b2b.store’s open banking solution is growing from strength-to-strength as it hits more than 3,000 monthly transactions.
B2B Open Banking’s continuing success is driven by the number of ways the cost-cutting payment method can be implemented at different points within a wholesaler’s business – making it easier for customers to pay using the technology.
Thanks to ongoing development, wholesalers can now offer B2B Open Banking payment options in-depot, on delivery or in the field via a sales rep, and by telesales staff when talking to customers on the phone.
These points of payments further enhance the initial suite of online locations B2B Open Banking can be used, including on an email template, at the point of online payment, and as part of credit control functions such as invoices.
Each method triggers a pre-populated mobile banking transaction between wholesaler and customer, with a customer able to send instant payment with only a couple of taps – making it an incredibly convenient way to settle a transaction.
“We’re constantly adding new features to our B2B Open Banking solution to make sure our service is tailored to a wide variety of wholesalers’ needs,” said b2b.store CEO Rob Mannion.
“We know that businesses all work in different ways, so we work closely with wholesalers to figure out the most effective places for open banking to be used, and provide additional support to help with implementation and encourage their customers to regularly pay with open banking.
“That means we have to be constantly innovating and listening to customer feedback, which is reflected in the development of our product – and it’s clearly working because the number of transactions keep going up.”
As a result, the value of monthly transactions going through B2B Open Banking is increasing too, with b2b.store not far from celebrating £10 million for transactions in this financial year. That represents a significant saving for the wholesalers already offering the payment option, with each one typically saving at least one per cent by paying the lower open-banking transaction fees compared to more expensive costs associated with credit and debit card transactions.
As open banking has grown in exposure and popularity, more wholesalers have introduced it into their business and there’s no sign of that trend stopping.
“Open banking is only going to become more commonly used in all industries in the future, so the time is now for wholesalers to get in on the party,” Mannion added.
“The sooner wholesalers can have open banking up and running across their business, the sooner they’ll be making savings, and they’ll ensure they’re not caught behind the trend as open banking grows further.”