Sugro UK introduces open banking service to members

Sugro UK is offering its wholesale members the chance to reduce costly card transaction charges with a new open banking service.

Yulia Petitt: ‘Open banking technology has the potential to be a game changer for wholesalers at a time when they need it most.’

The buying group has agreed a deal with b2b.store to roll out its B2B Open Banking solution to the membership.

B2B Open Banking allows wholesalers to accept payment by bank transfer  – a secure, fast and convenient method that costs less than credit card and debit card transactions.

“Open banking technology has the potential to be a game changer for wholesalers at a time when they need it most,” said Sugro’s head of commercial & marketing, Yulia Petitt.

“In recent years, the cost of processing payments for credit and debit cards has risen significantly, and B2B Open Banking’s competitive pricing structure removes much of that burden by coming in at a much lower percentage.

“Not only that, but using open banking also helps with a wholesaler’s cash flow because money is paid into a bank account almost immediately compared to the two or three days for card payments to clear.”

Open banking has grown in popularity in the UK over the past few years, with b2b.store 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 to their customers and encourage adoption.

B2B Open Banking can also be integrated into current ecommerce and accounting software quickly and easily, so Sugro hopes that uptake from its membership will be high.