Tool and building materials retailer Toolstation has announced it will offer ‘pay-by-bank’ technology as a payment alternative on its eCommerce site, through a partnership with open banking technology provider, Ecospend.
Pay-by-bank enables shoppers to pay for goods bought online on a mobile device more easily. Rather than entering passwords and/or payment details, they select the Pay by Bank app option and are prompted to log into their existing mobile banking app to complete the purchase.
The ‘pay-by-bank’ technology will be integrated into Toolstation’s customer app and website. In doing so, Trade Account Customers will be able to settle their account balance, without the risk of inputting the wrong details, and fraud risk will be minimised.
Toolstation’s Trade Account customers will also be able to pay their bills instantly via QR codes sent to them in the post. Customers just need to scan the QR code and confirm the payment.
As part of the partnership, Ecospend’s Management Console technology will be available to Toolstation agents. This enables them to send out payment links in bulk to anyone that needs to settle their balance. The technology can send payment links through all messaging platforms, and it will instigate an instant account-to-account payment. This was previously a manual process.
“We are excited to be embracing the latest technology to help ensure we offer our customers as smooth as service as possible,” said Toolstation Finance Director, Richard Lavin. “Ecospend’s wide range of tools meant that they are a perfect fit for us in delivering the best service to our Trade Account Customers."