion, we touch on a variety of aspects of the Open Banking debate. These includes:

· The cost of Open Banking payments compared to those incurred accepting debit and credit cards

· How merchants can benefit from adopting the ability to take payments via Open Banking

· The customer experience of using Open Banking payments and the purchase protection aspects

· The level of Open Banking utilisation we are seeing in the UK

· And how we expect this growing payment facility to work alongside or compete with card payments

Learn more about Open Banking payments for your business 

If you would like to find out more about the options for implementing Open Banking Payments in your business, please contact Gala Technology via this link

Show Notes


In the Podcast, we talk about the Open Banking trends. This report from OBIE provides a comprehensive insight into the adoption trends
We briefly talk about consumer rights on refunds linked to faulty goods. Here is a superb article from Moany Saving Expert
A link to the actual Consumer Rights 2015 legislation. This explains how:

· Purchased goods need to be of satisfactory quality

· Purchased goods need to be fit for a particular purpose

· Purchased goods need to be as described

This episode of Digital Payments Challenges & Solutions looks at the complex subject of PCI DSS compliance for the card payments industry.

To help demystify some of the key aspects of PCI DSS compliance, we spoke speak to John Greenwood, a trusted professional who advises a variety of different Call Centres on their card payment strategy, how they can meet the needs and demands of their customers, whilst being compliant with PCI DSS.

This episode and the links to the resources below provide a superb educational tool for any individual or company looking to understand and be in respect of PCI DSS compliance.
 

Show notes

1. A link to the website of the PCI security standards council. https://www.pcisecuritystandards.org/

2. Dentons  (law firm) summary of card data breaches involving a major UK retailer

https://www.dentons.com/en/insights/articles/2020/february/10/ico-imposes-maximum-pre-gdpr-fine-on-major-uk-retailer

3. Link to the document library of the PCI Security Council website.

https://www.pcisecuritystandards.org/document_library/

4. A useful summary of PCI DSS from the Gala Technology team. 

https://www.galatechnology.co.uk/pcidss-compliance

5. An example of the ICO (Information Commissioners Office) using its powers to impose a prison sentence on someone who breached a component of GDPR 

https://www.edwincoe.com/blogs/main/ico-sends-data-thief-to-prison/

6. If you need a robust solution to taking card payments in a PCI DSS-compliant manner, links to the main contacts with the team at Gala Technology are below. 

https://www.galatechnology.co.uk/contact-us

7. Our Podcast guest John Greenwood can be contacted via:

Email: john@Compliance3.com

Phone: 00 44 7767 354 354

The subject of open banking and the benefits it is capable of bringing to businesses and consumers alike represents a growing and interesting discussion.

With thousands of businesses now being heavily impacted by rising costs from their supply chain and the crippling impact of energy prices increases, I wanted to explore the role that open banking might play in the world of business and that is what this month’s episode of Digital Payments Challenges and Solutions is all about.

In this interview with Steven Jones of Gala Technology, we looked at how open banking can:


Save money for businesses versus card payments
The reduced propensity for payment fraud
The smoother customer payment experience
The impact on card loyalty schemes
And how easy it is for a business and a consumer to use the payment provisions that come via open banking

Links

The Open Banking Implementation Entity. Link here

A Fintech Times article about open banking savings versus card payments. Link here

GALA TECHNOLOGY


Steven Jones is Commercial Director at Gala Technology
Website: https://www.galatechnology.co.uk/
The awards Gala Technology has won are listed at the foot of the website home page
Steven Jones e-mail: sjones@galatechnology.com
Phone number: 01709 911 661

Our first episode of Digitial Payments Challenges & Solutions is dedicated to the challenge of card payment chargebacks and specifically, (FRC) fraud-related chargebacks. 

FRC presents a significant challenge for the payments ondstru - including: 

a) the merchants that sell products and services 

b) the banks and providers of payment systems  

c) the anti-corruption organisations around the world 

When a fraud-related chargeback occurs, merchants not only lose their goods, and the payment associated with the order, they then have to meet the costs required to investigate, fix and prevent future issues. 

Yorkshire-based entrepreneur, Jason Mace, Managing Director of Gala Tents, experienced the same chargeback issue in his UK-leading marquee business. Initially, Jason could not find a workable solution to the problem.  However, setting the example for much bigger and more established payment providers, Jason worked with his own IT team to innovate and create his own technical solution..... and it's one that has gone on to win respected awards from across the industry. 

In this forthright interview, Jason explains his SOT Pay product and the remarkable story behind how it came about.   

SOT Pay Awards below

Check out some of the prestigious SOT Pay awards 

Most Outstanding Pay By Link Solution 2022’ at the Business Elite Awards.

Security Innovation Of The Year

US CNP Awards 2021 

Do you have a Fraud Related Chargeback issue?

If you want to explore and evaluate the benefit of using SOT Pay in your business, this link takes you directly to the Contact Us section of Gala Technology,  the company behind SOT Pay.