We are excited to announce our partnership with Token, an open banking payments platform driving the shift from card to bank payments with the broadest coverage for open banking payment initiation and data access in Europe. With this partnership, UK ecommerce merchants can easily accept open banking payments on their ecommerce platform without writing a line of code.
As a no-code platform for Open Banking payments, ShoppingOS helps ecommerce businesses increase their sales and conversion rates, driving more revenue. Our unique account-to-account network bypasses the card networks, letting consumers make fast, simple, and secure payments to merchants directly from their bank accounts. This simplified checkout experience reduces payment processing costs by 80%.
We are providing a key missing component in the Open Banking payments value chain.
“Our platform enables us to deliver the last mile of open banking to merchants, our infrastructure is purposely built to democratise open banking services for everyday life by building upon two layers (the bank’s APIs and the open banking aggregator’s APIs, which take care of all the technical connections to banks) to provide a complete open banking stack for merchants to seamlessly accept payments” — Ilie Dragan, CPO, ShoppingOS
Why did ShoppingOS integrate with Token?
As the world of payment continues to evolve, businesses are constantly seeking a seamless payment experience for both merchants and the end users. The ageing card infrastructure which was initially designed for physical commerce about 40 years ago, is definitely not a good fit for today’s ecommerce merchants.” — Victor Colta, Co-founder at ShoppingOS.
Merchants are already losing out on revenue they rightfully own due to extortionate card interchange and transaction fees –Visa, Mastercard and PayPal have all announced a rise in interchange fees this year. According to a survey published by the British Retail Consortium (2021), payment costs are on the rise. Over £1.3 billion was spent by UK merchants to accept payments from their customers in 2020. That’s 0.33% of turnover (up from 0.28% in 2019) and equivalent to £46 per household per year. These rising payment costs eat into merchants’ margins and can translate to higher prices for consumers. Merchants are also at risk of losing customers if they don’t provide smooth checkout services.
“This partnership will enable ShoppingOS to achieve its mission to deliver a seamless and affordable buying experience for the digital economy by enabling merchants to access a cost effective and frictionless payment experience through our simple no-code integration. We started with WooCommerce and, over the coming months, we’ll be releasing plugins for every major e-commerce platform”.Ifeoluwa Osakuade, CEO, ShoppingOS
“Token is on a mission to drive the shift from traditional payment methods like cards to open banking enabled account to account payments. To become a true competitor to cards, instant bank payments must be widely accessible and simple to implement. That’s why we’re excited to see ShoppingOS’ elegant WooCommerce plugin make it easy for e-commerce merchants to accept faster, fairer, frictionless bank payments without writing a line of code.”Todd Clyde, CEO, Token
What does this partnership mean for you and your business?
This partnership will enable merchants to seamlessly transition from the complexities associated with card payments to direct instant bank payments. This means businesses can securely accept payments directly from customer’s bank to merchant’s bank account in seconds without interfacing with any card network, card issuing bank or acquirers.
Here are more benefits:
– Increased sales and conversion rates through a smooth checkout process.
– Improved cash flow through instant payment settlement.
– Increased customer loyalty by delighting them with instant refunds.
– Eliminates card fraud and associated fees.
– Eliminates chargebacks as payments are authenticated by the customer in their banking app or portal which improves payment successes through bank level security.
A2A payments can reach anyone with a UK bank account — that’s 67million potential end users. We look forward to helping you grow your sales and improve your payment stack.
ShoppingOS is a no-code Open Banking payment platform for e-commerce merchants looking to reduce their overall fees related to payment processing – sign up as a merchant today Contact us if you’d like to know more about how it works.