April at Genome was all about helping businesses make payments faster, safer, and easier. We covered how Open Banking and SEPA work together at checkout, when to use SEPA or SEPA Instant, and how to prevent card payment failures. Not to mention, we also revealed a new feature that can simplify your financial operations! Read on to find out more!
Payment request feature: request payments by link or QR code
Our team was happy to unveil a new service available for all our clients: the payment request feature. With it, you can request payments in seconds using a simple payment link or QR code! Instead of manually sharing account details every time, you can create a payment request, add the amount and a note, and share it by message, email, or QR scan.
The feature is available not only for Genome users, as people without our account can still use the IBAN details to complete a bank transfer.
Thanks to it, the payment process is now faster, helps avoid mistakes in payment details, and removes unnecessary back-and-forth. It is useful for topping up accounts, requesting money from other people, collecting customer payments, and getting paid on the spot!
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Open Banking and SEPA payments at checkout: how they work together
If you are a merchant, you’ve probably already heard that Open Banking is changing the way merchants accept payments in Europe. And definitely changes it for the better!
For instance, inside Genome, Open Banking and SEPA payments work together at checkout to support direct account-to-account payments. Instead of relying on card networks, buyers can approve payments through their bank or banking app, while SEPA provides the euro transfer rails that move the funds.
In our article, we also looked at what this means for merchants in practice: fewer card-related steps, a more direct payment flow, and the possibility to accept fast euro payments through SEPA Instant Transfers, where supported. For businesses operating in Europe, the combination of Open Banking and SEPA is a great option to reduce payment friction and improve the checkout experience.
SEPA vs. SEPA Instant for merchants: choosing the right payment method
Another merchant-relevant topic we covered this month was the difference between SEPA and SEPA Instant for merchants.
Standard SEPA Credit Transfers remain a reliable and cost-efficient option for euro payments, especially for routine business transfers, supplier payments, invoice settlements, and bulk payouts.
At the same time, SEPA Instant brings speed into the equation, with euro payments moving in under 10 seconds and operating 24/7/365.
In a nutshell, it is not really a SEPA Credit vs. SEPA Instant issue. In many cases, businesses benefit from understanding both options and using them where they make the most operational sense.
3D Secure and SCA for online merchants: safer card payments
Payment security is always crucial, no matter the industry you work in. We recently explained 3D Secure and Strong Customer Authentication and why merchants need stronger protection against online payment fraud and chargebacks.
SCA, introduced under PSD2, requires in-scope electronic payments to be verified using at least two independent authentication elements, such as something the customer knows, has, or is.
At the same time, 3D Secure supports this process for online card payments. When a customer checks out, 3DS allows the customer’s bank to assess the transaction and, when needed, request identity verification before approving the payment. For merchants, this can help reduce fraud risk and support greater customer trust at checkout.
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in Genome online
Failed card payments at checkout: why they happen and how to prevent them
Card payments can fail for many reasons, and not all of them are caused by the customer.
Our team explored the most common reasons behind failed card payments at checkout, including insufficient funds, incorrect payment details, unexpected costs, technical outages, gateway downtime, and overly strict fraud filters.
We also shared practical ways merchants can reduce avoidable payment failures along the way! For high-volume merchants, even a small improvement in payment success rates can have a meaningful impact on revenue.
Did you miss Genome’s previous month in review? Don’t forget to check the March updates! We covered merchant account setup for startups, host-to-host payment pages, card processing vs. Open Banking, and multi-currency merchant accounts.
