Toolstation taps Ecospend Open Banking payments technology
Toolstation is adding Ecospend’s Open Banking payments technology to its e-commerce offering.
It says that the move will allow its trade account customers to “significantly improve their cash flow, while also providing flexible credit limits and making their online account management much more efficient”.
The tech will be integrated into Toolstation’s customer app and website.
Payments will be made via Ecospend’s account-to-account technology, ensuring a customer journey that requires no card details or any data to be imputed.
Instead, customers select the pay by bank option, authenticate their identity with their biometric ID, and confirm the payment, resulting in an instant transaction.
They will also be able to pay their bills instantly via QR codes sent to them in the post. To do so, they need to scan the QR code and confirm the payment.
Finally, Ecospend’s management console technology will be available to Toolstation agents, which allows them to send out payment links in bulk to anyone that needs to settle their balance.
The tech can send payment links through all messaging platforms, and it will instigate an instant account to account payment. This was previously a manual process.
James Hickman, COO, Ecospend, comments: “This is yet another high profile example of the benefits that Open Banking payment technology can bring to big businesses and their customers.”
“It is especially positive to see Toolstation adopt open banking in multiple different forms, allowing them to really benefit from our technology.”
“Through our pay by bank pathway, Toolstation will not only be able to significantly improve the efficiency of their customer journey, but save both time and money which can be spent on further developing the business.”
Richard Lavin, Finance Director, at Toolstation, says: “We are excited to be embracing the latest technology to help ensure we offer our customers as smooth as service as possible.”
“Ecospend’s wide range of tools meant that they are a perfect fit for us in delivering the best service to our trade account customers.”
“Additionally, by using this technology, we are helping our customers shop as securely as possible, which is imperative in a world where fraud risk is rising.”
