Pay by Bank
Cardflo supports Pay by Bank options, allowing customers to complete transactions directly from their bank accounts. This method offers a secure and efficient alternative to card payments, reducing processing fees and potential chargebacks. It provides a streamlined checkout flow, enhancing customer convenience and trust.
What you get.
- Enable customers to pay directly from their bank account with a few clicks.
- Lower transaction costs by circumventing traditional card network fees.
- Minimise chargeback risks due to the irrevocable nature of bank transfers.
- Offer a familiar and secure payment method to European customers.
- Accelerate payment settlement times compared to some card transactions.
- Integrate seamlessly with existing online checkout processes.
Common questions.
How does Pay by Bank differ from traditional card payments?
Pay by Bank routes payments directly from the customer's bank account to the merchant's, bypassing card networks. This reduces processing fees and chargeback potential, offering a more secure and often faster transaction for both parties.
What security measures are in place for Pay by Bank transactions?
Security is handled by the customer's bank, involving strong customer authentication (SCA) such as biometrics or PINs. This ensures a high level of security, as sensitive financial data is not shared with the merchant or third parties during the payment process.
Can Pay by Bank be used for recurring payments?
Yes, Pay by Bank can be configured for recurring payments, often through mandates set up by the customer with their bank. This allows for scheduled deductions, suitable for subscriptions and installment plans, with appropriate consent mechanisms.
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