The new system uses open banking which connects banks, third-parties and technical providers to make transactions easier for their customers. The new alliance will help Cazoo improve the efficiency of its payments and refunds system and make it easier for customers to order and pay for cars online and for Cazoo to be able to authorize and action refunds.
With its customer guarantee and 7-day no quibbles money back guarantee, the ability to make quick, clean refunds is an important part of Cazoo’s service and brand.
“With refunds there is a high level of financial anxiety if you don’t get thousands back in your bank account right away,” said Jonathan Howell, Cazoo CTO.
“The ability to return that money in a quick, transparent and frictionless way creates a superior customer experience. Open banking, delivered by TrueLayer’s technology, provides us with that.”
The new partnership integrates a product that eliminates some of the common problems linked to refunds using traditional card payments like value limits and fraudulent transactions.
“Cazoo appreciates that consumers are increasingly dissatisfied with the traditional ways of buying or selling a used car. They’re an industry innovator, determined to make the end to end process, including the checkout and payments, as hassle-free as possible,” said Roger De’Ath, head of eCommerce at TrueLayer.
“With TrueLayer supporting instant bank payments for purchases and the ability to process instant refunds through PayDirect, it has created an incredibly powerful proposition.”