Pay By Bank App

Pay By Bank App

You may have seen that Pay by Bank App is becoming a more prominent way consumers choose to pay, but what is it? Brought to market by Mastercard, Pay by Bank allows Merchants to take immediate payments directly from their customers’ bank accounts.

What is Pay by Bank App?

Pay by Bank App is a low-risk way for Merchants to safely accept payments without high transaction fees.

Right from a checkout page or pay by link, consumers, using their existing internet banking app and the built-in security that goes with it. Consumers are able to quickly, securely, and easily pay for goods and services online. They use biometric security on their mobile devices to approve transactions, reducing the risk of fraudulent transactions and chargebacks.

A number of the UK High Street banks, including Barclays and HSBC already offer the service to their consumer customers as part of their banking apps. Support for other banks is happing regularly.

The Benefits of Pay by Bank App

• Reduce the number of declined transactions, as consumers are able to view their available balance in real time before paying.
• The bank and consumer directly authorise transactions, which means fraud and chargebacks are significantly reduced, saving the Merchant hassle and money.
• Transactions have the option to be settled same day to the Merchant, which is quicker than for card payments.
• Fees are comparable with debit card transactions, so you’re getting much more bang for your buck. This means Merchants can maximise their payments and reap the rewards.
• Reach more consumers, as those without a debit or credit card are able to.

If you want to look at employing Pay by Bank App for your Merchants, or to learn more about how Cardstream can help you maximise your payments, click here for more information.

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