A fintech startup from Leicester says it has become the first open banking payment solution on two UK e-commerce platforms
Pay iO provides instant online payments and is now available as a plugin on both WooCommerce and Magento.
The startup enables users to simply use their banking app rather than a card or any additional sign-ups in order to make purchases online.
Co-founder Mandeep Nagra believes their solution will increase a business’s cashflow, reduces fees and is safer than current methods.
“We worked hard to achieve this milestone and can proudly say we are the 1st true Open Banking plugin that provides direct settlement on both marketplaces.
“This is in addition to being able to manually integrate our payments solution to websites or apps outside of these platforms.
“We’re excited to see what change we can make to an existing outdated payment process, making payments transparent and simple for businesses and their customers.”
For a business to sign up to use Pay iO, go to:
- Business signs up at https://secure.payio.co.uk/portal/register and submit a few documents for verification
- Pay iO verifies and activates account
- Business logs into portal, chooses their ecommerce platform and selects the API key
- Business logs into the ecommerce platform inputs API key and Pay iO is added to their checkout
- Once in place the portal is the business dashboard for all live updates, transaction history, issuing refunds and more.