We've connected with Plaid →
WhenThen + Plaid

WhenThen + Plaid

Saman Kapur

09 Sep, 2022·Saman ·News

We're thrilled to announce Plaid as a new Connection Partner! With WhenThen and Plaid’s no-code automations, you can now seamlessly integrate open banking payments into your checkout in minutes and without the dev effort. This allows you to provide customers with more convenient payment options while simultaneously reducing transaction fees, preventing fraud, and expediting refund settlements for your business!

What are the key payment challenges Plaid solves?

As the leading open banking platform in the world, Plaid enables users to make real-time payments without having to manually enter their account number and banking credentials or leave the app. With millions of users already using the platform, Plaid offers merchants a variety of SDKs and integration options, eliminating the drop-off associated with manual bank transfers. This enables merchants to improve the user’s checkout experience and drive conversion. Plaid also combats fraud by allowing users to authenticate directly with their bank via secure Open Banking Integrations, eliminating card and direct debit chargebacks.

With Plaid, you can:

  • Improve conversions: Improve user experience and conversion with WhenThen’s SDKs and integration option by removing manual bank transfer drop-off.

  • Reduce costs: With fixed-fee Open Banking payments, merchants can avoid the high fees charged by credit cards and acquirers. As a result, open banking allows for increased profits because its transaction fees are typically 1% or less, compared to 2-4% for cards.

  • Set up instant payments: Leverage local rails for instant payments that settle into your account in seconds.

Now that we've established Plaid's potential to increase your conversion rates, we can examine the most efficient means of incorporating the platform into your business!

What are the benefits of connecting Plaid via WhenThen?

Traditionally, the procedure goes like this: you register with Plaid and receive developer keys. This is where your development team comes in; they'll need to integrate with Plaid and then integrate Plaid into your existing checkout process. If your company operates in multiple markets, this process requires an additional step for your team. It's likely that your development team will also invest time in implementing the logic necessary to display Plaid in the markets where it's supported.

Now comes the WhenThen way

In the WhenThen way, you register with Plaid and receive developer keys. You now use WhenThen's Connections Directory to connect Plaid to WhenThen with just a few clicks. Next, you now simply drag on a Payment Action node, and turn on bank payment as a payment option for your checkout. WhenThen's automations make it easy for your tech team to determine precisely when Plaid will be displayed in the right markets with the required level of specificity, all with a few clicks.

With WhenThen, you can skip the hassle of having your development team integrate with Plaid or build a unique checkout experience from scratch.

What’s cooking in our recipe kitchen? (…secret ingredient Plaid)

Now let's get Plaid in the kitchen and see what we can cook up. Here are a few ways to gently heat-up fantastic checkout experiences for your customers!

Our best-loved recipes with Plaid are:

Plaid-recipes-black.png

Get started with WhenThen and Plaid here.

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