EchoPay provides a B2B payment application and a Visa Prepaid Card designed to streamline business transactions and enhance cash flow management. The platform addresses inefficiencies in payment processing, enabling businesses to execute payments quickly and securely while reducing administrative overhead.
Funding
Funding not disclosed
Founders
Product
Problem
Businesses face significant costs from traditional debit card transaction fees, typically ranging from 1-2% per transaction, which erodes profit margins, especially on larger payments. These charges accumulate, creating a substantial financial burden, and alternative payment methods often lack the speed and security required for modern business operations.
Solution
EchoPay offers a B2B payment solution leveraging open banking to facilitate low-cost, instant transactions, providing a direct alternative to traditional card payments. By integrating directly with bank APIs, EchoPay enables businesses to execute payments at a fraction of the cost of debit card transactions, often reducing fees from pounds to pence. The platform supports various payment scenarios, including face-to-face transactions via Clover terminals, online payments through website integration, bespoke CRM-initiated payments, and remote payments via email or messaging links. EchoPay ensures secure, bank-level authorization for every payment, eliminating the risk of chargebacks and providing instant settlement of funds directly into the business's account.
Target Audience
EchoPay primarily targets businesses across various sectors, including FMCG wholesale, fine food wholesale, oil distributors, builders merchants, skip hire, motortrade, and plumbers merchants, seeking to reduce transaction costs and improve cash flow management.
Features
- Open banking integration for low-cost transactions compared to standard debit card fees.
- Instant settlement of funds, eliminating waiting periods and chargeback risks.
- Clover terminal integration for face-to-face open banking payments.
- Payment link generation for remote payments via email, WhatsApp, or app notifications.
- E-commerce integration, allowing businesses to add an EchoPay payment button to their website or invoices.
- CRM integration to initiate payments directly from existing business systems.
- Bank-level security protocols to ensure secure payment authorization.