Announcing “No Code account-to-account payment” 🚀
Today, we’re excited to officially launch ShoppingOS, to help e-commerce merchants take full control of their payment experiences. E-commerce businesses typically use an e-commerce platform to manage their web and mobile store. Whether that’s open platforms like Magento and WooCommerce, or closed platforms like Shopify and BigCommerce.
Over the last 3 months, we’ve been working hard to build our checkout solution as well as integrating with large e-commerce platforms, the first integration being WooCommerce. At ShoppingOS, we’re on a mission to deliver a seamless & affordable buying experience for the digital economy.
We’re excited to announce our ShoppingOS Plugins. 🔌
ShoppingOS provides a key missing component in the account-to-account payments value chain by connecting A2A payments to gateways and shopping carts. We’re releasing ShoppingOS plugins for every major e-Commerce platform, starting with WooCommerce. WooCommerce is an open-source e-commerce platform designed for small to large-sized merchants. WooCommerce runs on the WordPress platform, with over 159,046 stores available in the United Kingdom.
Why should shoppers ‘Pay with bank’ and not card? 💡
At ShoppingOS, we use open banking technology to facilitate account-to-account transactions between merchants and their customers. As a result, these transactions are smoother, safer, and far more cost-effective than cards or any other traditional payment method. In short, we help your customers pay you directly from their existing online bank account without interfacing intermediaries like PayPal, Visa, Mastercard, Google pay, Apple Pay etc.
Our Pay-with-Bank checkout empowers merchants who are the most at risk from traditional payment methods, the delays and high processing fees. For far too long, getting paid has been a cost centre which additionally presents real cash flow and liquidity challenges for small and medium scale businesses.
ShoppingOS payments offer merchants instant access to their funds, which enables merchants to act faster to opportunities and challenges. From purchasing inventory and investing in their business to paying wages, suppliers and debts on time, instant settlement empowers SMBs via improved cash flow. Most shoppers are generally used to paying by card (whether direct or through an e-wallet service). However, cards bring their own headaches for both shoppers and sellers. We call them the 3 F’s of card payments – Friction, Fraud and Fees.
Checkout process Friction ⚡
A frictionless payment option means that your customers go through the process of checkout much more quickly than they do with their cards. No pins, no card codes, no expiration dates.
Fraud at the checkout 🔓
Online card payments are often exposed to fraudulent activity when they are stored on a website. It can take a while for the customer to realise a data breach and it is usually the merchant that is left with the consequences. ShoppingOS’s payments are based on Open Banking technology where there is no intermediary between the two accounts. Account-to-account payments’ security lies in the banks’ APIs, which are as secure as the bank itself.
Fees at the checkout 🚀
Another inconvenience of card payments is the high fees. Card fees can be as high as 5%, depending on the card issuer – a fee typically absorbed by the retailer (though sometimes shared with the shopper). To give a bit of perspective, if you make about £1M annually from website sales through card payments, you and your shoppers can pay up to £50,000 just in card fees. ShoppingOS account-to-account payments have the lowest fees in the market, we charge £0.50p per transaction.
Over the coming months, we’ll be releasing plugins for every major e-Commerce platform. Interested in partnering? ShoppingOS is a no code account-to-account payment platform for merchants, – signup as a merchant today.
How to use ShoppingOS with your WooCommerce store.
- Create a merchant profile at ShoppingOS Dashboard
- Set up your account number and sort code
- Download and install the plugin ShoppingOS Payments
- Configure App ID and App Secret received from the Dashboard
- Complete a test payment using the test mode
- Sign the service level agreement and then switch to live payments
