Lioncroft Wholesale has launched a new open banking payment system at its Aston and Smethwick depots.
The wholesaler is the first business to launch with new open banking provider ‘Bankzy’.
Open banking allows customers to pay for goods directly from their business account, and it incurs lower charges for the wholesaler due to the lack of expensive credit card interchange fees.
Lioncroft expects to make six-figure yearly savings by using the new system.
In order to promote the technology, the wholesaler will give the first 250 customers in each depot a £10 discount on their shop.
Since the launch last week, the company said customer feedback had been positive, with over 100 customers signing up.
The new payment method will be fully integrated into the depots’ Pax payment terminals from 23 May.
In addition, a new customer loyalty reward scheme will be introduced via the Bankzy app in late June.
“At Lioncroft we have worked hard to embrace new ways of working. As one of the biggest independent wholesalers in the UK, we are very pleased to be the first to launch Bankzy Open Banking,” said Lioncroft CEO Dr Jason Wouhra.
“The face of wholesale is changing, and it is important we are ahead of the curve. With the current economic pressures faced by businesses and households, it is important we support our loyal customer base. Launching Open Banking with Bankzy is a great step in achieving that.”
Lioncroft head of finance Jon Bolon said: “Gregg and the team at Bankzy have done a fantastic job in launching a market leading application which integrates seamlessly into our model, maximising cost savings operationally and allowing us to pass on competitive pricing.”
The provider has also agreed deals with Imperial cash & carry, JW Filshill and Khanjra International, although those systems have not yet gone live.
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