Open banking POS payment

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Unitas has partnered with payment platform to provide members with ‘innovative and efficient’ open banking solutions.

The news comes after the buying group last week announced its new procurement service, offering members exclusive centrally negotiated rates on services including banking, energy and stationery.

The new banking service offers an alternative to card payments, allowing members to use ‘Pay by Bank’.

Customers who pick Pay by Bank will be able to authorise the payment by scanning the QR code on the MultiPay device at the point of sale terminal, approving the transaction in seconds.

Once approved, the contactless payment will be processed from the customer’s bank account to the merchant’s settlement account without extra transaction fees.

Members will be able to use the service both in person and online.

Pay by Bank represented potential savings of over 85% compared with card payments, according to the payment platform, by eliminating fees and reducing costs.

“We have launched Unitas Procurement Services to offer our members the best possible deals on essential services, and they are already seeing incredible savings through partnerships with verified suppliers like”, said John Kinney, MD at Unitas Wholesale.

“Switching from card payment to Pay by Bank will reduce costs by at least 85% based on the average transactions by members, so the Connect 24 show this week is the perfect opportunity for our wholesalers to get to know the Acquired team and learn how their Open Banking solutions can slash costs and boost profits.” head of partnerships Grant Evans said: “Following a rigorous selection process, we are delighted that Unitas Wholesale has entrusted as the open banking partner of choice for their members.

“It is clear that the high average transaction values of the cash & carry sector are primed for the benefits of Pay by Bank as an alternative payment method to cards, in-store, online, and via secure payment links.”