UK-based FinTech startup Pay iO goes live

Pay iO has announced the launch of its new and innovative payment solution for online retailers. Powered by open banking, Pay iO has joined the revolution that’s trans- forming the financial ecosystem in the UK. Many sectors are benefiting from open banking, and these include the burgeoning multi-billion-pound eCommerce market where payment solutions are a crucial asset.

Pay iO is the first open banking provider to be available on the WordPress/WooCommerce and Magento marketplaces. These eCommerce solutions are hugely popular with retailers who can now add Pay iO to their website payment options using a simple plugin. This means SMEs can get on board more quickly, easily and cheaply than with traditional providers. Pay iO is set to join other leading eCommerce platforms in the coming months.

Pay iO’s sleek dashboard, easy functionality and low transaction fees make it easier for retailers of all sizes to process payments and refunds, remove the risk of card fraud and keep track of their business. A merchant’s account is activated within 24 hours and there are no set up fees or con- tracts. It also means a seamless customer journey for online shoppers who can pay directly via their bank with a few simple clicks.

“With a background in corporate finance I saw the potential of open banking at its inception,” said Mandeep Nagra, Co-Founder of Pay iO. “Open banking is a technology that can democratise finance and benefits both consumers and businesses in many ways. We created Pay iO with the goal to ensure accessibility to all sizes of merchants and to simplify what is often a cumbersome and expensive process.”

One reason why online shoppers abandon their carts is because they encounter difficulties making a payment. Pay iO offers simple, fast, card-less transactions with no sign up required. Retailers benefit from direct settlement and no charge backs. They can also use Pay iO alongside other payment options.