Enable Frictionless Mobile Account Funding and Payments
Customers of all ages and demographics are increasingly “mobile first”─ they often prefer to engage with your business using the mobile device in the palm of their hand. Progressive banks are offering ID capture to fill an application by extracting data from a driver license or other government ID.
This advanced functionality reduces friction, which in turn lowers abandonment, but in many cases the new account lies dormant because it is not funded. Other businesses engaging with customers via mobile, particularly online retailers, face similar challenges, with high rates of shopping cart abandonment at the point of payment.
Kofax Mobile Credit and Debit Card™ removes friction from the payment process by allowing your customers to simply take a photo of their payment card to fund a new account at a bank or pay for goods and services from a business. This unique solution supports both in-app and mobile web browser payments, and is the only server-side solution on the market that extracts information from payment cards. This is critical because research indicates over 75 percent of mobile onboarding is done via the mobile browser, making a server-side extraction solution mandatory.
Increase Customer Satisfaction and Revenues, and Reduce Errors
Virtually eliminate data entry errors with a payment card capture and extraction solution that enhances straight-through processing rates to deliver a fast, frictionless experience for your customers. The solution automatically extracts the account number and expiration date from credit and debit cards and is a natural add-on to Kofax Mobile ID™.
Reduce Unfunded Bank Accounts
Remove one of the biggest challenges banks face when onboarding new mobile customers: unfunded checking or savings accounts. The credit and debit card capture and extraction software not only improves the experience of the mobile customer, it also closes the loop on the mobile new account opening process for banks.
Decrease Order Abandonment at Point of Payment
Eliminate shopping cart abandonment at the point of payment by deploying mobile “snap and pay” technology to remove friction from the ordering process. Online retailers can offer snap and pay for orders via their mobile app or mobile browser to deliver a win-win: your customers are more likely to complete an easy purchase process, and banks can reap greater revenues.
Ready to learn more about Mobile Credit and Debit Card