Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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Appearances
Give up on accepting card payments and get rid of these fees that come with the cost of card acceptance, but realize that you probably are going to end up losing a lot of sales because a lot of people aren't walking around with cash in their pockets anymore.
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That is not an easy decision for most merchants to make, which is why most merchants still accept card payments.
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WSJ Your Money Briefing · How a New Cardless Payment Option From Discover Works · 15 Feb 2022
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So if consumers are told, look, you know, if you pay by bank account, you'll be able at the point of sale when you're making the purchase, not to pay the sticker price that you see, but to pay a somewhat lower sticker price.
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Well, that becomes the incentive for the consumer.
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Great to be speaking with you.
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It's still very new in the U.S., though not new at all in other countries, particularly in Asia, where paying directly from your bank account without using a card is pretty much the norm, in particular in China and other countries in Asia.
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For consumers who choose this payment method they would have to basically link their
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checking account to the merchant's app.
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And so they would have to put in some personal information about themselves within the merchant's app, and that would link up their account with the merchant to their checking account.
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And then from there, going forward when they're shopping using the merchant's app, they would be able to essentially just tap on that payment option within the app to make the payment
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So right now, you know, when you're within a merchant's app or even on its website and you're on the payments page, if you've stored any payment accounts there, you'll see you can tap on your credit card or your debit card.
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And in this case, sort of consider that where they'd be able to tap on the pay by bank option, essentially.
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So really what this payment form, the way that it is structured by the fintech firm that is partnering up with Discover to do this, the company's called Byatt Mobility Networks or BIM for short, this payment form is one that's meant to reside within the merchant's ecosystem.
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So merchants would determine whether they want to offer this payment option to
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to their customers.
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When the consumer is shopping, they would essentially open up their app and go into the payment section and tap on this feature, this option of paying from their bank account.
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That's sort of one scenario in which it would work, but it varies based on how the merchant set it up.
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But this isn't like a universal, as you described, right, where wherever we're shopping, when we're shopping online, when we go into the payment section, you'll see like a dropdown option that comes up on most merchants' websites where all you need to do is type in the three-digit security code associated with your card.
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This will be sort of merchant by merchant and merchants deciding whether to adopt this payment option.
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The difference for merchants is that the fees that the merchants incur when they accept payments from a bank account without a card being part of that payment form, the difference can be pretty big.
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Showing 461–480 of 3,396 · page 24 of 170
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