GoCardless Teams With Commusoft as Businesses Embrace Faster Payments
Bank payment company GoCardless has formed an open banking partnership with Commusoft.
The collaboration offers GoCardless customers “cost-effective payments” via Commusoft, which provides software for trade companies, according to a Wednesday (Aug. 30) press release.
“Merchants in industries such as plumbing, fire and security, renewables and electrical will be able to use GoCardless’ Instant Bank Pay as a cheaper alternative to card payments,” the release stated. “This will help them sidestep high card fees and keep a bigger cut of the money they earn on every job.”
Customers who use Instant Bank Pay can pay their invoice immediately after a job, while tradespeople can avoid chasing late payments, according to the release.
Commusoft will launch Instant Bank Pay for one-off payments before expanding the partnership to include direct debit payments, letting merchants collect recurring payments as well, per the release.
“By partnering with GoCardless, we can offer trade companies the convenience of instant payments without the high fees of other payment methods,” Commusoft founder Jason Morjaria said in the release. “This means merchants can keep more of their hard-earned money, not to mention reduce the stress of chasing payments. Cutting costs is especially important in today’s economy, and we are proud to provide our customers more affordable payments through GoCardless.”
The partnership is happening as businesses in a range of sectors are embracing real-time payments to get and receive funds faster.
For example, research by PYMNTS and The Clearing House showed that 87% of manufacturers plan to innovate or enhance their real-time payments capabilities within the next year. And more than three-quarters of companies expect to work with digital giants such as PayPal or Stripe to reboot their payment offerings, underscoring the crucial role of partnerships in advancing their real-time payments strategies.
“Most manufacturing firms now view real-time payments as critical for building better supplier relationships,” PYMNTS wrote Aug. 9. “The second-most important factor is the ability to pay quickly and on time, underscoring the appeal of real-time payments for B2B transactions.”
In other industries, real-time payment adoption has come slower. Some real estate companies are still skeptical, citing obstacles that prevent them from embracing this method.
The post GoCardless Teams With Commusoft as Businesses Embrace Faster Payments first appeared on PYMNTS.com.