More wholesalers sign up to B2B Open Banking service

Four more wholesalers have signed up to b2b.store’s B2B Open Banking service.

One of four wholesalers to recently sign up to B2B Open Banking service.

They are: Bristol-based Chapple & Jenkins; Chadd’s Foodsmiths of Bude in Cornwall; KC Foods of Douglas, Isle of Man; and Gwynedd-based R&I Jones.

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.

“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. b2b.store offers 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.

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.”