MGN Builders Merchants choose Prommt Payment Requests
Hardware stores and builders’ providers have long relied on cash or cheque on delivery, but there have always been risks associated with these methods of payment. Drivers are delivering valuable goods, and there is the risk of these goods being accepted without payment completion. The most common alternative has been to take advance payment by card over the phone. However, collecting sensitive information in this manner carries another set of risks – non-compliance with GDPR, PSD2 & card scheme rules, data breaches, and fraud & chargebacks.
The Open Banking initiative is transforming the way organisations across all sectors, including hardware, request and collect payments. It empowers businesses to build user-driven services on the foundation of transparency, automation, and secure & seamless account-to-account payments.
MGN Builders Merchants
Founded in 2013, MGN Builders Merchants is one of the fastest growing builders merchant in London and Essex area. Specialising in Plumbing, Electrics, Building Materials, Adhesives, Timber, Roofing, Aggregates, and Insulation, they aim to become the largest independent builders’ merchant in the UK. With over 10% of payments going through Open Banking already, MGN have generated significant card processing savings with . The ability to provide flexible payment options enhances their customers’ experience.
MGN have been using Prommt Payment Requests since 2021, and introduced Pay by Bank as a payment method since October 2022. They have adopted Prommt’s smart toggle, which enables them to offer card or bank payment based on a merchant-defined purchase value threshold. Prommt helps MGN achieve operational efficiency by reducing the cost and time involved in payment collection.
Open Banking Drives Real Impact for the Hardware Sector
- Get paid before delivery
- Increase revenue and profitability
- Eliminate costly chargebacks
- Ensure compliance with regulations (PSD2, UK DPA/EU GDPR/ PIPEDA/ CCPA, PCI)
- Payment flexibility – merchants can decide to offer card or bank as a payment method depending on customer, value threshold, or simply offer both options.
- Deliver an enhanced payment experience
- Automated credit control – effectively manage arrears and personal payment plans
- Effective use of staff’s time in collecting payments
Founded in 2017, Prommt is a payments platform that is revolutionizing payments for enterprises and their clients. Its innovative solutions enable fast, frictionless card and open banking payments anytime, anywhere. Prommt is an enterprise-grade solution that is built for teams, supporting multiple locations, and provides powerful, reporting, and alerting capabilities. Headquartered in Dublin, Ireland, Prommt is used by businesses today across Europe and North America and was this year’s winner of the Best Open Banking Service Initiative awarded by Global Payments Innovation Awards and is a finalist for the Best Open Banking Payments Project within the Open Banking Expo Awards 2023.