User story - Mercado
Having tried many APIs, Crezco's open banking payments API was the easiest to integrate with, and has the lowest pricing. The development team are also very responsive and are quickly adding lots of new features.
Oli
Co-founder, Mercado
Company intro
Mercado is an event ticketing platform. It provides an easy and customisable events platform, fully integrated with social media. Their users can create events, share the link with customers, accept payments, and manage QR code tickets, all from their dashboard.
Key benefits
- Easy and fast integration
- Reduced payment fees
- Instant checkout solution
Challenge
Card payments are expensive, especially when businesses deal with micropayments and they are also subject to chargebacks. As an event ticketing platform, Mercado needed to propose an easy and cost-effective way for their event organisers to collect payments online securely.
"Event organisers want the lowest processing fees, and their customers to have low friction checkouts. Some are also keen on 'micropayments' for loyalty/engagement which are particularly expensive with card payments."
By using Crezco's API, Mercado leverages open banking payments in their platform and allow their users to collect instant payments for free, securely and with no chargeback risk. Crezco is a solid Stripe alternative and a great PayPal alternative for businesses.
Solution
Mercado chose Crezco's payment API due to the simplicity of the integration. It's an easy-to-use and well documented API, which also handles all security requirements. Via Crezco, the event organisers on the Mercado platform now collect account-to-account payments from their customers free of chargeback risk and with no payment fees. Crezco handles all the open banking complexity, the compliance needs and the fraud protection requirements behind the scenes to deliver a clean online checkout solution.
"Having tried many APIs, Crezco's open banking payments API was the easiest to integrate with, and has the lowest pricing. The development team are also very responsive and are quickly adding lots of new features."
Unlike traditional payment providers, Crezco uses open banking to provide free and secure account-to-account payments. Mercado customers don't need to share card details or bank account information online. With Crezco, they are simply redirected to their bank where they authorise the payment via Strong Customer Authentication.
Result
Using Crezco's instant account-to-account payment solution has helped event organisers using Mercado save more than 3% on payment fees and receive funds 7 days faster. As Crezco payments don't use a payment card, there is no chargeback risk, which leads to an easier reconciliation process. For those Mercado users who use accounting software like Xero or QuickBooks, Crezco's seamless integration automatically reconciles payments and invoices, saving them even more time on admin tasks.
"Event organisers save more than 3% on processing fees and receive funds 7 days faster when using Crezco vs. Stripe."
With this partnership, Mercado joins thousands of companies using Crezco's API today to simplify payment collection for their users and for themselves.
"We're now seeing 80% of our checkouts completed with open banking since implementing Crezco"
Next steps
Mercado continues to innovate by adding new features as they onboard more event organisers. Crezco is delighted to work alongside Mercado and to introduce open banking payments to all the event organisers that want a faster and better alternative to card payments.
"Hopefully we can onboard more event organisers, who can save more money using Crezco!"
