To me it doesn't matter what vertical or industry it is, the payment side of it should just happen as fast as everything else does digitally. You just want money to move as fast as whatever it is that you're selling.
To have the ability to move money instantly is massive. And what that is empowering merchants and businesses to do–because money can now move in real time–is extraordinary.
When you look at our customer base, the revenue growth they’re reporting is on-average 104% up on last year. These businesses are doubling in size and grabbing market share by using our technology. It is just incredible.
When we set out to level the paying field, we probably underestimated the level to which super-enhanced, real-time payments would actually enable businesses to grow. I mean, we knew that payments were a real business pain-point, but to see how Zepto transforms costs and customer experience is mind blowing.
Zepto merchant customers know they can onboard clients in seconds, capture all their details through instant account verification, and have them set up for direct debit–no more wet forms, no more back and forth on assessing a client and approving or not approving.
The customer experience piece is fascinating. Customers expect real-time everything and seamless transactions these days. If, as a merchant, you can deliver on that, then you have a serious advantage. The first-movers have shown what’s possible through payments innovation. One of our company values is to win through others–to see that in action every day is incredibly satisfying.
Across industries, there are still many legacy systems and processes hampering business. We’re untangling a system spaghetti as those industries move towards a real-time reality on the back of capabilities like Zepto’s. Look at lending and investing platforms–when a market moves, investors want to, too. Waiting for funds to clear from your bank account just doesn’t cut it anymore.
Real estate is another industry that’s moving to real-time payments from legacy systems right now, and it’s transforming rent collections and accelerating arrears processes by days. And there are new verticals that are exploding. Look at crypto exchanges–our technology and capabilities are actually shaping an industry as we design and deliver the solutions they uniquely need.
All of this is happening right now.
The payments infrastructure landscape continues to evolve, too. The NPP’s PayTo instant direct debit solution is roaring towards us. And while it’s not due to go live until mid-2022, every Zepto direct debit customer will be ready for PayTo the moment it switches on.
PayTo is what all industries have been waiting for for years. To go from three days of funding blindness, of not knowing what's going on with a payment, and then having to work backwards from that to chase and reconcile and settle. To having PayTo’s instant clearance and messaging, and the ability to break the legacy 9-to-5 Monday-to-Friday shackles gives businesses the ability to collect money instantly 24-7-365.
If your business relies on direct debit, the time to make your move towards PayTo is right now.
It’s time.
On 09 September 2021, Zepto became Australia’s 16th Accredited Data Recipient [ADR] under the ACCC’s Consumer Data Right [CDR], and the first non-bank payments provider to have achieved this accreditation–a huge accomplishment for the business.
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In this Zepto chat, Matthew Zaina–our Chief Operating Officer–looks at how timing is everything in the world of real-time payments.
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