Nuapay & Felloh! to reduce payment processing costs to charities
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Open banking solutions provider, Nuapay announced its partnership with UK startup Felloh! with an aim to transfer £1 billion in reduced payment processing costs to donations for charities and social enterprises. The partnership is expected to enable consumers to donate to charities easily via the Felloh! Button.
According to Felloh!, its open banking-based solution will charge 80% less than other online donation platforms. The UK startup will utilise Nuapay’s FCA-regulated open banking payment platform to reduce processing costs that are charged by card schemes. Payments are transferred in real-time and reconciliation is fully automated, reducing the administrative burden on charities and social enterprises.
Will Bicknell, Founder at Felloh! said, “We asked beta testers if they would use the Felloh! button as a payment method for online goods and an astounding 96.8% said yes. This confirmed our mission was one of longevity and not just a lockdown project. Our pursuit is to change the way people make digital payments while simultaneously providing a better donation platform for social enterprises and charities. We selected Nuapay as our partner due to its extensive functionality and service levels – no other platform could also provide current accounts for charities to manage their donations through.”
The Felloh! button can be integrated into charities’ and retailers’ websites and will allow consumers to donate directly to the charities. This enables a low-friction payment experience for shoppers but will enable retailers to reduce their payment processing costs by avoiding card scheme fees. Nuapay will allow the transactions to be compliant to SCA and reduce the risk of fraudulent transactions for both charities and consumers.
Brian Hanrahan, Chief Commercial Officer of Sentenial, Nuapay’s parent company, said: “We’re always delighted to be presented opportunities with charitable agendas and when Felloh! approached us, we immediately recognised its potential. The work Felloh! is doing will go a long way in demonstrating the capabilities of open banking platforms while revolutionising the way charities are able to accept donations.”
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