Instant Bank Direct Debit
1. SELECT YOUR BANK.
At checkout, the buyer will identify their bank from a directory of over 3,000 US banks and credit unions. It’s the same interface you’d see if you were to log in to your own bank’s online portal. To reduce the risk of losing the sale, shoppers are never diverted from website checkout page.
Â
2. LOGINÂ (AS YOU NORMALLY DO)
The buyer will log into their bank’s secure online portal with the same User ID and password they’ve always used in the past. There is no need to enter a routing number or account number. This feature makes bank direct debit faster, more secure and easier to use than credit cards online.
3. CLICK TO PAY
The online shopper confirms the dollar amount of the purchase by and it’s done. The transaction is completed within seconds.
Funds settle in the merchant’s bank account the same day (or within 24 hours depending on the bank).
Â
IMPORTANT NOTICE:
If a merchant sells cannabis, hemp flower (including pre-rolls), CBD, kratom, pipes, bongs or paraphernalia or any type of federally regulated products — we do NOT need; bank statements, lab COAs, proof of URL domain name ownership, utility bill, etc., etc.
None of those documents are required.
All we need are signatures on the enrollment documents. The business name must match the name on the bank account. Instant Bank Direct is typically activated on the same day of receiving an application or within 24 hours.
Perfect For All High-Risk Industries & Restaurant Take-out
Get Approved Same Day- 3.25% Discount Rate *Applies to a shopper's first transaction only. Afterwards, only $0.49 cents.
- The Discount Rate applies only to the customer's first purchase. Does not apply to future transactions.
- $0.49 cents per transaction. *After a customer's first-time purchase only this transaction fee is applied.
- Integrates with over 170 popular website design builders
- Same day settlement of funds (depending on the time of purchase)
- Unlimited daily, weekly & monthly transaction volume
- Eliminates all risk of customer dispute charge-backs
- Perfect for Marijuana Dispensaries (customers pay online and pick-up with proof of ID)
Risk Verification: $0.49
Available Balance Verification: $0.49
When a brand new customer buys from your website the first time, our Instant Bank Direct Debit software performs an Account Onboarding (AO) and a Risk Verification (RV). A fee of $1.33⊄ will be deducted from the total sale. Our processing fee of 3.25% discount rate.
When the same customer revisits your website for future purchases, only the $0.49⊄ transaction fee will apply. This unique price structure makes instant bank direct debit up to 300% less than accepting credit cards. Once the customer is registered and approved, the processor will only run the Available Balance Verification (ABV) for each transaction. We will re-verify their risk once every ninety (90) days or upon receiving an update to their bank account.
Acceptable Products
- Marijuana/ Cannabis (Must be a licensed dispensary. Customers may prepay and pick-up with proof of valid I.D.)
- CBD Oils, Gummies, Ingestibles, Topical Rubs, Isolate Powder (No COAs Necessary)
- Kratom & Kava Kava
- Paraphernalia; Glass, Pipes, Bongs, Grinders
- Neutraceuticals & Herbal Remedies
- Restaurant Take-out (eliminate all risk of charge-backs & credit card fraud)
- Cash-only businesses are strongly encouraged to use Bank Direct Debit to eliminate the risk of COVID-19 transmission.
- Must have a valid business bank account in the USA. (Sole proprietorships are gladly accepted with proof of a business bank account)
- Submit a clear color-copy of your Drivers License, State I.D. or passport. (Must be from the owner or a company principal.)
- A completed copy of the Credit Card Authorization Form and Checking Account Authorization Form.
- Completed Arbitration Agreement, Refund Policy, Signature Card, and Compliance Statement.
- Must have an active website with an SSL certificate. Our gateway plugin is compatible with all website builders.
Instant bank direct debit is the only eCommerce payment acceptance solution that permits the online sale of ANY legal product or service including cannabis, kratom, CBD, pipes, bongs, paraphernalia, cryptocurrency, and more.
Same Day & 24 Hour Approval
100% in-house underwriting. No credit check. No mountains of paperwork needed.
Integrates With Popular Website-builders
WordPress, WooCommerce, Shopify, Wix, PrestaShop, 3dCart, Big Commerce, Magento, and many more.
Easy 'Click & Pay'
Online shoppers enter their bank account User ID & password, verify the amount of the purchase, and 'click-to-pay'.
COVID-19 put over 45 million Americans out of work and in the unemployment line. Online shoppers don't have the money to pay for their purchases. In July 2020, Visa & MasterCard report consumer charge-back disputes skyrocket to an all-time high of 20% to 50%.
Instant Bank Direct Debit is the only online payment acceptance solution that offers 100% protection against consumer charge-back fraud.
Credit card charge-back fraud against merchants skyrock during the COVID-19 pandemic.
Digital Wallet Adoption Surges Across Eight Markets; https://news.yahoo.com/digital-wallet-adoption-surges-across-150000217.html?soc_src=hl-viewer&soc_trk=tw via @YahooNews
Consumer Use of Digital Wallets On A Sharp Increase. https://shar.es/abw9wy
A few months ago, Facebook announced $100M in cash grants and ad credits for SMBs. It later introduced Facebook Shops to help SMBs sell online. And today it announced a new product to monetize classes and online events. https://about.fb.com/news/2020/08/paid-online-events/
“…dispute volumes have increased anywhere between 10% and 50% compared to pre-COVID levels.”
https://www.paymentsjournal.com/dispute-management-in-the-covid-19-era/