One of the newer financial terms used today is Pay by Bank and it’s an alternative payment mechanism that facilitates immediate transfers of funds in a highly secure environment.
The Alternative to Credit and Debit Card Use Online
In This Article
Credit cards and debit cards continue to be one of the most popular payment options for consumers – but these payment types were never designed for online use and there can be security issues if the website is not secure. Enable-access.com is not only secure but we also work with Stripe for our card payments, one of the biggest and most secure online card payment providers in the world so you will always be safe using our website. One of the ways of avoiding online credit/debit fraud is 3D Secure technology. There are also app-based payment systems, and they serve good purpose, but customers must set up separate accounts and maintain them. So what’s the alternative? Pay by Bank!
Understanding Pay by Bank
Pay by Bank is a method that enables direct bank-to-bank fund transfers. It’s simple and easy, designed for customers to transact smoothly and securely. The system allows customers to transfer money from their bank account direct to the merchant’s bank account without keying in any financial information.
The system gives third-party providers access to customers’ financial data and, the other benefit of Pay by Bank is it can also provide customers access to other financial tools and services. Governed by EU and UK laws it gives consumers another method to pay for goods online, rather than having to use their own credit or debit card details.
How it Works
When you reach the checkout page, you select the Pay by Bank option. Upon selection of the Pay by Bank option, you are shown a list of banks and then you simply select your bank from the list. Once you have made your selection the payment is authenticated by validating your identity, usually using the very simple Face ID or fingerprint on your own online banking app or website. You login to the app and authenticate as normal, approve the transaction and funds are automatically and immediately transferred from the your bank account to the enable-access.com’s bank account. You are then redirected back to the checkout page where the checkout process is completed.
Pay by Bank also uses other ways to complete payments, such as through QR codes or links sent via SMS or even in chat apps.
Why Use Pay by Bank?
Here are some reasons why Pay by Bank is beneficial:
- Far enhanced bank grade security, because you never has to disclose your bank details or other details to the merchant. This reduces the risk of fraud.
- Funds are immediately transferred, there’s no waiting for clearance or credit card settlement.
- There’s no need to register for Pay by Bank.
- There are no chargebacks.
- If you return an item, the refund can be made immediately by the merchant.
Pay by Bank – In summary
This new technology is a very exciting advancement in increasing security for online payments. While it’s relatively new, the intention is that it will roll out across the world and more and more merchants will adopt it as a safe method for consumers to pay for goods and services online. The benefits for merchants are very powerful – dramatically lower costs vs cards, instant settlement, bank grade security with no chargeback risks. There’s no reason businesses won’t accept this means of payment – the only challenge for Pay by Bank is an awareness one!
Enable-access.com introduced Pay by Bank, powered by Rvvup after an initial client consultation, with many finding it much faster and easier to use than the old payment methods like paying by card, Paypal etc. Try it out today when you order from us and prove the incredible benefits for yourself!
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