Buy It Mobility (BIM) Networks Inc., a leading digital payments infrastructure platform, announced the launch of its “BuyPass” product, which will enable merchants to access and leverage branded payment alternatives much more easily. Launching new solutions and payment options can be complex and resource intensive for merchants, especially as the pace of innovation and consumer demand for flexible payment options continues to accelerate. BuyPass gives retailers the ability to get their pay-by-bank (ACH) and merchant-branded payments programs up and running more seamlessly by dramatically reducing their integration lift and enabling faster speed to market.
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Given the expansion of its merchant pipeline as a result of this release, BIM is forecasting its market share to grow to approximately 45% of all petrol/c-store locations in the US in the first half of 2022, and expects several announcements with merchants in the QSR, grocery, and other retail verticals during the same period.
“BIM’s current merchant programs are realizing that payments can be used to drive customer engagement and profitability, and are benefitting greatly from our offering. On average, active consumers on our platform are significantly more engaged and transact four times more frequently than consumers with card on file in the same retailers’ wallets. Our merchant partners are also realizing significantly lower payment acceptance costs while enjoying reduced fraud and chargeback expense,” said Troy Carrothers, President of BIM.
With this new solution, as an extension of their strategic partnership, BIM will leverage Discover’s established network and virtual card solution to help facilitate merchant-branded ACH transactions.
“Recognizing the IT resource and infrastructure challenges at many merchants, BIM has partnered with Discover to reduce merchant integration lift down to dropping a URL into their apps and websites to access the BIM platform. We leverage Discover’s acceptance footprint and settlement capabilities so our merchant partners can focus on what they do best and delight their customers with a superior and more rewarding buying experience,” said Adam Frisch, CEO of BIM.
“BIM’s collaboration with Discover is a great example of how we’re enabling flexible and innovative payment options that can provide a great customer experience for our merchants,” said Jason Hanson, SVP of Global Business Development in Discover Network.