Following this announcement, the partnership is expected to underscore the companies’ commitment to providing their members and customers with improved payment solutions that were developed in order to optimise the overall operational efficiency. In addition, the collaboration will focus on meeting the needs, preferences, and demands of clients in an ever-evolving market, while also improving their overall privacy and experience.
Throughout this strategic deal, Acquired.com is expected to deliver its proprietary and secure Pay by Bank payment solution, which was developed with Open Banking technology. This product will be offered for both in-person and online purchases. In addition, the efficient alternative to card payments was developed specifically for UK businesses and users, with the overall aim to provide them with a convenient and protected way to accept transactions more easily and with less cost.
The Pay by Bank for Point of Sale (POS) tool was designed in collaboration with MultiPay Global Solutions in order to integrate faster and more securely into Unitas Wholesale’s members’ existing infrastructure. The offerings are also set to optimise the customers’ payment systems by incorporating MultiPay’s sophisticated hardware options and also facilitating a simplified settlement procedure for members. This will take place while the companies will focus on delivering an improved payment experience to customers as well.
Through the process of implementing Pay by Bank into Unitas Wholesale’s payments strategy, the collaboration will include potential savings of over 85%, compared to card transactions, according to Acquired.com. By eliminating fees, reducing costs, and improving customer experience, Pay by Bank will enable merchants and traders to access their funds in an instant and secure manner, while also ensuring streamlined financial management.
End users and clients will be given the possibility to benefit from easy and certified payment processes, including face-to-face transactions, where the customer will be enabled to simply scan the QR code displayed on the MultiPay payment device. Once the payment is approved, it will be processed rapidly and the funds will be moved from the customer’s bank account to the trader’s settlement account. This is expected to ensure a swift and secure transaction, while the companies will remain compliant with the regulatory requirements of the local industry.
Online, this process is expected to allow customers to choose Pay by Bank at checkout in order to be redirected to their banking environment. During this, they will be able to approve the transaction in their banking app faster and more securely. Businesses will have the possibility to accept all major credit and debit cards, in addition to popular digital wallets, such as Apple Pay and Google Pay. At the same time, Acquired.com’s payment solution will offer its Pay by Bank solution with no additional integration time or effort, while also simplifying the checkout process, combating fraud, and automating reconciliation.
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