Introducing Wafi Checkout: An easy way to reduce payment processing fees by over 50% and enable customers to pay at checkout with their bank account and earn cash back every time.
Although credit and debit cards have made it possible for people to pay for goods and services anywhere, businesses and consumers continue to face challenges that make the experience less than stellar. Cards are good as a payment method but they are not great:
High processing fees: Every time a customer makes a card payment, multiple entities combine to make the payment possible and this also makes the processing fees that merchants pay high. The entities include card networks (VISA, Mastercard, AMEX, etc.), issuing banks and acquiring banks, and payment processors (Stripe, PayPal, Adyen). The result is a high processing fee between 2.5% and 4%. Since ecommerce businesses have, on average, a net profit of 5%, this cost is not negligible.
Fraud: Merchants and consumers are both victims of card related fraud. Card networks and payment processors in their quest to increase convenience have mortgaged security. In 2021 400K Americans were victims of card related fraud which cost them up to $8,000 per occurrence. However, merchants suffer the most from card fraud, they lose up to 20% of revenue due to fraudulent chargebacks every year.
Wafi Checkout enables ecommerce businesses to process payments securely in a low cost way. To achieve this, Wafi allows consumers to pay for goods and services using their bank account in a secure and elegant manner. The platform comes packed with many benefits for merchants and consumers:
Low processing fees: Wafi eliminates redundant players in the payment processing flow and passes the cost savings to merchants. By integrating Wafi Checkout, you can reduce your payment processing fees by more than 50%.
High security: Unlike cards, Wafi is built with security from the ground up. Our smart multi factor authentication technology allows a user to make payments with a single click when Wafi detects their identity, and 2FA when their identity is unknown. This ensures convenience and security for users and helps lower fraud for merchants.
Built in loyalty incentives: Users love earning points/cash backs when they pay with their credit cards. Points enable users to spend more on things they love, this is why Wafi comes built-in with the ability for users to earn cash back on every transaction. Wafi gives users a portion of the fee we charge businesses in the form of cash back rewards. This enables users to earn up to 0.75% cash back on every transaction. Wafi also enables merchants to create loyalty promotion campaigns that encourage users to make return purchases and build brand loyalty.
Here is how Wafi Checkout works:
At checkout, user chooses to pay with Wafi
If the user already has a Wafi account, we automatically confirm their bank information and approve the payment.
If the user is new to Wafi, they sign up for a Wafi account, connect their bank account and Wafi automatically processes the payment.
User earns a cash back N days after every payment.
Sign up today:
Whether you are an ecommerce business looking to build new payment experiences for your customers or a retailer looking for ways to reduce your payment processing fees and increase profitability — We’re ready to partner with you and help you launch a next generation payment product that your