UK-based used car dealer Walker Car Sales has chosen EchoPay ’s Open Banking payment solution to cut card-related costs. The collaboration will see Walker Car Sales employing EchoPay’s Open Banking tools.

The dealer can now accept Open Banking payments face-to-face through a QR code generated by a handheld Clover terminal. To pay, customers simply scan the QR code with their mobile phone. Cutting payment processing related costs Open Banking payments avoid the charges applied to card payments, increasing profitability with every sale.

With each transaction at Walker Car Sales processed at GBP 500 or above, the business saves more than GBP 5 on every payment that would have otherwise been via a card. The car dealer reported a 50% conversion rate on customers who would usually pay by card, moving over to EchoPay. Open Banking is growing at pace in the UK, with 11% of the general public now being active users.

The total monthly value of Open Banking payments is around GBP 4.5 billion. Officials from EchoPay said they’re happy to see Walker Car Sales hit the ground running with their Open Banking solution and making important savings from day one. They know Open Banking is highly relevant for businesses of all shapes and sizes and with their flexibility, they know they have a solution for all.

Previous news from EchoPay In August 2023, EchoPay has partnered with Token.io to introduce A2A payments to wholesale merchants in the UK. By utilising Token.io's infrastructure, EchoPay enables businesses to accept A2A payments at the point of sale, offering a cost-effective and secure alternative to traditional card payments. Research by EchoPay indicates that wholesale transactions incur substantial bank charges, which can be mitigated through Open Banking-enabled payments.

The company’s solution includes installing A2A payment capabilities on POS terminals, allowing customers to initiate payments via QR codes on their mobile phones. Unitas Wholesale, a prominent UK wholesale buying group, has already observed benefits from EchoPay's solution, with anticipated savings in banking charges of up to GBP 5 million in 2023. Additionally, EchoPay offers A2A payment acceptance through a branded app or credit management dashboard, facilitating streamlined payments beyond the point of sale.

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