Ecospend’s closed loop payment system will provide an alternative to traditional card payments.
The open banking payments will provide a new Marketplace solution, whereby Bumper can easily and automatically pay out to its more than 3,500 local partners.
10th October 2022 – London: Ecospend, the UK’s leading open banking payment provider, today announces that it has launched a marketplace payments solution through its ‘pay by bank’ product for Bumper, the leading payment platform specialising in car repairs, accessories, and sales products. Ecospend will provide a best-in-class closed loop payment system, connecting customers with car dealers.
Bumper is the latest platform to use Ecospend’s payment system allowing payment to be split between Bumper and over 3,500 local partners that supply the motor parts. The ‘Pay-by-Bank’ option will initiate a direct bank transfer with prepopulated payment details including Bumper’s – removing the chance for human error.
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The payment solution will also provide an efficient and cost-effective way of redirecting payments between customers and merchants within the Bumper platform. Bumper will also minimise card fraud and chargebacks by using Ecospend’s open banking payments that are authenticated using customers’ biometric ID.
James Hickman, CCO, Ecospend, said: “Our closed loop payment system will provide Bumper with the ability to significantly reduce card transaction costs, while minimising the chance for card fraud and charge backs. The benefits that this can bring to both Bumper and its clients are far reaching, and we are excited to help them reach the next step in their payments journey. With each open banking payment being authenticated using customer biometric IDs, the solution is incredibly secure as well as efficient.”
James Jackson, CEO & Co-Founder, Bumper, said: “We are very excited to partner with Ecospend and embrace the latest technology this market has to offer. This partnership will allow us to improve and evolve our service, and we know that Ecospend will provide quality new technology that will, most importantly, provide a safe and secure method of payments for our customers.”
