Wholesalers set to save thousands via new banking solution
The first fully integrated open banking and card payment solution for the wholesale sector could save wholesalers thousands in banking charges, says STL Technology Solutions
The supplier of business management solutions for wholesalers has partnered with EchoPay to develop the open banking and card payment solution which means that cash and carry, foodservice and delivered wholesalers using STL’s tilling software will be able to process open banking payments at point of purchase. Using a Clover terminal, checkout staff will be able to generate a QR code to take payments from a customer’s mobile phone with the touch of a button.
Open banking is a faster, more convenient and more secure payment method than traditional credit and debit payments. For wholesalers, the main benefit is that payment charges are significantly reduced using open banking compared to bank charges which typically cost 1-2% of the total payment (£18 on the average transaction in wholesale). Open banking reduces this from pounds to pence.
Across STL’s customer base, up to 30% of payments are taken via cards. The move is set to have instant benefits for STL’s current customers, such as United Wholesale Scotland, United Wholesale Grocers and Lubna Foods, among others.
“Until now, electronic payments could only be processed through costly traditional debit and credit card providers,” said Ivan Durkin, Managing Director, STL. “However, a new generation of independent, agile suppliers have emerged to offer reliable, secure, and cheaper solutions using open banking processes and we’re delighted to be partnering with Unitas-approved EchoPay on this integrated solution. While the technology is complex, its application is simple and the rewards immediate and enormous.”
“Our strategic partnership with STL is a crucial step in enabling us to help wholesalers across the country save thousands of pounds a year in banking charges,” said EchoPay’s founder, James Ward.
“Through seamless data sharing across the POS, merchandise management and accounting systems, STL’s Evo platform makes accepting and processing payments using EchoPay open banking simple and efficient. We look forward to seeing the reaction from customers as they reap the benefits of cheaper open banking payments.”
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