Builders merchants face banking charges of 1.5% - 2% on every commercial card transaction they process. With some transactions running into the thousands of pounds – and hundreds of transactions taking place every day – it’s easy to see how these charges can escalate.
EchoPay open banking reduces these average costs from pounds to pence. By switching customers away from traditional card methods and onto cheaper open banking rails, builders merchants can save tens of thousands a year while offering a more convenient way to pay.
Builders merchants can add a QR code on every invoice they send customers, which takes them to a website that is designed with bespoke branding. Customers can then pay use open banking to pay – a process that takes less than 18 seconds on average.
Builders merchants can take payments via open banking at the till with handheld Clover terminals. Checkout staff can use these terminals to generate a QR code at the point of purchase, which customers can use to pay with their phones.