Simplify your payments with fumopay
Why fumopay could be a game changer for sole traders and SMEs.
Innovative financial solutions can be the key to a business’ efficiency and cost-effectiveness. Which is why we’re excited to be working with fumopay - an instant, 0% transaction fee payment-platform that’s redefining how business transactions are processed.
This short guide will show you why fumopay is set to become a clear competitor to companies like Stripe and Paypal, and how it could save you money and streamline your payment processes.
What is fumopay?
fumopay is a payment solution that allows for seamless account-to-account transactions. It uses Open Banking to offer a range of payment services, from business invoices to retail consumer payments.
As a regulated, Financial Conduct Authority (FCA)-approved platform, fumopay guarantees not just efficiency but also safety, with a strong emphasis on optimising financial freedom for sole traders and SMEs.
What is Open Banking?
Open Banking has opened up a new realm of possibilities for financial transactions, making them more direct, faster and significantly cheaper. It’s trusted by HMRC as a safe and speedy way to process over £12bn to date.
Essentially, it’s a technology that allows third-party financial service providers to access banking data through a secure network. fumopay uses Open Banking to conduct direct bank transfers that bypass traditional, and often costly, card payment methods.
fumopay vs. Stripe and PayPal
Platforms like Stripe and PayPal typically impose fees on transactions, especially when processing credit and debit card payments. These fees can quickly accumulate, eating into the profit margins of businesses.
fumopay charge 0% of the invoice value compared to Stripe at 2.28% of your net invoice.
It can also take days to receive the payments from other payment processers, adding to the common cash-flow challenges faced by smaller businesses.
fumopay stands out by offering instant account-to-account payments, making it an attractive alternative for businesses looking to maximise their operational efficiency and profitability.
How fumopay works
Changing your payment processing solution can seem daunting at first, but the transition is simpler than you might think.
Business app
The fumopay business payment app is a fast and affordable way to get paid. If you’re providing a service at a client’s home or on the go, the app generates a unique QR code for your client to scan and pay. This directs them to their online banking, where they authorise the payment. And that’s it. You’re paid instantly.
For physical and online stores, fumopay’s business app, or their Application Programming Interfaces (APIs), can be used to seamlessly integrate into ePOS systems, as well as providing an eCommerce solution.
See the business app in action
Xero integration
fumopay is 100% compatible with Xero, making it simple to merge into your current financial operations. You can add a fumopay link to your invoices, just as you do with Stripe, and you’re set to go.
To pay the invoice, your client clicks the link and selects to pay by bank. fumopay connects straight to their banking app. Once they’ve authorised payment, the money is transferred immediately to your account.
fumopay automatically matches with the corresponding invoice in Xero, which saves you time reconciling your payments too.
How to sign up
We’re partnering with fumopay because we believe they’ve got an excellent way to reduce costs for our clients and improve their cash flow.
If you’d like to sign up to fumopay, please fill out your details here and a member of the fumopay team will be in touch.
For help deciding if fumopay is the best option for your business, we’re here to help you weigh up the pros and cons.