When payment cards first made it to the market in the 1950s, they offered benefits that no other payment method could match. Paying by card was simpler than counting cash or writing a cheque, and cards took up less space.
Many decades later, cards are still a popular payment method. According to the European Central Bank, card payments made up 47% of all non-cash payments in 2020. However, cards no longer provide the same advantages over innovative payment methods as they did before, and this may be one of the reasons experts predict the future will be cardless.
Innovative companies have already started to take advantage of the cardless world, and kevin. is here to help more companies come aboard. kevin. card payment redirect feature is an excellent opportunity to bypass card payments. Merchants can save more on transaction fees without cards and receive the money immediately with SEPA instant payments.
What is card payment redirect?
Card Payment Redirect is a feature that allows kevin. payment infrastructure users to redirect their clients from card payments to bank account payments. Traditionally, card payments may include up to 15 different fees. Paying directly from a bank account completely cuts out the card network from the payment flow and significantly reduces merchants’ expenses.
How does card payment redirect work?
In short, kevin. card payment redirect can shorten the checkout flow by automatically redirecting merchant’s clients to finish the card payment via bank account.
During the checkout, a client enters their bank card number to proceed with the payment. In most cases, kevin.’s system recognises the bank based on the card number and redirects the client to finish the payment via their bank account. With this feature, the payee doesn’t have to enter all of the card details, such as expiry date, CVV code and others to proceed with the payment.
In some countries, the card redirect feature may not be available yet ,but you can always get in touch with us to double-check.
Benefits of kevin. card payment redirect
The card redirect feature is beneficial for both merchants and their clients. Here are the main benefits:
1. Better payment experience
Card payment redirect creates a better experience for the end-user. The user doesn’t need to enter all the card details, including the expiry date and CVV code. At the same time, the redirect doesn’t create any disruptions and fits organically into the payment flow.
2. Quicker payout
When a client pays by card, it may take days or even weeks for the money to travel to the merchant's account. With the kevin. card redirect feature, where SEPA instant payments are available, merchants immediately receive the payments into their account. There’s no risk that the payment will be reversed. This means that merchants can ship the goods right away, and clients can get them faster.
Online payment fraud is a common issue, and credit and debit cards are one of the main targets for fraudsters. Eliminating cards from the payment flow means that the fraud risk is lower. With kevin. card redirection feature, merchants’ clients don’t need to enter all their card details for online shopping, making them feel safer.
4. Much lower costs
Processing card payments includes various fees that may make up a large portion of a merchant's profit. The fees include interchange, payment processing, assessments, and others. When clients pay via their bank account, card networks are not involved, and merchants don’t have to pay any of the mentioned fees, resulting in much lower payment costs.
5. Available across Europe
kevin. card redirect feature is currently available in 10 European countries and will soon be available in another 11, covering most EU and EEA countries. With kevin., merchants don’t have to look for different solutions for providing goods and services in different countries. Using a payment infrastructure that covers multiple countries makes scaling across Europe quick and easy.
How to start using card redirect?
There are no special requirements for merchants for integrating kevin. card redirect feature. Nearly every company that offers goods or services online in kevin.-covered European countries can use kevin. payment infrastructure.
kevin. card payment redirect is available for online payments and payments via the merchant's mobile app. Integrating the feature is simple, and kevin. has extensive developer-friendly documentation to guide you through. And if you need any extra support, kevin. team works around the clock to answer your questions whenever needed.
Consumers prefer bank payments
Card redirect improves customer payment experience and saves the clients from having to enter all their card details for every transaction.
One of kevin. clients that already reap the benefits of the card redirect feature revealed that 3 out of 4 customers prefer to finish the payment via their bank. 76% of their clients, who started the payment with a card, have chosen to finish it via their bank. And only 24% decided to proceed with the card payment.
This data shows that merchant clients prefer completing payments via their bank when they are offered different payment methods.
Save with kevin. payment infrastructure
We believe that the future is cardless. Eliminating payment cards brings various benefits for both merchants and their clients, including enhanced security, quicker payouts and better client reach.
If you’d like to spend less on card transaction fees and receive payments quicker, integrate kevin. payment infrastructure and enjoy the card redirect feature. How to do it? Get in touch with us by filling out this form, and we’ll be happy to answer any questions you may have and discuss this solution with you.