Volt Pricing Explained

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If you’re evaluating open banking solutions for your business, understanding the pricing structures of providers like Volt is a crucial step. Volt, a leading name in account-to-account (A2A) payments, specialises in enabling real-time, secure, and global financial transactions. This guide aims to break down their pricing model and explore how businesses can benefit from their services while considering cost-effective alternatives.

In this Blog we will guide you through:

What Does Volt Offer?

Volt.io is an open banking provider that delivers a robust suite of payment services. Their solutions are designed to help businesses process transactions more efficiently and securely while enhancing customer experience. Here’s what Volt brings to the table:

1.Instant Payments

Volt enables real-time bank-to-bank payments, ensuring funds are transferred instantly. This capability is ideal for businesses looking to reduce settlement times and improve cash flow.

2.Optimised Checkout

With Volt’s “Pay by Bank” feature, businesses can offer customers a streamlined payment experience. This reduces cart abandonment and increases conversion rates.

3.Cash Management Tools

Volt provides balance consolidation features through Volt Accounts. These tools allow businesses to manage funds across multiple currencies seamlessly.

4.Instant Payouts

Businesses can use Volt to send payouts directly to customer accounts, enabling faster refunds or payments without relying on traditional banking delays.

By offering these features, Volt empowers businesses to modernise their payment systems and adapt to a growing demand for faster, more efficient financial transactions.

How Does Volt’s Pricing Work?

Volt’s pricing structure, like many open banking providers, is designed to be flexible and tailored to the specific needs of businesses. While the company does not disclose standard pricing publicly, their model is based on several key factors that determine overall costs.

1.Customised Pricing Plans

Volt offers bespoke pricing based on the nature of your business and its requirements. This approach ensures that businesses only pay for the services they use, making it an adaptable option for organisations of various sizes.

2.Transaction-Based Costs

Volt’s charges are often tied to the volume and type of transactions performed on their platform. Key activities influencing costs include:

• Payment Initiations: Charges for initiating account-to-account transactions.
• Payouts: Fees for sending instant refunds or payments to customer accounts.
• Cash Management Services: Costs related to multi-currency balance management and consolidation.

This structure gives businesses control over expenses, allowing them to adjust based on their activity levels.

3.Scalability for Growing Businesses

Volt’s pricing model supports businesses at all stages of growth. Startups and smaller organisations can start with lower transaction volumes, while larger enterprises benefit from scalability as their needs increase. Businesses should discuss volume-based pricing options with Volt to ensure alignment with their growth trajectories.

Acquiring Pricing Details

Volt operates on a request-for-quote basis, meaning businesses need to contact their team directly to receive tailored pricing information. During the consultation process, Volt typically considers the following:

• Business size and industry.
• Estimated transaction volumes.
• Required services, such as payment initiation, payouts, or cash management.
• The geographical regions in which the business operates.

This tailored approach ensures pricing aligns with the unique needs of each business, but it can make comparisons with other providers more challenging.

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Key Considerations

Selecting the right open banking provider can greatly impact your business’s ability to modernise payment systems and optimise financial operations. Here are the key factors to consider:

1. Regulatory Compliance and Security

Ensure the provider complies with regulations and prioritises security:

• Authorisation: Are they regulated by authorities like the FCA in the UK?
• Data Protection: Do they meet GDPR standards for secure data handling?
• Fraud Prevention: What measures are in place to protect against risks?

2. Service Capabilities

Confirm the provider’s services match your needs:

• Payments: Do they support instant, recurring, and bulk payouts?
• Data Access: Can they provide real-time account information?
• Payouts: Are instant refunds available?

3. Integration and Support

Evaluate ease of setup and ongoing assistance:

• API Quality: Is the API well-documented for developers?
• Integration Costs: Are there fees for setup or extra support?
• Ongoing Support: Is technical help readily available?

4. Pricing Transparency

Understand all cost components upfront:

• Setup Fees: Are there any onboarding charges?
• Transaction Costs: Are fees clear for each activity?
• Multi-Region Use: Does operating across regions increase costs?

5. Scalability and Growth

Choose a provider that grows with your business:

• Flexible Pricing: Can they handle higher transaction volumes affordably?
• Additional Services: Are there options to expand features?
• Reliability: How well does the platform handle peak traffic?

By focusing on these factors, you can ensure the provider you choose supports your current needs while preparing your business for future growth.

Affordable Alternatives for UK Startups

While Volt provides comprehensive open banking solutions, startups and small businesses in the UK may benefit from exploring alternatives that focus specifically on affordability, ease of integration, and local expertise. One such alternative is Finexer, a provider designed to meet the unique needs of growing UK businesses.

Why Consider Finexer?

1. Transparent and Cost-Effective Pricing

Finexer offers a straightforward pricing structure that eliminates hidden costs. Unlike activity-based pricing, Finexer uses a consumption-based model that allows startups to scale without incurring unpredictable fees.

• Savings: Independent analyses suggest startups can save up to 90% on transactional costs compared to traditional providers.
• No Upfront Costs: Finexer’s pricing avoids large initial investments, making it accessible for businesses with limited budgets.

2. Comprehensive UK Bank Coverage

Finexer connects directly to 99% of UK banks, enabling businesses to reach their target audience efficiently. This localised approach eliminates the complexity of working with providers that prioritise global coverage over domestic needs.

3. Faster Deployment

For startups, time-to-market is critical. Finexer’s platform is designed to be developer-friendly, offering quick integration and faster deployment.

• Ease of Use: Intuitive APIs and a well-documented platform make it easier for technical teams to implement.
• Speed: Businesses can launch within weeks, enabling faster access to market opportunities.

4. Built-In Compliance and Security

Finexer handles all regulatory requirements with its FCA-authorised infrastructure. This ensures businesses meet UK regulations without the need for additional compliance resources.

• GDPR Compliance: Secure handling of customer data and clear consent protocols.
• Regulatory Confidence: Businesses can focus on growth while Finexer manages audits and certifications.

5. Dedicated Support for Startups

Finexer goes beyond basic support by offering tailored guidance for integration, optimisation, and scaling.

• Expert Assistance: A dedicated team of fintech specialists is available to help startups navigate technical and operational challenges.
• Growth Focus: Support extends to advising on strategies for scaling operations and optimising payment systems.

Final Thoughts

Volt’s pricing model and features make it a strong contender for businesses seeking comprehensive open banking services. However, for UK startups looking for cost-effective, tailored solutions, exploring providers like Finexer can be a game-changer. By assessing your specific needs and comparing options, you can make an informed decision that supports your business’s growth.