Following this announcement, EchoPay’s Open Banking capabilities are expected to provide foodservice wholesalers with the possibility to process payments from their customers in an easy and secure manner, by leveraging encrypted channels.
The technology was developed in order to improve fraud prevention tools, while also helping telesales staff to benefit from a simpler and more efficient payment process. In addition, wholesalers will be able to eliminate human error and provide an optimised client experience and satisfaction.
The launch will enable foodservice wholesalers’ users to benefit from a payment solution that was developed in order to be more convenient and comprehensive to use. By leveraging this tool, transactions can be taken through the use of a mobile via web links that are sent through customers’ preferred communication methods, such as WhatsApp or email.
At the same time, clients will be able to process payments face to face, either in the depot or at the point of delivery by leveraging handheld Closer terminals. These terminals were designed in order to generate a unique QR code that can be scanned by the users’ mobile devices. This process will allow them to pay through a wholesaler-branded mobile-first website.
According to the official press release, while food inflation fell to 7% in the month of January, it remains higher than at any point since 2017. This is currently causing a significant fall in foodservice profits, as outlets and wholesalers try to keep costs down while also offering quality food and experiences to their clients. In addition, foodservice businesses pay fees of 1-2% on each business card transaction, which make up for the majority of payments.
With this in mind, the EchoPay Open Banking solution will process digital transactions and payments for a fraction of the costs. At the same time, the company will focus on meeting the needs, preferences, and demands of businesses and partners in an ever-evolving market, while remaining compliant with the regulatory requirements and laws of the industry as well.
In addition, EchoPay is urging wholesalers to analyse the payment solutions present in its product portfolio, such as cash, credit cards, debit cards, or cheques, in order to ensure they are providing their users with the freedom of choice and the needed information on the pros/cons of each solution.
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