Our latest insights

Beam partners with Nuapay to enable Open Banking ecommerce payments for WooCommerce merchants

Share this post

Share on facebook
Share on linkedin
Share on twitter
Share on email
Beam partners with Nuapay to enable Open Banking ecommerce payments for WooCommerce merchants
Open Banking pioneer Nuapay, powered by Sentenial, today announces its partnership with Beam, the innovative fintech payments service provider for small businesses.

 

The partnership enables Beam to provide Open Banking payments to its clients on WooCommerce – the open-source e-commerce plugin for WordPress – bringing online and omnichannel retailers the benefits of faster, more secure and cost-efficient payments. After a successful pilot, the Beam service is available now to almost 100,000 websites using WooCommerce to sell goods and services in the UK.

 

The news comes just a month after the Open Banking Implementation Entity (OBIE) published research showing that 50% of the UK’s small business community are utilising the services offered by open banking providers. The Beam service will bring the benefits of open banking to even more UK businesses, enabling them to receive funds instantly through open banking payments, helping to address cash flow challenges.

 

Online and omnichannel merchants using WooCommerce to accept payments can register with Beam, and will also be issued a business payment account with Nuapay. Through this account, Beam can enable merchant access to instant payments, instant refunds, recurring payments, and instalment plans. Crucially, as there is no payment card involved, merchants are not subject to ever-rising card scheme fees. Beam aims to save UK businesses £100k in card scheme fees over the next 12 months.

 

No consumer card details ever being exposed also means that all transactions are fully Strong Customer Authentication (SCA) compliant. This benefits retailers and consumers by dramatically reducing the risk of fraud.

Read the rest of the article here

Learn more about Nuapay Open Banking

 

More To Explore

Login or Register

Don't have an account?

Are you part of the Payments Association community?

Not yet set up your login for the Payments Association Community Platform? Set it up now

Set up a free account for instant access to our content

You don’t need to be an Payments Association member to view the majority of our content. Simply enter your details below once to set up your login details and get access to our library of whitepapers, podcasts, consultation papers, webinars and more.

First Name*
Last Name*
Company Name*
Job Title*
Username*
Business Email Address*
Password*
Confirm Password*
Agreement*
The Payments Association exist to help drive the industry forward. As such the Payments Association may contact you about any future content or events that we think you may have a legitimate interest in. We will store your information securely and will never share your details with third parties other than the relevant resource(s) sponsor(s)/curator(s). You may opt out at any time. By clicking register you are agreeing to the terms of our Privacy Policy.

← back