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Get paid using QR Codes

960 640 Stuart O'Brien

By Ordo

QR Codes were once the domain of quirky-can’t-really-see-the-genuinely-needed-gap-in-the-market gimmick. They were invented by Toyota in Japan in the 1990s to improve the process of car manufacturing.

A QR code can store three times the amount of data as a bar code using the same amount of space, and they’re secure, so now, they’ve taken a very different turn with the dawn of another new secure technology: Open Banking, making instant low cost account to account payments a reality.

These two very different technologies are coming together to revolutionise the way we pay on-line, in store and face to face. New open banking enabled QR code payment solutions, like Ordo’s, offer low cost, easy to use and secure ways for businesses to collect payment from their customers breaking the long-held monopoly of the global card schemes.

  • New FCA regulated open banking payments initiation businesses like Ordo, have created innovative request for payment services that provide businesses with individualised secure digital payments tokens that can be passed to your customers when you need to take payment. These tokens can sit behind a ‘Buy’ or ‘Pay Now’ button on your web site for e-commerce, or be embedded in an email, text message, data message and shared across all messaging platforms like WhatsApp and others, for requests to pay an invoice or bill. The customer is immediately notified of your request by email or message, they click the tokenised link and they are taken to the Ordo platform displaying the your specific payment request, which the customer is guided through paying via their own bank for instant payment, and then back to your web site if online.
  • Smartphone readable QR codes now offer a third delivery option for the payment token by embedding it within a QR code. The customer just reads the QR code with their phone, and then simply needs to confirm payment in their mobile or internet banking app which will have been opened and configured for the payment by Ordo. All friction removed.

It’s hard to imagine a simpler or safer use case, and far more widely useful than car manufacturer processing lines! All you as a business has to do is enter the amount to be paid, show the automatically generated QR code to your customer, and in seconds see in your own system or your Point of Sale device (which only needs to be a phone, tablet or PC, no specific reader necessary) that payment has been made and is in your bank account in cleared funds.

For the customer, it also couldn’t be simpler, they just scan the code with their phone camera, select their bank from Ordo’s list of 40 UK banks, and then authorise the payment that has been automatically set up in their banking app in the normal way, e.g. using their fingerprint.

That’s it done, there is no entry of amounts, references or card details or receiving account numbers, that’s all done securely between Ordo and their bank.

For businesses, open banking QR code payment services like Ordo means expensive cards are no longer the only option for eCommerce, Point of Sale and Face to Face payments.

Read more, check us out, try for free, book a demo

Finally, a real alternative to cards for e-commerce and contact centre payments – Open banking payments

640 427 Stuart O'Brien

By Ordo

As businesses have digitised, payments had to follow suit.  The only option for taking these remote payments, to date, has been with credit and debit cards.  But cards are expensive and increasingly complex to support operationally, and fraught with fraud.  New open banking payments regulation and technology has allowed innovative regulated payments institutions like Ordo, regulated by the FCA, to deliver attractive new alternatives.  These services allow businesses to collect payments for only a small, fixed fee, and without the customer experience difficulties of cards, the exposure to fraud, or the waiting days for collected funds to clear.

Innovative e-commerce and real time request for payment (contact centre) solutions are exploit the following key features of open banking:

  • Faster Payments Service low cost base – unlike global card schemes, bank charges are only a small fixed fee per transaction irrespective of the value of that transaction;
  • reduced flow of account details between parties; and
  • irrevocable Faster Payments – once a payer pays, there’s no reversing or clawing back the payment, eliminating the risks of fraudulent payments for the collecting business.

And it virtually eliminates fraud. Push Payment Fraud – frauds against the senders of payments, usually sent through the Faster Payments Service, where a payer has been persuaded, tricked or misled into either sending a payment for a fraudulent service, or a legitimate payment to a fraudster’s account – in the first half of 2020 caused £207.8m of losses.  Only £73.1m was returned to customers, meaning £134.7m had to be absorbed by the impacted consumers and businesses.

Isn’t it time you protected your business, and implemented an efficiency drive that delivered results?

Try Ordo for free at https://www.myordo.com/landingPage or find out more here https://ordohq.com/enterprise/

Businesses transform during Coronavirus

640 427 Guest Contributor

By Ordo

New year, new you? What about your business? Are you fit for rapid recovery whilst weathering political turmoil, new virus strains and vaccines? The planet transformed to move online to fight to survive, both personally and for businesses.

But now’s the time to keep innovating and transforming to be as efficient as a stretched economy is going to require you to be. And payments are the quiet frontier of that evolution.

New ePayments solutions give you everything you have today, just better…we’re talking not just eCommerce and electronic payments, but Ordo eCommerce and electronic payments.

Why wouldn’t you want instant access to your income, automatic reconciliation, minimisation of fraud risk and up to a 90% saving on your costs?

Cards and emailed invoices are so 2020, step into 2021 with the confidence of knowing you’re doing your best for your business. Manage your payments with Ordo, it’s reckless not to.

Find out more at www.ordohq.com/enterprise or try for free at www.myordo.com

Ordo, reshaping payments with Open Banking, enabling low cost, real-time transactions across the UK

960 640 Guest Contributor

By Ordo

In March, the World Health Organisation (WHO) proposed contactless payments as a countermeasure of COVID-19. The effect is the ever-faster rise of digital payments on web platforms and mobile apps. Digital and contactless payments have seen an increase in usage by more than 50%, and experts are claiming that these new forms of payments are here to stay.

Are you ready to switch for the best alternative in the market?

With the further lockdowns becoming more widespread and threatening everyone’s Christmas, we’re offering three tangible reasons to start using Ordo today. 

1. Saving 90% or more on each transaction: it’s true.

If you’re still using card payment processors, you are likely to be paying high fees: around 2-4%. That means that every time you make a sale of £200, you could be paying around £4 – £8 in transaction fees; that’s the cost of a lunch, every time you process a payment. Why not save all these lunches for yourself and your loved ones instead?

Using Open Banking technology (ed. it helps securely and safely move, manage and make more of your money), Ordo can process your payments at a fraction of the cost (20p as a single flat fee, no matter the amount). Learn more 

2. Real-time payments: it’s like cash, but safer.

With widespread concerns about delayed or cancelled orders, businesses are experiencing a high volume of cancelled transactions. Card return and chargeback volumes are starting to see significant jumps which can become a key concern for many companies. Ordo can help your company at no extra cost – when you receive payments through Ordo, they are irrevocable, it’s just like you’ve paid cash into your bank account, nobody can take them back again. Plus, all the Ordo payments will hit your bank account in real-time, as soon as your customer has paid, 24/7, no matter what.  As cashflow becomes tighter, every single payment will count even more, and Ordo could be the partner you were looking for.

3. Reconciling: stop wasting time!

A recent survey showed businesses spend nearly 10 hours per week on payments admin. Now more than ever that is time you need to spend on driving your business. With Ordo you include a reference with your payment request that means something to you and that will always appear on your bank statement with the payment, exactly as you entered it. This reference can also link back the payment to accounts software like Quickbooks, Sage, or Xero. Also with these accounting packages you need to spend even less time doing payments admin, as Ordo will create your payment requests directly from the customer and transaction information you’ve entered into your accounts, including the invoice. Learn more

The change is here: more payments security for you and your customers.

Even if you’ve avoided the costs of card payments, are you exposing yourself and your customers to fraud by just using stand-alone bank transfers?. Common scams emerging include impersonating as relevant authorities and financial institutions to demand payments from unsuspecting consumers, and fraudsters hacking into emails and changing account numbers on invoices to their own. Where you can’t be sure of the owner of the account you’re sending money to, the result is an increase in fraud – to the tune of £451m in 2019 alone, with £114 million of that being invoice frauds.  

With Ordo you are taking positive actions now while there’s still time to avoid the embarrassment, the damaging headlines, the explaining, the compensation and the rebuilding of your business, customer base and reputation you’ll need to do if you just hope that you and your customers will be lucky.  Ordo has been designed and built with privacy and security as part of its DNA. It protects all you and your customer’s data at all times using the latest security techniques and messages go across our own secure channels to and from banks. This means that the whole communication is secure and less vulnerable to hacking and fraud.

What about your customers: are they ready to switch?

We’ve all lost things in 2020, for some it’s been deeply personal, for others it’s been equally as dramatic in other ways finding their jobs gone, the loss of childcare and teaching has meant trying to do two full time jobs at the same time along with the pressure of re-learning algebra; support networks have gone virtual and our freedom has been curtailed with the need to remember your mask if you just want to pop to the shop, or the chore of booking in advance whether you want to go for a quick drink or a swim. 

The things that we once did freely have become complicated and everyone has some kind of trouble on their mind.

Ordo makes it easy and convenient for your customers to pay you, within just a few taps from their phones, all secured by their own bank. 

Your clients can tap and pay without the need to register, find paper bills, login to portals with memorable information they instantly forgot, or look up references to ensure payments get credited against their account with you. You make it as easy as possible for them to pay you meaning you are at the top of their to-do list. Learn more

How we could help you

Ordo is the payment solution you cannot afford to be without. We are regulated by the FCA (FRN 836070). Nationwide Building Society is an investor, and along with CGI and AND.Digital partners, it will make your billing and payments easier.

Its free to trial, for smaller businesses can be used independently and with QuickBooks, Sage or Xero. For larger businesses Ordo can be integrated with any systems with our simple suite of APIs and robotic automation tools.

You can learn more, book a demo or signup here.

www.OrdoHQ.com