b2b.store has launched a complete payment service via Open Banking as part of a move to help wholesalers reduce their operational costs in the face of rising prices.
Low cost and straightforward to install, the module can be used for web, app, invoice and in-depot transactions, offering a one-stage electronic payment with integrated invoice reconciliation.
Crucially, wholesalers using the service do not incur the acquiring charges made by card operators, significantly reducing the cost of processing payments.
Rob Mannion, founder and CEO of b2b.store, said: “Card processing charges rarely make headlines but when Amazon threatened to ban customers from making payments via VISA cards earlier this year, the issue was brought into the public’s consciousness.
“While the details of how that issue was resolved have not been revealed, VISA has continued with its plans to raise acquiring charges. This is creating yet another cost increase for hard-pressed wholesalers already battling with increased prices caused by the Covid-19 pandemic, rising energy bills and now political instability in eastern Europe too.”
b2b.store’s new service allows wholesalers to process payments using Open Banking technology instead of taking credit, debit or company card payments. This creates real operational benefits, including improved cashflow as money can be paid into wholesalers’ accounts within minutes rather than days; and smoother reconciliation of invoices as invoices and payments are directly linked, unlike with card payments or bank transfers.
Within the accounts section of b2b.store, on both mobile and desktop platforms, customers will see a ‘pay’ button next to their account balance. If they want to pay off their balance, they simply click the button and it will allow them to select their bank and open their banking app. The transaction is completed within the banking app, using pre-populated details. b2b.store does not process any funds - the transaction takes place directly between the wholesaler and the customer’s bank - saving wholesalers serious money on transaction-based acquiring charges.
Rob continued: “We know that upward pressures on costs and the squeeze on business customers are combining to make these yet more challenging times for many wholesalers. Launching this service is one way we can support our customers to operate more efficiently, using digital technology.
“Open Banking can be embedded into physical invoices in the form of QR codes and has the potential to add value in both depots and at the point of delivery. The technology offers multiple use cases, both on and offline, and I’d encourage anyone keen to maximise operational efficiencies to contact us to find out more about how it could help their business.”
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