Pay by Bank transactions are unaffiliated with card networks, do not require interchange fees, and are backed by guaranteed next-day funding. Boost sales while driving customers to this lower cost ACH payment method, and remove the need to store sensitive bank data.
Reduce transaction processing costs to save on fees.1
Minimize fraud and eliminate chargebacks to reduce risk.1
Grow sales via higher approval rates to increase revenue.1
Reward customers who use Pay by Bank to improve loyalty.1
Our one-time enrollment process leverages open banking standards to help ensure a simple, secure customer sign-up experience that can be completed in as little as 60 seconds.
Link customer bank account payments to everything from payment fobs and loyalty cards to a variety of IOT-enabled devices and recurring payments.
Open banking, real-time payments, and loyalty are driving adoption of Pay by Bank.
The FedNOW® Service, a new real-time payment service, enables safe and instant money transfer.4
increase in shopper frequency
A grocery client implemented Pay by Bank, which resulted in a 33% increase in shopper frequency and a 44% increase in average ticket among Pay by Bank customers versus debit users, as well as a 2% lift in top-line sales.
Source: 2021 and 2022 program performance data
increase in ACH daily dollar volume
A ridesharing client placed Pay by Bank at top-of-wallet, which resulted in an 80% increase in ACH daily dollar volume, a 3X increase in average ticket share, and a $1 cost savings per ride among Pay by Bank customers versus debit users.
Source: March 2022 results for 9 months of activation vs. May 2021
increase in high-frequency shoppers
A petro client reinvested Pay by Bank savings to add more rewards, which resulted in a 30% increase in high-frequency shoppers and an 18% increase in average ticket among Pay by Bank consumers versus debit users, as well as 60bps savings compared to all non-cash payment types.
Source: 2022 program performance data versus prior period
Source: 1. Client case study in Retail Industry. 48% Pay by Bank users had 4+/trans a month versus 22% for debit users. +30% increase in average ticket; 2. PYMNTS Real-Time Payments Tracker, May 2023; 3. Invesp survey; 4. Fiserv will leverage FedNOW as one of the networks to enable real-time payments.