Blog

How fumopay helps you get paid faster and save on transaction fees

Adam Pritchard

By Adam Pritchard
29 May 2024

As part of our ongoing commitment to provide innovative solutions for our clients, we are thrilled to announce our partnership with fumopay.

This Xero-connected app allows you to collect payments online, on your sales invoice sent via Xero, helping you get paid faster and save on transaction fees.

Why fumopay?

There are two primary reasons we have chosen to partner with fumopay:

1. Getting paid faster

One of the main frustrations for businesses is the delay in receiving payments. Traditional bank transfers often add unnecessary friction to the payment process. Customers need to set up new PAYEEs, double-check account numbers, sort codes, and invoice amounts. This not only takes time but also increases the likelihood of errors.

fumopay eliminates these hurdles by leveraging open banking technology and processing payments directly from account to account. Payments can be made in just a couple of clicks with no data entry required. This seamless process not only saves time for your customers but also significantly boosts the likelihood of you getting paid faster.

2. 0% Transaction Fees

Most online card payment options, such as Stripe and PayPal, charge a percentage per transaction. Over time, these fees can add up, eating into your profits. fumopay, on the other hand, offers a 0% transaction fee model. Instead of paying a percentage of your invoice amount as a transaction fee, you keep 100% of your funds. fumopay charges a small fixed annual fee, which varies depending on the size of your business. View fumopay’s pricing structure. You could save £££s.

Instant Deposits

Another advantage of fumopay over card payment methods is the speed of fund deposits. With card payments, it can take several days for funds to be deposited into your account. fumopay ensures that your funds are deposited instantly once a payment is made, therefore improving your cash flow.

Additional Benefits

Besides reducing the time it takes for your customers to make payments, and also the potential for huge savings on transaction fees, fumopay integrates seamlessly with Xero, making the bank reconciliation process a breeze. Xero automatically suggests a match for the transaction, reducing the time it takes you to reconcile your bank account.

Further information on fumopay

If you use Xero to send your sales invoices, fumopay offers clear advantages in terms of reducing friction in your customers’ payment process and cost savings. If you’re interested in learning more, contact us to arrange a short demo.

Alternatively, you can sign-up directly and as an added bonus, if you sign-up before 30 June 2024 you’ll be entered into fumopay’s prize draw for a chance to win a Race Day at Palmer Sport.