Pay-by-Bank is a revenue growth game-changer for merchants selling any federally regulated products or services considered 'high-risk' by traditional payment processors.
Pay By Bank technology is built on the concept of ‘Open Banking’, where financial institutions make their APIs available to third-party institutions.
Thanks to our Pay-By-Bank eCommerce app, website visitors can initiate real-time payments for goods and services directly from their bank account.
This innovative method does not involve the use of credit/debit cards, substantially reduces transaction fees, and eliminates charge-backs.
Even cannabis dispensaries are discovering a legally compliant, secure way to take payments online while maintaining AML & KYC compliance.
How Does It Work?
Our Pay By Bank solution allows customers to make online purchases directly from their bank accounts, without the need for a credit card or debit card.
Merchants can integrate the Pay-by-bank option into their existing checkout flow alongside other payment methods.
2. When it's time for website visitors to check out and make payment, customers select their bank from a list of around 13,000 US-domestic banks and credit unions.
3. After that, they log into their bank's secure site using their usual User ID and password.
4. Once the buyer confirms the purchase amount and hits 'Accept', the transaction is completed within seconds. Funds automatically settle in the merchant's bank account either the same day or the following business day.
1. BUYERS IDENTIFY THEIR BANK.
At checkout, the buyer will select their bank from a directory of over 11,000 US banks and credit unions.
They will see 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.
2. LOGIN (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. SIMPLY, CLICK TO PAY
The online shopper confirms the dollar amount of the purchase 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).
Acceptable Industries
- Adult Entertainment
- SEO & Digital Marketing
- Recurring Subcriptions
- MMJ/Cannabis Dispensaries
- Restaurant Take-out & Delivery
- Coaching Seminars
- Nutraceuticals/Pharmaceuticals
- Hospitality & Travel
- Cryptocurrency & MLM
- Vape Shops & Kratom
- Age-restricted goods
- Freelancers & Sole Proprietors
- Telemarketing
- Future Events Ticket Brokers
- Computer Repair & Maintenance
- Online Pharmacies
- Loans & Credit Repair
- Landscapers, Electricians & Contractors
Rates & Fees
Same Day Approval-
Same Day Underwriting & Approval: We approve all legal businesses within one business day. No credit check is required or involved. Businesses placed on the "Match List" by payment processors are gladly accepted. No exceptions.
-
Unlimited Transaction Volume: There are no limits on daily, weekly or monthly transaction volume.
-
One-time new account activation fee: varies from $99.00 - $1000.00 *depending on the merchant's website platform and coding requirements necessary for integration. *This non-refundable fee is collected upon onlyt after new account approval and execution of this agreement.
-
Transaction Fees: based on individual transactions. * For transactions of $1.00 up to $25,000 dollars a $1.56 authorization fee is required. Plus there is an Identification Verification fee of $1.63, and a $0.26 Signal Fee.
-
Our Pay By Bank solution is fully compatible with popular shopping carts and website builders such as; WordPress+WooCommerce, Shopify, 3dCart, Limelight, Magento, PrestaShop, Konnektive, OpenCart, CS-Cart, Big Commerce, and many more. Additional integration options include API and SDK.
-
API Integration Fee: $0.00 - $250.00. *This non-refundable fee, collected prior to providing services, provides you with constant access to our PLAID API.
-
Risk Premium Fee: $0.00 - $500.00. *This non-refundable fee, collected upon execution of this agreement, helps cover risks associated with providing this service.
-
Same day settlement of funds (depending on the time of purchase).
-
New Donations Platform: We've launched a powerful platform to streamline a merchants' fundraising and donation efforts. Sign up now to take advantage of the benefits.
Benefits Of Using
Pay By Bank
- Increased order value: Dispensaries that enable Open Banking ACH payment options like Pay By Bank, experience an average increase of 20% in order value.
- Higher Sales Volume: Having the ability to accept online payments automatically boosts revenue by an average of 25% more compared to cash only transactions.
- Gain A Significant Competitive Advantage: Offering modern payment options like Pay By Bank provides a crucial competitive advantage in the cannabis industry. Customers enjoy the convenience of reduced waiting time and no need to stand in long lines.