In a groundbreaking collaboration, A2A payments specialist EchoPay and trailblazing open banking payment infrastructure leader Token.io have joined forces to revolutionize the payment landscape for wholesale merchants throughout the United Kingdom.
EchoPay and Token.io have unveiled a transformative partnership aimed at redefining payment options for wholesale merchants across the United Kingdom. This strategic alliance leverages Token.io’s unparalleled prowess in A2A payments and EchoPay’s cutting-edge solutions to empower businesses with seamless, secure, and cost-effective transaction capabilities.
At the heart of this collaboration is Token.io’s state-of-the-art A2A payment connectivity, which serves as the technological backbone for EchoPay’s innovative platform. This partnership facilitates the integration of A2A payments directly at the point of sale, granting wholesale merchants an enticing low-cost alternative characterized by real-time settlement and an elevated level of security.
An insightful study conducted by EchoPay has shed light on the financial landscape for wholesale transactions, revealing an average transaction value of £1,800. These transactions have traditionally incurred bank charges averaging £18, a factor that erodes profit margins for businesses. Additionally, the absence of interchange caps for commercial cards in the UK subjects wholesale merchants to higher card fees compared to their consumer-centric counterparts.
Through the strategic utilization of open banking-enabled payments, EchoPay seeks to eliminate intermediaries within the payment ecosystem, thereby substantially reducing these financial burdens on wholesale merchants. This pivotal shift promises not only cost savings but also heightened efficiencies within the payment realm.
EchoPay’s A2A payment solution can be easily installed on Point of Sale (POS) terminals as a custom tender, allowing merchants to generate QR codes for customers to initiate a frictionless A2A payment directly from their mobile phones. Notably, members of Unitas Wholesale, the UK’s largest independent wholesale buying group, with more than 150 independent wholesale members across retail, out of home, and specialist channels, have already realised considerable advantages through EchoPay’s solution.
James Ward, CEO and Founder of EchoPay, stated: “Our ambition is to help independent wholesalers across the country improve their profitability by reducing their banking charges. Our new partnership with industry leaders Token.io is an important step in enabling even more businesses to discover the benefits of open banking-enabled payments.”
Todd Clyde, CEO of Token.io, commented: “We are thrilled to partner with EchoPay to bring the benefits of Pay by Bank solutions to new verticals. The launch of EchoPay is a big step forward in making Pay by Bank available at the point of sale and expanding the benefits of A2A payments to more merchants. In addition to cost savings, Pay by Bank enables better cash flow as payments are settled instantly, and can also be allocated seamlessly for faster, easier reconciliation than invoicing and accepting bank transfers.”
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