Skip to content
Search
AI Powered
Latest Stories

Sugro UK introduces open banking service to its members

Sugro UK introduces open banking service to its members

The member-owned buying and marketing group, Sugro UK, is offering its wholesale members the chance to significantly reduce costly card transaction charges with a new open banking service.

It has agreed a deal with technology solutions provider, b2b.store, to roll out its B2B Open Banking solution to the membership – giving Sugro’s wholesalers the opportunity to implement the payment method quickly and easily.


B2B Open Banking allows wholesalers to accept payment by bank transfer and is an extremely secure means of settling account balances, offering a fast and convenient method at a fraction of the costs associated with credit-card and direct-debit transactions.

At a time when wholesalers’ margins are tightening even more than usual due to the rising costs of energy, transport and food production, open banking provides the chance to drive cost efficiencies through their business.

IMG 9417 edit 080921 scaled Yulia Petitt

“Open banking technology has the potential to be a gamechanger for wholesalers at a time when they need it most,” said Sugro’s Head of Commercial and Marketing, Yulia Petitt.

“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 cash flow because money is paid into a bank account almost immediately compared to the two or three days for card payments to clear.”

Open banking has grown in popularity in the UK over the past few years, with b2b.store further enhancing a user’s experience by devising B2B Open Banking payment links that can take customers directly to a secure payment screen with one tap. Customers then only need to enter some identifying details and select a bank for the transaction to be set up.

The B2B Open Banking links can be included in any form of communication or as a preferred-payment method on invoices, making it easy for wholesalers to introduce the technology to their customers and encourage adoption.

B2B Open Banking can also be integrated into current eCommerce and accounting software quickly and easily, so Sugro hopes uptake from its membership will be high.

“We’re delighted to have reached an agreement with Sugro to offer B2B Open Banking to their members,” added b2b.store CEO Rob Mannion.

“We see the technology as an important tool for wholesalers as they continue to streamline their businesses and drive cost efficiencies in the current climate.

“By cutting card transaction charges, wholesalers can pass on some of the cost savings to customers in reduced prices too, making for an extra reason for customers to spend with them and spreading the impact across the entire business.”

More for you

Senedd passes HFSS food display rules in Wales for 2025

Senedd passes new rules on HFSS foods promotion

Photo: iStock

Senedd passes new HFSS rules

New rules about how and where foods high in fat, salt and sugar (HFSS) can be promoted and displayed in larger shops and online have been passed by the Senedd.

The regulations are designed to prevent impulse purchases and over-consumption and expected to help to tackle the growing problem of obesity in Wales.

Keep ReadingShow less
Victoria Lockie, Unitas Wholesale retail director, speaking at an industry event.

Victoria Lockie leaves Unitas for a new adventure.

Unitas

Victoria Lockie to leave Unitas

Unitas Wholesale retail director and executive board member Victoria Lockie is to leave the business in April as she looks to take on a new challenge, the buying group confirmed to Asian Trader today (27).

Lockie joined the business in September 2024.

Keep ReadingShow less
Brian Eagle Brown with new ShopMate 360 EPoS solution

Brian Eagle Brown with new ShopMate 360 EPoS solution

ShopMate unveils new EPoS solution for convenience retailers

ShopMate has introduced ShopMate 360, a “streamlined and affordable” EPoS system designed for convenience retailers.

ShopMate said the new solution ihas been developed with small retailers in mind, offering an easy-to-use till interface that requires minimal training. With an intuitive design, even those new to retail technology can quickly get up to speed, ensuring smooth daily operations.

Keep ReadingShow less