VibePay launches open banking business payments

Payments company VibePay has launched open banking powered payments for businesses, expanding its European footprint.

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The latest products will enable brands to process checkout and subscription payments online. VibePay’s aim is to increase transaction success and reduce fees, whilst enabling brands to engage with Generation Z consumers.

Luke Massie, VibePay CEO and founder, said: “Our USP is our understanding of our audience. We’re built for Generation Z, by Generation Z, and we know that many brands struggle to target that customer effectively.

“Plenty of businesses are spending more money than ever on advertising to Gen Z, and it can be a difficult demographic to engage with – add to that high payment fees for purchases, and the process of converting Gen Z into customers can be incredibly expensive.”

Business API

The VibePay Payments API powers payments for brands – both via online checkouts and subscriptions. In addition, it is intended to give businesses instant access to their funds, and improve cash flow.

The launch, previously planned for Q3, was brought forwards to help SMEs during the current uncertain environment fuelled by COVID-19.

“By launching our latest products, we’re not only helping brands sharpen up their payments processes and boost their cash flow, we’re helping them deliver what their target customers want,” Massie added.

“We’re not just another payments provider, we’re giving brands invaluable insights into who their customers are, where they shop and how they spend to offer tailored discounts, targeted offers, or related products and stay one step ahead.”

VibePay is offering SME businesses three months free to trial the technology throughout the uncertainty of COVID-19.

Furthermore, following a £1.25m funding round, Kieran Bamber was chosen to lead Commercial Partnerships.

“Our subscriptions API is particularly unique, with Generation Z embracing subscriptions culture more than any other age group,” he said. “Being able to see, monitor, and permit standing orders through our app gives consumers more financial control, and businesses can make significant savings on those payments. It really is win win.”

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