If you run a local trade business, you probably struggle with all kinds of fees related to payments.
If you allow customers to use cheques, you will wait a week or two before they clear. Third party processors? Expect to get hit with fees on every transaction! Even using your own bank’s payment processing systems comes at a cost.
It seems like everyone wants a piece of the pie, doesn’t it? The good news is that there is an option that will allow you to get paid instantly, and without any fees. Let’s take a closer look.
Normally, when you want to get paid by someone, you have to have one or two businesses involved. There might be a payment processor and your bank, and everyone takes a cut. This means that you will usually end up paying at least 3 or 4% of your money on every transaction. That adds up fast!
Open banking is different, because it cuts out those middlemen, so you can request money and get paid instantly and with (basically) no fees. You’ll pay 30p for a payment, but that’s the only cost.
Fuzey’s Pay with Bank feature is simple: you send your customer an SMS, they click on the link it contains, and they can pay their invoice immediately through their personal bank's app - without needing to input your account details or their credit card details.
Unlike emails, it won’t get stuck in their junk folder, and according to our research, 98% of people open the messages they receive!
And unlike credit card or bank payments, transactions will cost you only ~30p and the settlement of the funds in your bank account will be instant!
Most people these days are concerned about online security – and with good reason.
The good news about Pay-with-Bank based system like this is that neither you nor your client need to share any banking information. So, there’s nothing stored anywhere, and less chance of a security breach.
If you’re like most local trade business owners, you probably divide your time between job sites and the office. So, the last thing you want when you get back for the day is a mountain of paperwork to do!
Processing payments using credit card authorisations or depositing cheques is tedious and time consuming. But an SMS based method to get paid instantly (and with basically no fees) means less time dealing with financial stuff, so you can have a little more down time at the end of the day, or more time to do what you do best!
Find out more at www.getfuzey.com or get in touch with us booking a demo.