Open banking software developer Nuapay has teamed up with FinTech payments service Beam to help UK businesses save £1m in card processing fees.
This partnership enables Beam to offer open banking payments to clients on WooCommerce, an open-source e-commerce plugin for WordPress. This will give retailers faster and more secure payments.
After completing a successful pilot, the service is now used by around 100,000 websites. Merchants using WooCommerce to accept payments can register with Beam and will also receive a Nuapay business payment account.
This account will enable merchants to access instant payments, instant refunds, recurring payments and instalment payments.
Beam hopes to save UK businesses £1m in card processing fees over the next two years.
Last month, the Open Banking Implementation Entity released research that claims 50% of UK small businesses use services from open banking providers.
Nuapay head of UK Nick Raper said, “E-commerce has grown at an exponential rate in the last year, and, as more consumers move online due to ongoing lockdowns, this trend shows no sign of slowing down.
“As such, we need to do all we can to empower small businesses to serve their customers with the best possible experience. We’re delighted to be partnering with Beam, who share our philosophy of bringing UK businesses the benefits of fast, direct and secure open banking payments.”
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