Sugro has reported a decrease in the quantity of cash being used to settle invoices, therefore creating safer conditions for employees following the buying group’s implementation of open banking.
Partnering with technology solutions provider b2b.store, the service has been introduced by certain Sugro members into their operations and they have reported an increase in safety on top of the main benefit of cutting card transaction charges.
Sugro’s Head of Commercial & Marketing, Yulia Petitt: “We always knew that B2B Open Banking would have a positive effect on the finances of our wholesale members, but to see other benefits shining through so strongly already is brilliant,” said Yulia.
“Crime against wholesalers is an ongoing concern for the entire sector and we’re always looking at ways to tackle the security issues the nature of the operations carried out attracts.
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“Cutting down the amount of cash flowing between wholesalers and their customers is a key part of that, with the only remedy to find an alternative payment solution that retailers will use instead.”
B2B Open Banking allows wholesalers to accept payment by bank transfer – a secure, fast and convenient method that costs less than credit card and debit card transactions.
The B2B Open Banking can be integrated into existing systems a wholesaler is using, while links can be included in any form of communication or as a preferred payment method on invoices, making it easy for wholesalers to introduce and encourage adoption.
“Several wholesalers have started using B2B Open Banking in recent months and feedback so far has been positive,” said b2b.store CEO Rob Mannion “We can see that the payment method is becoming increasingly possible with wholesalers’ customers too, as the numbers of monthly transactions have been steadily going upwards.
Elsewhere at Sugro, it recently appointed Sophie James as a trading manager for Confectionery, Seasonal and Crisps & Snacks. She previously worked for One Stop covering the same categories.