We’ve teamed up with Plaid to help make payment processing faster, more efficient, and more secure. Before we dive into how it all works let’s get to know each of them a bit better.
VoPay is a leader in payment innovation, digitizing direct bank payments with speed and transparency. The VoPay Platform enhances how digital platforms initiate and accept financial transactions using a single, open API.
Plaid is a technology platform and data network that enables applications to connect with users’ financial accounts. They focus on lowering the barriers to entry in financial services by making it easier and safer to use financial data. Today, they support developers across North America and Europe.
How do VoPay + Plaid Payments Work
VoPay layers Plaid’s Auth, Identity, Balance, and Transactions solutions over top of its core payment engine to deliver the most powerful EFT payments solution in the market. The result is a seamless payment experience with reduced NSFs, verified bank accounts, and improved payment speed.
Current Payment Challenges
There are three main hurdles when it comes to existing EFT payments:
1. Lack of visibility: Paper checks or electronic payment systems for bank account payments do not allow visibility into the bank account at the time of the payment.
2. No traceability: Businesses accepting checks or electronic payments can not track the payments, the status of the transaction, or when the funds will be available.
3. High risk: The current paper check and electronic payment service do not offer balance verification at the time of transaction.
Common Payment Use Cases
Some of the most common use cases include lending and marketplaces where the solution can dramatically reduce NSFs, optimize cash flow, streamline back-office operations and improve payment security. Another would be legal and real estate where you can increase revenue with significantly reduced fees and decreased chargeback risk.
In summary, together VoPay + Plaid payments improve efficiency by verifying user identity and bank information prior to processing the transaction, minimizing NSF fees by having visibility into available funds, and reducing the access to funds time to just 24 hours.
Are you a developer? View more details here.