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WooshPay Launches “Pay by Bank”: A New Era of Lower-Cost Payments

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min read

WooshPay today launched Pay by Bank, a new payment product designed to provide merchants with a low-cost, efficient account-to-account (A2A) payment method. This product is especially suitable for the North American, UK and European markets, and will significantly reduce payment costs for merchants, while significantly optimizing the payment experience.

Significantly reduce payment costs:
Pay by Bank eliminates the need for intermediaries such as traditional card networks and offers merchants lower payment rates. For example, a merchant with a monthly transaction volume of 1 million euros can save up to 360,000 euros per year by adopting Pay by Bank; similarly, a merchant with a monthly transaction volume of 1 million dollars can save up to $360,000 per year by adopting Pay by Bank, which will significantly improve their operating margins.

Coverage: Almost all banks in Europe and the UK
Pay by Bank supports almost all cardholders in the U.S., U.K., and Eurozone countries. Consumers who have a bank account can make payments securely and quickly with Pay by Bank.

Core Benefits: Increase Merchant Profitability and Payment Efficiency

  1. unparalleled low cost: no need for traditional card networks, directly connected to the bank, payment rates are significantly reduced. 2. real-time payment confirmation: compared to traditional card networks, Pay by Bank can be used to confirm payments in real time.
  2. Real-time Payment Confirmation: Compared to traditional bank transfers, merchants can receive instant notification of successful payment after consumers complete their payments, accelerating the flow of funds. 3.
  3. No Chargeback Risk: Eliminates chargeback disputes and helps merchants better protect their revenue. 4.
  4. Higher security: Based on bank authentication, the payment method avoids the risk of card payment fraud.

Applicable Scenarios: Widely cover multiple industries, such as retail, gaming, social, SaaS, web3, etc.

Please refer to the following documentation for integration.
https://docs.wooshpay.com/doc-2517575
https://docs.wooshpay.com/doc-2517577