Sugro is now offering open banking to its wholesalers after agreeing a deal with technology solutions provider b2b.store to roll out its software to the membership.
Claiming it will significantly reduce costly card transaction charges, it is also said to offer wholesalers the opportunity to implement the payment method quickly and easily.
B2B Open Banking allows wholesalers to accept payment by bank transfer and is claimed to be extremely secure means of settling account balances, offering a fast and convenient method at a fraction of the costs associated with credit-card and direct-debit transactions.
“Open banking technology has the potential to be a gamechanger for wholesalers at a time when they need it most,” said Sugro’s head of commercial and marketing, Yulia Petitt.
“In recent years, the cost of processing payments for credit and debit cards has risen
significantly and B2B Open Banking’s competitive pricing structure removes much of that
burden by coming in at a much lower percentage.
“Not only that, but using open banking also helps with a wholesaler’s cash flow because
money is paid into a bank account almost immediately compared to the two or three days for card payments to clear.”
Open banking has grown in popularity in the UK over the past few years, with b2b.store
further enhancing a user’s experience by devising B2B Open Banking payment links that can take customers directly to a secure payment screen with one tap. Customers then only need to enter some identifying details and select a bank for the transaction to be set up.
The B2B Open Banking links can be included in any form of communication or as a
preferred-payment method on invoices, making it easy for wholesalers to introduce the
technology to their customers and encourage adoption.