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February 24 2023

Four wholesalers sign up to B2B Open Banking

Blog Details

Four more wholesalers have signed up to b2b.store’s B2B Open Banking service as they embrace the payment technology taking the UK by storm.

Chapple & Jenkins, Chadd’s Foodsmiths, KC Foods and R&I Jones have adopted b2b.store’s open banking service as the quartet looks to reduce costs associated with card charges and handling cash.

B2B Open Banking gives the wholesalers the ability to accept payment by direct bank transfer and is an extremely secure way to settle account balances and invoices, offering a fast and convenient payment method.

Open banking transaction fees are a fraction of those incurred when processing credit card and direct debit payments, providing a much-needed cost saving at a time when wholesalers are feeling the pinch due to inflationary pressures.

“Prices keep heading upwards for everyone currently and that’s really putting the squeeze on wholesalers who already contend with low margins,” said b2b.store CEO Rob Mannion.

“B2B Open Banking provides a genuine cost saving on processing payments, which is a welcome relief to so many businesses currently – and takes minimal set up to get a wholesaler up and running.”

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 and encourage adoption.

“It’s brilliant to see three more forward-thinking wholesalers adopting B2B Open Banking and taking advantage of the cost savings on offer,” Mannion added. 

“The number of open banking transactions taking place throughout the UK keeps growing year-on-year and with all the major banks and many online now recognising it, that’s only going to increase. For wholesalers, it makes sense to have the capability in their business as more people grow familiar with the technology, so we expect more sign ups to follow.”