In the ever-evolving realm of payment solutions, convenience and security have always been at the forefront of innovation. Today, we’re witnessing a ground-breaking shift in the way we make payments in physical stores, all thanks to Pay By Bank, MultiPay’s revolutionary in-store payment option. In this blog, we will delve into what Pay By Bank is and explore the myriad benefits it brings to merchants.

What is Pay By Bank?

Pay By Bank is a payment method exclusively supplied by MultiPay Global Solutions that allows consumers to make in-store payments directly from their bank accounts. This technology bridges the gap between traditional banking and modern payment solutions, creating a seamless and hassle-free transaction experience.

Here’s how it works.

1. Merchant chooses pay by bank: The merchant selects pay by bank during checkout on their payment device or till.
2. Payment Initialisation: The payment process begins, and a QR-Code is generated and prompted on the display of the device.
3. Customer Interaction: The customer scans the QR code and chooses their bank on their mobile.
4. Mobile Banking App (MBA): The customer’s mobile banking app opens, and they authenticate and authorise the payment.
5. Funds Transfer: The payment is approved, and funds are transferred from cardholder’s account to merchants.

Benefits of Pay By Bank

• Cost-Effective for Merchants: Businesses benefit from Pay By Bank as well. The payment solution can reduce the costs associated with credit card processing fees, making it hugely cost-effective option for retailers.
• Enhanced Security: Pay By Bank offers a high level of security as it leverages the robust authentication protocols of mobile banking apps. With multi-factor authentication in place, customers can feel confident that their transactions are protected from unauthorised access.
• Streamlined Checkout: One of the most significant advantages of Pay By Bank is its convenience. Shoppers can complete their transactions swiftly, reducing the time spent at the checkout counter. This streamlined process leads to shorter queues and improved customer satisfaction.
• No Need for Cards or Cash: Pay By Bank eliminates the need for physical payment methods like credit cards or cash. This not only reduces the risk of losing or misplacing such items but also contributes to a more environmentally friendly and sustainable payment ecosystem.
• Accurate Records: Transactions made via Pay By Bank are automatically recorded in the customer’s bank statement, providing a clear and precise record of expenses. This makes it easier for consumers to manage their finances and track their spending.
• Increased Customer Loyalty: Offering Pay By Bank can attract tech-savvy consumers who value convenience and security. By providing this payment option, businesses can enhance customer loyalty and encourage repeat purchases.
• Reduced Fraud Risk: Pay By Bank minimises the risk of fraud because transactions are authenticated and authorised through the customer’s mobile banking app. This extra layer of security makes it challenging for fraudulent activities to occur.

Conclusion

Pay By Bank, the innovative in-store payment solution is catalysing a transformation in the way we conduct transactions in physical stores. With its focus on cost-saving, security, convenience, and efficiency, this payment method delivers tangible benefits for both merchants and consumers. As the payment landscape continues to evolve, Pay By Bank is on track to redefine the future of in-store payments, offering a safer, faster, and more convenient way to shop.

Don’t miss the opportunity to shape the future of your business.

Embracing this technology isn’t just about keeping up; it’s about staying ahead in the game. And, with MultiPay being the exclusive provider of Pay By Bank solutions in the UK for in-store transactions, you’ll have a unique advantage. Explore the limitless possibilities of Pay By Bank for your business today, and revolutionise the shopping experience for your valued customers.