Complete payment service to slash costs and improve credit control efficiencies
Wholesalers can now cut their card-payment costs thanks to the launch of b2b.store’s Open Banking module.
A complete payment service, Open Banking will help wholesalers reduce operational costs while prices elsewhere continue to rise due to the cost-of-living and energy crises.
The service is low cost and easy to install, and can be used for web, app, invoice and in-depot transactions, offering a one-stage electronic payment with integrated invoice reconciliation.
And with card charges a hidden additional cost that’s stinging wholesalers currently, b2b.store’s launch has come at a good time.
“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,” said b2b.store CEO Rob Mannion.
“While the details of how that issue was resolved have not been revealed, VISA is continuing with its plans to raise acquiring charges in April 2022.
“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. The service also offers 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.
“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,” added Mannion.
“Launching this service is one way we can support our customers to operate more efficiently, using digital technology.
“Open Banking can be embedded to 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.”
b2b.store's new Open Banking launch sits within a wide-ranging Credit Control offer that can be implemented alongside existing eCommerce platforms.