Ansa Partners with Plaid to Lower Payment Costs for Merchants and Quick-Serve Restaurants with Pay by Bank

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Oct 08, 2024, 08:00 ET

Merchants can now leverage ACH funding to reduce transaction fees and enhance customer loyalty, empowering merchants with a cost-effective digital wallet solution

SAN FRANCISCO, Oct. 8, 2024 /PRNewswire/ -- Ansa, the pioneer in white-labeled digital wallets has partnered with Plaid, the leading trusted data network powering the digital financial ecosystem, to power digital wallets with high-converting pay by bank capabilities for merchants. This partnership aims to empower merchants and restaurants—particularly coffee shops and quick-serve establishments—with cost-effective payment solutions, enhancing their ability to drive bottom-line improvements and enhance the customer experience overall.

When it comes to adopting ACH payment methods, merchants with low order value have traditionally been excluded due to limited accessibility and operational complexities. Commonly used in other retail sectors and accounting for more than 30 billion payments in 2023, ACH has long been unavailable to "habitual-usage, low-transaction value" (HULT) payments—such as those in coffee shops and quick-serve restaurants—due to gaps in the merchant and customer experience. Now, through Plaid and Ansa's innovative partnership, ACH wallet funding will be a viable and efficient option for merchants and restaurants.

By integrating Plaid's pay-by-bank offering with Ansa's stored value wallets, this partnership unlocks significant cost savings on wallet transactions that improve bottom-line and increase margins in a highly competitive market. Ansa's Incentive Engine provides tools to let brands nudge and reward their best customers for paying through these preferred mechanisms.

"This partnership with Plaid is about meeting our customers where they are," said Sophia Goldberg, CEO and Co-Founder of Ansa. "For coffee shops and quick-serve restaurants, in-store payment solutions are incredibly valuable, where a $4 latte purchase can incur fees of up to 12.5% – placing a massive burden on businesses. By bringing ACH funding to their digital wallets, we're offering even greater opportunities for cost savings and customer engagement. Rather than a brand processing a $5 credit card, they can process a $25 wallet load on pay by bank and add a $5 incentive, driving cash flow and revenue for the brand, and creating even deeper loyalty with their customers. It's an exciting expansion of what we're able to offer our partners."

Ansa's stored-value solution allows businesses to create incentive-driven programs, encouraging customers to fund their digital wallets while receiving tailored rewards for their loyalty, significantly improving a brand's financial health. Additionally, Ansa's streamlined wallet system enhances the customer experience with faster, frictionless checkout, tap-to-pay options, and embedded rewards, elevating both convenience and engagement to drive increased customer lifetime value.

"For restaurants and quick-serve business merchants, looking for ways to reduce costs and drive loyalty is a constant," said Brian Dammier, Head of Payments at Plaid. "By partnering with companies like Ansa, we are solving this headache for them, and going a step further by introducing pay-by-bank features that reduce friction and drive greater use among consumers".

This partnership, following closely on the heels of its recent in-store tap-to-pay feature, "Ansa Anywhere," represents a significant shift in how restaurants and quick-serve chains can leverage fintech solutions to drive success – through optimizing operations and enhancing customer loyalty. For the first time, ACH payments are a scalable, practical option for the HULT sector, marking a significant milestone for the industry.

About Ansa
Ansa is a digital infrastructure platform for embedded customer balances, offering white-labeled solutions that drive profitability and loyalty for merchants and platforms. Ansa enables brands to embed customers balances, compliantly and seamlessly, and manages the payments, accounting, regulatory, and compliance challenges. Empowering merchants to quickly take a branded closed-loop payments program to market, Ansa helps them keep their focus on increasing revenue, cash flow, and customer insights, while creating greater loyalty and better customer experiences. Backed by renowned investors, including Renegade Partners, Bain Capital Ventures, Box Group, Wischoff Ventures, and B37 Ventures, Ansa has raised $19.6M. Headquartered in San Francisco, the company was founded by Sophia Goldberg, the author of The Field Guide to Global Payments and previously at Adyen, and JT Cho, a fintech veteran and former engineer at Affirm and Google. To learn more: https://www.ansa.dev/

Media Contact:
For Ansa:
Liang Zhao
Vansary for Ansa
[email protected]

SOURCE Ansa