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00:05 Hello everyone.
00:08 Welcome to Fenna's Channel.
00:11 My name is Gosia, I'm a cofounder of Fenna and
00:15 in this video I actually wanted to debunk objection.
00:21 I tend to get from time to time from my
00:25 prospective clients that I talk to,
00:28 I mentioned, or you might know Fena one
00:31 of our services that we offer is open banking payments.
00:39 And quite a few of my customers, especially customers
00:44t hat sell to other businesses, they say to me
00:48 Gosia, I don't think open banking is right for
00:51 us because we sell to other businesses.
00:54 And I think I would say and my
00:58 reaction is like actually because you're selling to
01:01 other businesses, open banking is perfect for you.
01:05 And the reason why I'm saying this is because open
01:06 And the reason I'm saying this because open
01:09 banking sometimes needs a little bit of introduction.
01:10 banking is a type of payment that not many.
01:12 And if you a business and you're selling to
01:15 other businesses, you tend to have time and an
01:20 ear of your customers to explain to them and
01:23 ask them to be paid in a specific way
01:27 And if open banking will save you money and give
01:30 you access to cash instantly from your payments, I see
01:35 little reason why you wouldn't go to your customers, especially
01:38 the other businesses, and tell them guys, now when you
01:42 pay me every month, can you please use open banking
01:46 to pay me because it saves me money.
01:48 It's that simple.
01:50 And I struggle to see how other businesses would
01:56 object to it saying like oh, I don't want
01:58 to pay you with open banking because why?
02:01 I mean, there's a question.
02:03 I think usually business people are quite reasonable people and
02:06 because they're quite reasonable, if you give them a reasonable
02:09 request, they're going to give you a favour and just
02:13 go with whatever you ask them to do.
02:16 And asking someone to be paid with open
02:18 banking for goods or services that you're selling
02:22 to your customers, especially the business customers, are
02:26 actually quite a reasonable request.
02:28 So I give you an example.
02:30 Let's say you are a business
02:33 that sells supplies, let's say hardware.
02:39 Hardware and let's say to a construction businesses.
02:44 So you are a hardware store and a hardware
02:46 supplier to businesses that operate within construction sector.
02:54 Let's say you have every month they buy from
02:58 you a certain number of various things they might
03:01 need to might need for the work.
03:05 Let's say your average invoice is about five K.
03:08 Normally they will pay by card or bank transfer, but
03:15 those two methods, a bank transfer can be slow.
03:19 You often need to chase and to spend
03:21 admin time on reconciliation of your payments.
03:25 On the other hand, card payments are expensive.
03:29 So a fees on 5K will be quite significant.
03:34 So what you can do, you can ask the business
03:38- by the way, this is your 5K invoice.
03:41 Here's a payment link, can you use that payment link to
03:44 pay me and will save me loads of money or it
03:48 saves me time reconciling your payment do you mind doing this?
03:53 And I'll probably say nine out of ten
03:57 times they will just go with it.
03:59 And once they try open banking and paying your open
04:02 banking and see how easy it is, how seamless that
04:05 is and how easy it is for them to just
04:08 make a payment directly from the bank account to your
04:10 bank account without needing to find a reference number needing
04:14 to find your sort coin account number and then double
04:17 checking the amount to the pennies.
04:20 If they just try it, I bet that next
04:23 month they don't even ask, they just use that
04:25 payment link to pay again and again and again.
04:29 So I think this video will be quite short because in
04:32 this video what I want you to do, I want to
04:35 encourage you to try Open Banking for business payments.
04:39 Just sign up, generate payment link and ask
04:43 one of your customers to pay using Open
04:45 Banking and see how easy it is.
04:48 If you like to find out more about Open Banking
04:51 and Fenna, please drop me a line or drop our
04:55 team
04:59 You can also visit our website: fenna.co.
05:04 If you have any questions, leave them in the comments.
05:06 I probably at some point will do a Q and A
05:09 session where I address all the questions in the comments.
05:13 In the meantime, have a lovely day and I see you soon.
Article by
Gosia Furmanik
CEO and Founder
Published on
