Pay by bank is a payment method that lets a payer authorize a transfer directly from a bank account, often through an online banking connection or account-to-account payment network.
How does pay by bank work?
The payer selects the method, authenticates with its bank, reviews the payment and authorizes the transfer. The merchant receives status information from its provider.
How is it different from card payment?
It uses bank-account rails rather than a card network, so pricing, settlement, refund and dispute rules differ.
When is a payment final?
An initiation or authorization message may precede confirmed receipt. The merchant should distinguish pending, accepted, settled and returned states.
What are the potential benefits?
Benefits may include lower acceptance cost, strong bank authentication and suitability for higher-value payments, depending on the market and provider.
What should a merchant verify?
Review supported banks, limits, settlement time, payer data, refunds, returns, reconciliation references and customer support.
