Sugro offers open banking to its membership

To support its membership, Sugro is rolling out open banking, a payment method said to reduce costly card transaction charges

Open banking allows payments to be made by bank transfer, which also speeds up the process.

The wholesale buying group is working with solutions provider to roll this offer out to its membership.

“Open banking technology has the potential to be a gamechanger for wholesalers at a time when they need it most,” said Yulia Petitt, head of commercial and marketing, Sugro (pictured).

“In recent years, the cost of processing payments for credit and debit cards has risen significantly and B2B Open Banking’s competitive pricing structure removes much of that burden by coming in at a much lower percentage.

“Not only that, but using open banking also helps with a wholesaler’s cashflow because money is paid into a bank account almost immediately compared to the two or three days for card payments to clear.” open banking Sugro Yulia Petitt