Ecospend, Bumper Partner Up on A2A Payments
Open bank payment provider Ecospend has launched a new marketplace payment solution for car repair focused BNPL platform Bumper that will help connect customers with car dealers, it said in a press release.
Due to the collaboration with Ecospend, payments will be able to be shared between Bumper and thousands of local partners who supply the engine parts, with additional benefits for security and payment technology.
The “pay-for-bank” option will initiate a direct bank transfer with pre-populated payment details, including those from Bumper, to cut down on human error and provide an “efficient and cost-effective” way to route payments between customers and merchants.
James Hickman, Ecospend CCO, said it will also give Bumper a way to “significantly reduce card transaction costs while minimizing the chance of card fraud and chargebacks” by using Ecospend’s biometric technology.
“The benefits that this can bring to both Bumper and customers are far-reaching and we’re excited to help them reach the next step in their payments journey,” he said. “With every open bank payment authenticated using customer biometric IDs, the solution is incredibly secure and efficient.”
Meanwhile, James Jackson, CEO and founder of Bumper, said the partnership will allow the company “to improve and develop our service,” adding that Ecospend would “provide a safe and secure payment method for our customers.”
PYMNTS spoke to Jackson earlier this year, and he said the disruption from the war in Ukraine had shown the difficulties of how car manufacturing would be going forward. But he said this had only created more demand for repairs for older cars that people already own.
Read more: Bumper boss says BNPL is ‘more relevant than ever’ as EU used car demand hits record high
He said Bumper’s ability to offer ways to split payments for repairs in Europe has been more needed in recent months, due to various financial pressures.
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