Pay-by-bank with EchoPay

Pay-by-bank or account-to-account payments enabled by open banking (PSD2) regulations is growing rapidly.  There are now over 4.5 million regular users of open banking – 3.9 million consumers and 600,000 small businesses – and in September 2022 there were over 6 million open banking payments.

And there are compelling reasons why merchants are adopting pay-by-bank including:

• Allow your customers to pay you directly from their bank account which means you get paid immediately - no more waiting up to 5 days for your money from your current card provider
• Been hit by card chargebacks?  Pay-by-bank allows you to take back control of customer refunds in-line with your own terms and conditions
• By using pay-by-bank its likely you will reduce your payment transaction fees especially for high value items.  EchoPay will tailor the charges to your business to ensure you get a good deal
• Or perhaps you have been turned down by a card acquirer, have been asked for an unreasonable amount of security, or your card acceptance rates have been inflated to reflect the perceived level of risk.  The good news is that pay-by-bank provides a clear alternative
 

Worried about safety? You don’t need to be. EchoPay is not in the flow of funds. The payment is directly from your customer’s bank to yours. In addition, no bank details are ever shared so your customers personal details are safe.

EchoPay uses a market leading open banking infrastructure provider so you can be confident that your customers’ bank will be a fully enabled member of the open banking community.

Also to minimise cart abandonment EchoPay will customise the pay-by-bank payment page with your branding so your customer will be confident that it is you that they are paying, and finally you will be provided with a dashboard so you can monitor your payments anytime from anywhere.

Get started today by downloading the EchoPay App and contacting EchoPay to get set up with an open banking account.