New QR-code Based Open Banking App Offers Low-cost Digital Payment Solution for SMEs
- Open Banking , Payments
- 30.06.2021 10:20 am
- tomato pay is a new QR-code based app that offers an easy and affordable non-cash payment solution for small businesses
- More than half of cash-only businesses have lost customers because they don’t offer alternative payment options while most shoppers are using less cash than ever because of hygiene fears
- tomato pay - a rebrand of Fractal Labs - is free for individuals to use and is the most cost-effective way for businesses to receive payments - almost instantly - into their bank account via open banking
A new QR-code payment and invoicing app has been launched to offer an easy an affordable way for small businesses and sole traders to receive digital payments from their customers.
tomato pay has been created in response to growing demand from SMEs for more affordable non-cash payment solutions and from customers for greater choice when paying for goods and services.
The QR-code based app is free to download, free for consumers to use and the most cost-effective way for businesses to receive payments - almost instantly - into their bank account.
It has no card minimum fees, or chargebacks, easy refunds and confirmation of all transactions for both customer and business.
Research carried out by tomato pay - a rebrand of Fractal Labs - reveals that payment options are an important factor in people’s spending choices and that those businesses not offering non-cash options risk losing customers.
More than a third (35%) of people surveyed said they now decide where they shop based on whether or not the business accepts non-cash payments and one in five (20%) would be put off from using a small business if they could only pay in cash.
Six in ten (61%) people say they have used less cash during the pandemic because of hygiene fears associated with handling money and the research suggests more than half (53%) of cash-only businesses admit they’ve lost customers through not offering alternative payment options*.
But, while cash-only small businesses know the risks of only accepting cash payments, 42% find it difficult to justify the costs of offering contactless and half (50%) have concerns about security*- a QR code app offers a solution to both issues, as tomato pay’s founder and CEO Nicholas Heller explains:
“Community has never been as important as it is today and watching the business and sole trader community struggle throughout the pandemic has spurred many of us to support our local communities and businesses. However, people still want to be able to pay how they choose.
“Our research shows that many small businesses can’t justify the costs of offering card payments, but also, that there is support for QR-code based payments which are far cheaper for small businesses to implement, with four in ten people saying they’d find it easier to pay a small business using a QR code.
“tomato pay is an app designed specifically to support small business owners and remove the headache of finances - starting by ensuring that more of a payment goes to the business and not their payment providers.”