Payment processing and banking consultancy BB Merchant Services launches a new partnership with Ordo, focused on reducing merchant costs and driving innovation with Open Banking.
As businesses face increasing challenges with rising payment processing costs, maintaining margins, service standards, and fraud prevention, this partnership offers a compelling alternative. The solution, Pay by Bank, uses real-time bank transfers to bypass intermediaries, cutting fees and ensuring secure, instant fund settlement.
For payers, the process is equally straightforward. They select their bank at checkout and authorise the transaction via Strong Customer Authentication. There’s no need to enter card details, sort codes, or account numbers, and no app downloads are required—just a quick, secure payment process.
This collaboration not only enhances efficiency but also modernises the traditional payment process, helping businesses stay competitive and adapt to rapid technological advancements.
BB Merchant Services, in conjunction with Ordo, provides a cost-effective payment benchmarking solution that identifies and eliminates unfair card fees and offers a secure, streamlined experience.
With Open Banking adoption accelerating—reaching over 11.32 million users and a 23.9% increase in Variable Recurring Payments (VRP) transactions in July 20241—this collaboration comes at the perfect time. The partnership also includes comprehensive support, such as education, integration assistance, and a strong focus on security, ensuring a smooth transition to these advanced payment solutions.
“Our goal is to demonstrate that Open Banking is a strategic asset,” said Fliss Berridge, Director and
Co-founder of Ordo. “Partnering with BB Merchant Services enables us to help businesses leverage Open Banking to achieve significant cost reductions in payment processing, while also benefiting from enhanced security and efficiency.”
“Through this partnership, we are continuing to expand ways we can help our clients to lower payment processing costs and access a more efficient, customer-friendly payment solution,” added James Yerkess, Head of Marketing. “It’s about staying competitive and leveraging innovation in the marketplace to reduce unfair payment processing costs in today’s fast-paced market.”
The Ordo-BB Merchant Services alliance is set to redefine payment services by empowering merchants to harness the full potential of Open Banking. This partnership not only cuts payment processing costs and boosts efficiency but also enhances payment experiences, ensuring businesses remain at the forefront of an ever-evolving marketplace.
References:
1 Open Banking Limited (OBL). (09 September2024). “CMA Confirms Full Completion of Open Banking Roadmap: Unlocking a New Era of Financial Innovation.” Available at:
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BB Merchant Services is a leading provider of comprehensive payment processing solutions. Specialising in cost reduction through advanced www.bbmerchantservices.com market benchmarking and contract renegotiation, BB Merchant Services helps businesses optimise their payment processes, ensuring they get the best commercial terms and operational efficiency. With a focus on transparency and innovation, BB Merchant Services is dedicated to helping companies reduce hidden costs and improve their financial management strategies.
For more information, please contact: contact@bbmerchantservices.com
Learn more about BB Merchant Services: https://bbmerchantservices.com/
Ordo’s cloud-native ‘Payments-as-a-Service’ offering, delivers fully managed, white-labelled, turn-key solutions for Open Banking payments including Request to Pay, E-Commerce and QR Code payments; the very latest Open Banking solution, Variable Recurring Payments (“VRP”), is backed by the Financial Conduct Authority, the Payment Systems Regulator, the Competition and Markets Authority, and HM Treasury, as well as the Opposition party to Government.
Ordo’s highly secure service, designed and built by payments experts, provides an array of frictionless payments solutions, which can be deployed at Point of Sale, for invoice collection, from contact centres, and for paper and digital billing; it makes paying and getting paid easier than ever and is more cost-effective than traditional payment methods. Businesses can access the Ordo platform in several ways: through an Ordo Merchant Acquirer/PSP payments partner, via Ordo’s modern APIs, for smaller businesses through our integrations with QuickBooks, Sage, and Xero accounting software, and directly via Ordo’s web/app interfaces.
Ordo’s white label fully managed and hosted services, deliver a business’s brand look and feel to their paying customers, without the need to build bespoke payment journeys or customer management services. Ordo Solutions can also manage refunds and secure customer payouts and disbursements, as well as account validation. Ordo was founded by the former management team of the UK’s Faster Payments Scheme in 2018 to use Open Banking payments to provide businesses with a much-needed alternative to slow, high-cost card payments and insecure direct bank payments. Ordo is authorised by the Financial Conduct Authority as a Payments Institution for Account Information Services and Payment Initiation Services (FRN 836070).
Learn more about Ordo: https://ordopay.com
Try Ordo for free: www.myordo.com
