Pay By Bank

Pay by Bank allows a customer to pay online instantly and directly from their bank account. Pay by bank follows Open Banking standards and applies a high level of security.

The customer will be securely redirected to their Pay By Bank app where they will be able to authorize the payment with no need to share any sensitive details. The customer will be protected by end-to-end encryption.

#➡️ Key benefits of offering Pay By Bank as a payment method are:

• Lower costs: Typically 2-20x lower cost than traditional payment methods and independent of payment values, as they eliminate scheme and interchange fees, and chargebacks

• Convenience: Customers typically approve payments through seamless app-to-app redirection to their mobile banking app, eliminating tedious, error-prone manual detail entry

• Trust: Customers do not need to share any payment details with the merchant, thus increasing trust and overall conversion rates

• Easy to use: There is no need for customers to carry credit or debit cards. Buyers can quickly pay by connecting to their personal bank account

• Availability: Pay By Bank is available 24/7 in a wide range of European countries

#How it works

At the checkout, the customer selects Pay By Bank as their preferred payment method and - optionally - fills the form with his/her email and name details.

After clicking the Select bank button, a list of eligible banks will appear. The customer can select his/her bank and can also easily search for it by entering the bank’s name in the search box.

The customer is then redirected to their Bank account in order to sign in and confirm the payment:

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#➡️ Details

• Payment method type: Asynchronous - payments are not confirmed immediately, the confirmation of payment occurs when the funds arrive, which can be up to 3 business days. You need to set up webhooks to get notified of asynchronous payments

• Refunds: Supports partial and full refunds

• Recurring payments: Not yet supported

• Pre-authorizations: Not yet supported

• 0% Cashback: Not supported

• MOTO: Not supported

• Cancellation: Supports cancellation

• Disputes: Not supported

• DCC: Not supported

• Surcharge: Not supported

• Tipping: Not supported

• Installments: Not supported

• Tokenization: No

• Restricted MCC: Some Merchant Categories are not eligible to have Pay By Bank activated

• Μerchant countries: Currently available for merchants registered in Finland (support for more Euro countries coming soon)

• Customer countries: Available to customers in all Euro currency countries and banks supporting this method. The bank list on smart checkout is displayed according to the customer's country

• Pricing: Please refer to our pricing page under the main navigation for more information

• Settlement: Customer payments are deposited next day into your business account for confirmed payments / successful transactions (i.e. have statusId = F)

• Cross-currency payments: Not yet supported

• Additional notes: The Email address and Customer Name fields within Smart Checkout are optional

#➡️ How to activate

This payment method is available upon positive review of your request. For more information, please contact your Viva sales representative. Alternatively, you can contact us directly via our live chat facility, by simply clicking on the Live Chat in your account.

#➡️ Merchant Categories

Some merchant categories are not eligible to have Pay by Bank activated:

Mcc

4812 Telecommunication Equipment Including Telephone Sales

4814 Telecommunication Services including but not limited to prepaid phone services and recurring phone services

4816 Computer Network/Information Services

4899 Wire Transfer Money Orders (V, D, G, X) Money Transfer (M)

5122 Drugs, Drug Proprietors and Druggists Sundries

5912 Drug Stores and Pharmacies

5966 Direct Marketing–Outbound Telemarketing Merchants

5967 Direct Marketing–Inbound Teleservices Merchants

5993 Cigar Stores and Stands

6051 Quasi Cash–Merchant

7841 VD/Video Tape Rental Stores

#➡️ Get Support

If you would like to integrate with Viva, or if you have any queries about our products and solutions, please see our Contact & Support page to see how we can help!