JJ Foodservice has introduced a new ‘Pay by Bank’ open banking service with the aim of cutting transaction fee costs.
The new payment method will help JJ cut operational expenditure by reducing the reliance on credit card payments, which can incur higher fees.
While the majority of transactions in the industry are made on debit cards, billing rates on credit cards have increased in recent months.
The wholesaler said it was working with open banking payment provider, Ecospend, to provide the solution and would pass savings from the new scheme on to customers through promotions.
Currently, JJ is offering significant price drops on 66 popular products, including KTC cooking oil, Warmer for Longer chips and Walkers Crisps, to encourage customers to switch to the new payment method.
“In a world where prices and fees keep going up, Pay by Bank offers an easy, secure and cost-effective payment method, which will help us to keep offering great deals at a time when our customers need them the most,” said JJ chief finance officer Eddie Lanham.
Ecospend chief commercial officer James Hickman said: “As businesses look to optimise their processes at this time, we are delighted to be partnering with JJ, bringing greater efficiencies and ease of use to their payment services.
“Pay by Bank capabilities will enable JJ’s customers to process payments in a cost and time-effective manner, adding to an overall positive experience for all.”
The company will still give consumers the option to pay using traditional credit or debit cards.