San Francisco, in a strategic move poised to reshape the landscape of payment processing, Link Financial Technologies, Inc. (dba Link Money), a prominent US-based open banking payment platform, and Bold Commerce, renowned as the checkout company for leading omnichannel retailers and DTC brands, have officially entered into a partnership.
This collaboration signifies a significant leap forward for brands and retailers utilizing Bold Commerce’s checkout solutions. They will now have the opportunity to leverage Link Money’s innovative Pay by Bank solution within the US market. The primary goals of this partnership include the reduction of payment processing fees, mitigation of credit card fraud, and addressing the challenge of customer churn. This announcement comes at a critical juncture when credit card fees and fraud incidents are on the rise, prompting merchants to seek cost-effective and secure alternatives to traditional credit card payments.
Peter Karpas, CEO of Bold Commerce, emphasized the importance of accommodating diverse payment preferences, stating, “Every shopper has their preferred payment method… from Buy Now, Pay Later to digital wallets, credit cards, and account-to-account payments.” Karpas underscored the significance of providing a variety of payment options to cater to individual preferences, ultimately enhancing the overall shopping experience.
Bold Commerce, known for enabling brands and retailers to offer tailored checkout experiences across various platforms, including ecommerce sites, blogs, and social media, will now integrate Link Money’s Pay by Bank solution into its repertoire of payment options. This integration aims to empower brands to offer a seamless and personalized checkout experience to customers, regardless of the channel they choose.
Shaun Vanderkaap, Link Money VP of Strategy, highlighted Bold Commerce’s proactive stance in adopting open banking payments, positioning them as leaders in the ecommerce sector. Vanderkaap noted that this move allows Bold Commerce users to significantly reduce payment costs, potentially by as much as 70 percent. The partnership is a testament to the commitment of both companies to provide merchants with cost-effective and secure payment solutions amid an increasingly competitive market.
The synergy between Link Money and Bold Commerce promises merchants the convenience and security of direct account-to-account payments. This collaboration not only addresses current challenges in payment processing but also sets the stage for continued innovation in the evolving landscape of financial technology and ecommerce. As brands look to enhance customer experiences and streamline payment processes, Link Money and Bold Commerce emerge as trailblazers in meeting these demands head-on.
