What is B2B Open Banking?
Open Banking allows wholesalers to accept payment by bank transfer and is an extremely secure means of payment, offering two principal advantages compared to debit, credit or corporate credit cards.
Firstly, it's much cheaper when compared to the cost associated with processing payments from a card, direct debit or the cost of handling high values of cash. Secondly, payments are received more quickly, with payments arriving in your bank account within seconds – compared to two to four days for card payments.
It can be incorporated into various areas of your business – both online and in the physical world – offering an enhanced audit trail of when a payment is made and by whom. Payments can be associated with specific invoices, reducing the overheads associated with reconciling accounts, while finance teams can be notified via email when payments have been made, by whom, and to which invoice it relates, further reducing costs.
How do payment links enhance B2B Open Banking?
B2B Open Banking is a quick, direct method of making secure transactions, but payment links speed that process up. b2b.store gives wholesalers the chance to send dynamic links directly to their customers, taking them straight to a payment screen with one simple tap or click.
The links can be included as a preferred payment method on invoices, or shared with customers by email or communication method, including B2B WhatsApp, or integrated into external websites or part of existing eCommerce.
Landing pages can be branded with a wholesaler's logo so it's unique to that business, with most major UK banks now accepting open banking transactions.
