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Payment innovation answers the prayers of SMEs

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Milton Keynes-based Pay by Bank platform fumopay  is improving the financial wellbeing of our small businesses, encouraging our all-important entrepreneurs to continue to innovate.

Open Banking payments solution fumopay is a bank-agnostic payment platform that provides its users with real time payments. 

These account-to-account payments deliver a single ‘mobile first’ payment experience across all channels, eliminating the need for plastic cards, the escalating card processing fees and of course, the risk of card fraud.  

In short, fumopay has placed payments in the hands of anyone that owns a mobile phone, allowing them to become a mobile merchant without the need to own a card reader;  either by integrating it into their checkout process or by offering QR codes as a payment option in store.

As a FCA-regulated business, fumopay is rooted in a very real understanding of all the financial pain points that are crippling so many small businesses today; late supplier payments which cause bottlenecked cashflow, escalating card processing fees and laborious monthly reconciliations. 

fumopay’s Founder and CEO Kevin Ludford pictured left says: “This payment  innovation is particularly key for small businesses that are generally in desperate need to have their invoices paid on time. They can now simply add a fumopay link to receive instant payments into their bank accounts, reducing the stress and uncertainty of cashflow levels. These small but fundamental features are paramount to the lifeblood of our SMEs.” 

With more than 5.5 million SMEs in the UK, it has been reported that around 81% collapse due to cashflow problems. Almost all of these businesses are reliant on getting paid via card payments which is becoming increasingly expensive and laborious. 

Every single one of these businesses deserve better; to be paid faster and at a much lower cost in order to improve their cash positions. 

This is fumopay’s primary focus: to support – and ultimately correct – these daunting figures. 

fumopay has recently launched its XERO integration. Available via the Xero app store, Xero users can add Pay by Bank directly to any Xero-generated invoice, allowing payers to quickly settle payment without the need to set up a payee with fumopay first. 

As well as consolidating the payment process, this integration makes it easier to manage and reconcile payments, as 100% of the invoice value is credited directly to the merchant.

Find out more. Scan here.



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