23 May MYBANK VIA PAYMENT LINKS UNLOCKS NEW SALES OPPORTUNITIES

Discover how getting paid with MyBank via pay-by-link solutions unlocks hidden business revenue opportunities.

MyBank via payment links is the ideal solution for:

• • Home deliveries
  • Out-of-store payments
  • Payments in physical stores
  • Recurring or repetitive payments
  • Marketplaces and Social Commerce
  • Installment sales
  • Payment reminders and/or debt collection

Pay-by-Link solutions offered by banks and other Payment Service Providers (PSPs) allow any business to get paid online through a payment link sent to customers via their preferred channel.

Payment links can be sent via email, SMS, social media, WhatsApp, chatbot (or any further messaging application).

On the customer side, the payment flow is the same as the one offered at the checkout of any ecommerce.

As far as the merchant/payee is concerned, these solutions provide a ready-to-use tool that does not require any acquisition of new equipment, any significant investment or changes to the company website.

By activating MyBank payment links, companies of any size and industry can collect digital payments that are based on irrevocable wire transfers with real-time confirmation being processed by customers directly from their internet banking service.

How does it work?

Merchants simply access their own dedicated account to generate a unique payment link. In order to do that, they only need to enter the customer’s email address or mobile phone number, the amount, the reason for payment and any further detail that may be relevant for administrative purposes (e.g., they may want to attach a copy of the invoice).

As customers click on the payment link, they will land on a customised page to select their bank and access their online banking service with their usual credentials. Here, a pre-filled wire transfer form is immediately available to them and just a final click is required to authorize the transaction, whose confirmation is received by both customers and merchants within a few seconds.

Why should you use MyBank via payments links?

This solution provides several benefits to businesses, including:

• • Real-time certainty of payment collection 24/7 allowing the immediate provision of services to customers (home deliveries, shipment of goods, activation of subscriptions, etc.)
  • No maximum transaction amount limit (for payments of any amount)
  • 100% automatic riconciliation (thanks to the payment information already available on the pre-filled bank transfer form that customers only have to approve, order details and amounts are never confused.)
  • No need for a POS device or any new dedicated equipment
  • Higly competitive transaction commission fees compared to other digital payment methods, although they may vary from a bank/PSP to another as defined directly by them
  • No interchange fee, i.e., the fee paid between banks for the acceptance of card-based transactions.

Here are some use cases where MyBank via payments links can be particularly useful:

• Home deliveries
• Out-of-store payments
• Payments in physical stores
• Recurring or repetitive payments
• Marketplaces and Social Commerce
• Installment sales
• Payment reminders and/or debt collection

These are just a few examples. However, the service creates additional sales or collection channels for any professional, business, company, firm, organization or public administration, and unlocks a whole new world of opportunities for them to get paid digitally.