Beyond speed: Seamless integration

The demands for quick, low-burden onboarding and real-time performance are fundamentally reshaping the roadmap for modern Payment Service Providers (PSPs), influencing them to move beyond commoditised, low margin transactions and adopt value-added services. 

Merchants and PSPs are seeking plug-and-play solutions to deliver rapid financial and operational value without disrupting existing workflows. Minimum fuss, maximum reward. 

Quick, Low Burden Onboarding

Since COVID-19, traditional banking has transitioned even faster away from physical branches to slick online solutions like mobile banking; easily accessible, instant and low-burden. PSPs should follow that same, low-burden process for merchants, allowing minimal setup or tech integration.

For example, Refund Protect is designed to be white-labelled to match the partner's booking flow, font, and branding. The integration is intentionally subtle, so the customer naturally would not tell that the widget is not offered by the merchant itself. This will maintain brand trust and a smooth user experience, without the merchant lifting a finger.

Additionally, merchants want PSPs to handle any customer dissatisfaction, from initial payments to complaints and refunds. Lower operational time, higher customer satisfaction. 

Real-Time Performance

The ‘fourth industrial revolution’ is the current era of technology, where physical and digital worlds are merging. This is leveraged by the advancement of AI systems and the growing popularity of automated systems. With this in mind, PSPs should remain fast and reliable to provide merchants and customers with real-time data to remain relevant during the revolution.

For example, pre-transaction details such as payment methods, fees and risk analysis such be demonstrated clearly, openly and immediately. The journey post-transaction should include customer confirmation emails, relevant contract information, refunds or queries, and real-time data analysis.

With the ‘fourth industrial revolution’ providing more streamlined data platforms, it also provides the expectation for consistently accessible systems. Latency or downtime is unacceptable for PSPs; there should always be the opportunity for revenue generation.

Shaping the Roadmap

These demands are shaping the roadmap to modern PSPs, which is seeing the emergence of value-added services. PSPs are fundamentally centred on processing transactions, but due to the highly commoditised and competitive nature of this market, they are forced to evolve their offerings. Protect Group are proud to offer an industry-leading value-added system, Refund Protect. If you haven’t heard of Refund Protect yet, it may be the answer you’ve been looking for.

Role of Refund Protect

Introducing Refund Protect – Protect Group’s white labelled refund solution that seamlessly integrates with the PSP page and merchant branding. The product uses leading event-based pricing to calculate the refundable upgrade cost to optimise conversion. It will use data from the user’s journey, such as who is buying, how far in advance, and the type of event, to work out the optimal price. This technology ensures the product is constantly performing well and removes any laborious calculations for the merchant.

The industry is actively pursuing lower operational time with higher customer satisfaction, and Refund Protect is a leading solution. Merchants experience seamless technological integrations with minimal disruptions and automated AI systems that are reliable and streamlined for the payer’s journey. In turn, merchants are sleeker, and payers are happier.

With Refund Protect, over 90% of refund applications are auto-approved through an AI claims platform. By integrating systems such as this, the PSP industry will be more in tune with consumer demands, from faster responses based on speed to building trusting relationships over slick digital experiences. The industry will also be more aligned with the banking sector, taking the customer liability and financial responsibility.

In short, Refund Protect fits perfectly into this new PSP model: simple to deploy, instantly useful, and performance-driven.

Book a demo to understand how Refund Protect can quickly and seamlessly optimise your conversion rates while keeping your customers happy.