In December of last year, Flinks entered the payment space with the launch of Flinks Pay, an account-to-account (A2A) solution that directly addresses payment challenges Canadian businesses face.
Today, we’re excited to share that Flinks Pay is fully live and open to any company looking to embed reliable, frictionless payments into their product offerings to onboard and activate as many customers as possible.
Product in action: a closer look at use cases
1. Account funding
Challenge: Fintechs often face hurdles in acquiring new customers and activating accounts due to the costly, slow, and risky nature of account funding.
Solution: Flinks Pay provides a simplified process that facilitates digital onboarding and account funding, allowing your customers to sign up and utilize your services instantly in one unified flow.
With an optimal user experience that was designed for conversions, you can maximize the number of funded accounts, eliminate user drop-offs, and boost both revenue and product adoption.
👇 Discover how one of our customers leveraged Flinks Pay for a more customer-centric and efficient account funding experience.
- A Canadian fintech recently made a new ‘saving rate’ available and it has been generating significant customer interest.
- They therefore implemented a new ‘digital account opening process’ to capitalize on this compelling offering.
- However, account funding drop-off became a substantial hurdle they faced.
- Only 30% of potential customers proceeded to fund their accounts post-opening, primarily due to a clunky and time-consuming funding process.
- They strategically embedded Flinks Pay and presented it immediately after the account opening.
- This integration offers their customers a quick, seamless, and hassle-free method to fund their accounts, giving them immediate access to the enticing savings rate.
- Increased active users: a considerable boost in the number of active users as well as the amount of funded accounts.
- Enhanced long-term customer acquisition: even modest funding significantly elevated the likelihood of users evolving into long-term customers.
2. Collections
Challenge: Digital lenders frequently encounter difficulties in recovering loan payments because their current money collection process is manual-heavy, error-prone, and time-consuming for both borrowers and loan agents.
Solution: Flinks Pay offers the easiest way for lenders to retrieve outstanding funds, ensure prompt repayment from borrowers, and enhance their ability to effectively redistribute capital.
By allowing borrowers to pay directly from their bank accounts, lenders can minimize delays and eliminate risks related to NSFs. This increases conversion rates and recovered loan amounts to maximize lenders’ revenue.
Sneak peek: EFT advancements on the way
Electronic Fund Transfers (EFTs) are already the main preferred digital payment type. Although pay-by-bank continues to see strong momentum, EFTs have witnessed a remarkable 49% increase in usage over the last five years.
This is why we are enhancing Flinks Pay’s offering by incorporating EFTs to help you boost conversion rates and reduce drop-offs. The next iteration of Flinks Pay will further streamline payment processes by offering your customers quicker fund access and a unified payment experience from onboarding to activation, regardless of the payment method chosen.
We’re diligently working on bringing EFTs to all our customers, with more updates on our progress and details of release timelines to follow. Our focus is building the necessary components and setting the groundwork to change the payment ecosystem in Canada.
Today’s announcement marks step two on our roadmap toward “Guaranteed EFTs”, an even more robust and comprehensive instant payment solution to help businesses process payments faster and risk-free. Reach out if you want to partner with Flinks to tailor an EFT solution to your needs.
Stay at the forefront of innovation
With additional payment rails undergoing development shortly, Flinks is committed to providing you and your customers with more optionality within one comprehensive instant payment solution.
Ready to take your business to the next level with risk-free and frictionless payments? Contact us today.
Get started with Flinks today
