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
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:
➡️ 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
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!