Bira Bank-Some important Details about This Broker

Overview of bira bank

Bira is a UK-based company founded in 1899 that provides a platform for independent retailers. It offers a single membership tier granting access to a network of over 160 suppliers across various product categories. Members enjoy negotiated discounts, credit terms, and exclusive promotions. While not a financial institution, Bira provides additional services like legal advice, business insurance, and marketing tools to support its members. The platform features an online ordering system for easy purchasing and offers customer support through multiple channels.

Pros and Cons

Pros

• Access to suppliers: Bira provides access to a network of over 160 suppliers across various product categories, offering retailers a wide range of options to choose from.
• Negotiated discounts: Retailers can benefit from discounted prices on products due to Bira's purchasing power as a buying group.
• Credit terms: Some suppliers might offer credit terms to Bira members, allowing retailers to manage their cash flow more effectively.
• Exclusive promotions: Bira often provides exclusive deals and promotions to its members, resulting in potential cost savings.
• Additional business support: Beyond product sourcing, Bira offers value-added services like legal advice, business insurance, and marketing tools to assist retailers in various aspects of their business operations.

Cons

• Regulatory concerns: Bira has been flagged as a suspicious clone by the Financial Conduct Authority (FCA), raising questions about its business practices and reliability.
• Limited services: As a buying group, Bira primarily focuses on product sourcing and related services. It does not offer financial services like banking or investment products.
• No trading or investment options: Bira is not a financial institution and does not provide platforms for trading or investing.
• No physical branches or ATMs: Bira operates as an online platform and does not have physical locations for customer interaction.

Regulatory Status

Bira is flagged as a suspicious clone by the Financial Conduct Authority (FCA) in the United Kingdom. The company holds a Market Making (MM) license under the number 204478, but its activities are currently under scrutiny by the FCA.

Market Instruments

Bira bank offers a suite of services to independent retailers, including access to a network of over 160 suppliers across 30+ product categories with negotiated discounts, credit terms, and exclusive promotions. The platform provides market insights, buying event information, and a user-friendly online ordering system with features like dropshipping and central invoicing.

Account Types

Bira bank offers a single membership tier that provides access to a range of benefits for independent retailers. Members enjoy negotiated terms with over 160 suppliers across diverse product categories, 30-day end-of-month credit (subject to credit check), exclusive discounts and promotions, rebate schemes, dropshipping services, a free ordering app, and simplified online invoicing compatible with most accounting software.

How to Open an Account？

Bira Direct is a service provided by Bira to facilitate purchasing from suppliers. Here's how to use it:

1. Determine your membership status: If you're already a Bira member, proceed to step 2. If not, join Bira Direct for a £17.05 monthly fee.
2. Register your account: Create a Bira Direct account if you haven't already.
3. Explore suppliers: Use the supplier directory to find desired products.
4. Download the app: Install the Bira Direct Plus app for convenient purchasing.
5. Manage invoices: View and download invoices through the Invoice Manager.

Member Benefits

Bira offers a range of member benefits designed to support small businesses, including financial perks like cashback, discounted commission rates, and preferential pricing on card processing. Members also have access to non-financial services such as legal advice, business insurance, and marketing tools like Google Shopping Advertising. Additionally, Bira provides utilities and telecoms discounts, as well as a wholesale marketplace for connecting with suppliers.

Trading Platform

Bira Direct Plus is an online ordering platform that provides retailers with real-time product information including pricing and stock availability. The platform offers convenient features such as shopping lists, open baskets, and order history to streamline the purchasing process. Accessible through mobile devices, tablets, or web browsers, Bira Direct Plus aims to simplify the ordering experience for retailers.

Customer Support

Bira offers customer support through multiple channels. For membership inquiries, customers can call 0121 446 6688 option 1 or email membership@bira.co.uk. Media and PR related contacts can be directed to media@bira.co.uk. For Bira Direct assistance, customers can email info@biradirect.co.uk. Credit control issues can be resolved by calling 0121 446 6688 option 2. Additionally, customers can contact MICA at 01785 825910.

Educational Resources

Bira offers a range of educational resources for its members, including expert legal advice on employment, HR, tax, and health and safety. Additionally, members can benefit from preferential pricing on card processing, access to specialist business insurance, and a user-friendly AI-driven social media marketing tool.

Conclusion

Bira is a UK-based company offering a platform for independent retailers to source products from over 160 suppliers. The platform provides negotiated discounts, credit terms, and exclusive promotions to its members. While Bira offers additional business support services, but the company's regulatory status as a suspicious clone, flagged by the Financial Conduct Authority. While members benefit from access to suppliers and various perks, the lack of financial services and physical presence might limit its appeal to some businesses.

FAQs

How does Bira benefit retailers？

Bira offers retailers advantages such as access to a wide product range, negotiated discounts, and exclusive promotions.

Does Bira provide financial services？

No, Bira is not a financial institution and does not offer banking or investment services.

Can I use Bira for international purchases？

While Bira connects retailers with suppliers, the availability of international suppliers.

What kind of support does Bira offer to its members？

Bira provides various support services to its members, including access to suppliers, negotiated discounts, and sometimes additional resources like legal advice or marketing tools.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.