Atoa provides an Instant Bank Pay platform enabling UK businesses to accept account-to-account (A2A) payments via Open Banking. This service allows customers to pay directly from their bank app using QR codes, payment links, or POS terminals, bypassing traditional card rails. Businesses benefit from lower transaction fees, instant settlement, and reduced chargeback risk compared to standard card processing.
Funding
$8.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
VVFounders
Product
Problem
Traditional card payment systems charge high transaction fees and often delay fund transfers to merchants. This creates cash flow issues and reduces profitability, especially for small and medium-sized businesses.
Solution
Atoa provides an instant payment solution that enables businesses to receive payments directly from customers' bank accounts, bypassing traditional card networks. Customers can pay in-store or remotely by scanning a QR code or clicking a payment link, which redirects them to their banking app for secure authorization via biometric authentication. This account-to-account payment method reduces transaction fees by up to 50% and provides instant fund transfers, improving cash flow and reducing administrative overhead for businesses.
Target Audience
Atoa primarily targets small and medium-sized businesses (SMBs) across various sectors, including retail, restaurants, hair and beauty salons, automotive dealerships, clinics, and tradespeople, looking to reduce payment processing costs and improve cash flow.
Features
- In-store QR code payments: Customers scan a QR code with their smartphone to initiate payment.
- SMS payment links: Businesses can send secure payment links via SMS, WhatsApp, or email.
- Phone QR: Accept payments anywhere by displaying a QR code on a phone screen.
- Web dashboard: Manage and track payments, send payment links, and reconcile transactions from a desktop interface.
- POS integration: Integrate Atoa with existing Point of Sale (POS) systems for seamless table payments in restaurants.
- Xero integration: Automate invoice payments by integrating with Xero accounting software.
- Google Reviews: Collect Google Reviews during the payment process to attract new customers.
- Staff accounts: Add staff members with custom access levels to accept payments.
- Tipping: Customers can easily add tips during the payment process.
- QR code receipts: Generate QR code receipts for customers to scan and pay.