In an era of rapid digital transformation, payment methods continue to evolve. Among these innovations, Open Banking payments are becoming increasingly popular, offering an array of benefits for customers and merchants alike. Alongside Acquired.com’s recent launch of Pay by Bank at the Point of Sale, the industry has seen many queries surrounding this payment method, specifically its readiness for in-person transactions, and misconceptions have persisted.
After spending recent months speaking with merchants and customers, the Acquired.com team has collated common queries and myths around Pay by Bank at POS. In this article, we aim to debunk common myths and shed light on the realities (and many benefits) of choosing Pay by Bank at POS.
Do customers need a specific app or platform to use Pay by Bank at the Point of Sale?
Unlike a select few other Open Banking providers, customers using Acquired.com’s proprietary Pay by Bank solution do not need to download an additional app when making their payments in person. The process is streamlined and familiar, akin to contactless payments. With no extra hassle, customers can seamlessly complete transactions by scanning a QR code and authorising the transaction using their existing banking app.
Are in-person Pay by Bank transactions time-consuming?
In a fast-paced world, efficiency is key. With Pay by Bank, transactions typically take 15 to 20 seconds, ensuring a swift and hassle-free experience for customers and merchants.
Why would a customer use Pay by Bank over popular payment methods like Apple Pay?
Pay by Bank presents unique benefits, particularly for merchants aiming to maximise savings and customers looking to gain rewards. With higher average transaction values (ATVs), merchants can pass on their cost savings to customers or offer enticing incentives, fostering loyalty and driving adoption.
Are there any rewards or benefits for customers using Pay by Bank?
For many merchants, opting to pass on their cost savings is a great business decision, as it enables them to encourage a more cost-effective payment method and potentially offer loyalty rewards, cashback, or other benefits. By leveraging this payment method, both merchants and customers stand to gain.
Do the funds take a long time to clear in the merchant’s account?
With Acquired.com’s proprietary Pay by Bank solution and settlement accounts, merchants and customers receive real-time payment confirmation and instant access to money. Auto-reconciliation processes and instant refunds and payouts ensure that merchants can improve their cash flow and operational efficiency while providing an enhanced customer experience.
Is Pay by Bank only offered either online or in-store, not both?
Pay by Bank is versatile and adaptable to a number of payment scenarios. Whether online or in-store, merchants can seamlessly integrate Pay by Bank alongside other payment methods such as cards, Apple Pay and Google Pay. Our collaboration with MultiPay Global Solutions means POS terminals are equipped to accommodate diverse payment preferences, including Pay by Bank and digital wallets.
Does offering Pay by Bank at POS require separate terminals for cards and Pay by Bank transactions?
We understand that streamlining operations is paramount for merchants. Depending on their acquirer, a single terminal can support both card payments and Pay by Bank transactions. By leveraging existing infrastructure, merchants can provide a seamless payment experience without the need for additional hardware, app downloads, or complexity.
Acquired.com’s proprietary Pay by Bank payment solution represents a modern and efficient payment solution within the dynamic landscape of Open Banking in the UK. By debunking common myths and highlighting its tangible benefits, we aim to empower both merchants and customers to embrace this innovative payment method, unlocking new opportunities for convenience, savings, and rewards.
Interested in offering Pay by Bank as an additional payment method? Get in touch with the Acquired.com team to hear more about how to implement Pay by Bank into your existing payment infrastructure.
