CEO Finds Hack to Process Payments Free (Banks HATE Him)
Wonderful's open banking solution offers a streamlined user experience, eliminating the need to enter card details and go through multiple verification steps. Payments are authorized directly within the user's familiar mobile banking app. For merchants, the cost savings are significant, with Wonderful charging just 1 penny per transaction compared to the typical 1.4% plus 20 pence fees of major card processors in the UK.In an exclusive interview on the Software Spotlight podcast, Kieron James, CEO and Co-Founder of Wonderful, discusses how his company is revolutionizing payments through open banking. Wonderful provides a solution for secure, instant bank payments at no cost, addressing the high fees and friction associated with traditional credit card processing.James explains that the idea for Wonderful originated in 2016 when his son encountered high payment processing costs while fundraising for a charity. This led to the creation of wonderful.org, a free online giving platform initially funded by corporate sponsorship. However, as the platform grew, card processing fees limited its impact and reach.The solution presented itself in the form of open banking. “What basically happened when we discovered open banking was that we found a method of moving the donors money from their account to the charity's account in one tap on a mobile phone or a couple of clicks on a laptop,” James explains. “And essentially, that money was moved directly from that account into the charity's account with only one intermediary rather than several intermediaries.”Currently launched in the UK, Wonderful is focusing on the charity sector but is expanding to serve the country's 5.5 million small businesses. The company recently integrated with WooCommerce on WordPress and plans further e-commerce platform integrations to make open banking payments widely accessible.Learn more about WonderfulCreators & Guests Michael Bernzweig - Host
Software Spotlight · Software Oasis
Audio is streamed directly from the publisher (pscrb.fm) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
Wonderful's open banking solution offers a streamlined user experience, eliminating the need to enter card details and go through multiple verification steps. Payments are authorized directly within the user's familiar mobile banking app. For merchants, the cost savings are significant, with Wonderful charging just 1 penny per transaction compared to the typical 1.4% plus 20 pence fees of major card processors in the UK.
In an exclusive interview on the Software Spotlight podcast, Kieron James, CEO and Co-Founder of Wonderful, discusses how his company is revolutionizing payments through open banking. Wonderful provides a solution for secure, instant bank payments at no cost, addressing the high fees and friction associated with traditional credit card processing.
James explains that the idea for Wonderful originated in 2016 when his son encountered high payment processing costs while fundraising for a charity. This led to the creation of wonderful.org, a free online giving platform initially funded by corporate sponsorship. However, as the platform grew, card processing fees limited its impact and reach.
The solution presented itself in the form of open banking. “What basically happened when we discovered open banking was that we found a method of moving the donors money from their account to the charity's account in one tap on a mobile phone or a couple of clicks on a laptop,” James explains. “And essentially, that money was moved directly from that account into the charity's account with only one intermediary rather than several intermediaries.”
Currently launched in the UK, Wonderful is focusing on the charity sector but is expanding to serve the country's 5.5 million small businesses. The company recently integrated with WooCommerce on WordPress and plans further e-commerce platform integrations to make open banking payments widely accessible.
Learn more about Wonderful
Creators & Guests
- Ready to action this strategy?
Connect with this expert now for a complimentary strategy consult or exclusive offer.
https://summit.softwareoasis.com/activate-offers/
(Claim Your Offer / Schedule Consultation)
- Apply to Present at our Live Events as an expert
https://experts.softwareoasis.com/expert-introductions
- Get Your Networking Pass
https://experts.softwareoasis.com/executive-networking-pass
- Claim your complimentary event pass and attend live:
https://bootcamps.softwareoasis.com/
https://summit.softwareoasis.com/
Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.