In the rapidly evolving world of digital payments, businesses are constantly seeking methods that are not only efficient but also enhance customer experience. Pay by Bank has emerged as a promising solution, offering low fees, faster settlements, and seamless transactions. However, as with any new payment method, there are challenges—particularly in overcoming customer apprehension and inertia.
Early implementations of Pay by Bank were functional but often lacked the refined user experience necessary to instil confidence. Clunky interfaces and poor usability can fuel customer hesitation, leading to reduced conversion rates.
At Rvvup, we've been on a four-year journey to transform our version of Pay by Bank into a solution that not only meets but exceeds both merchant and customer expectations.
We've dedicated significant effort to iterating and refining our user interface to maximise usability and conversion rates.
The bank selector is the first interaction a customer has with Pay by Bank, so its design is crucial.
To reassure customers that their transaction is secure and directly between their bank and you, the merchant, we present the following:
Highlight the Direct Connection: During the transaction process, we prominently display both the customer's bank logo and your merchant logo, without unnecessary third-party branding.
Build Confidence: By focusing on familiar branding, we reduce confusion and enhance trust, which leads to higher conversion rates.
For regular customers who use the same bank frequently:
Flexibility Maintained: Customers can easily change their bank selection if needed, ensuring that the convenience doesn't come at the cost of control.
Enhanced Convenience: Bank choice is securely stored on the customer's device, allowing them to skip the bank selection step on future visits.
At Rvvup, we understand that your brand identity is crucial in every customer interaction. That's why we've developed a fully customisable payment method rendering system, allowing you to seamlessly tailor the payment interface to match your brand's colours and style.
By enabling customers to easily recognise your brand alongside their own bank, we drive higher conversion rates and foster greater trust.
Importantly, our Payment Service Provider (PSP) branding remains discreet and behind the scenes, ensuring that the focus stays on your brand and the seamless connection between your business and your customers' banks.
We’ve designed and built functionality for superior user experience for customers starting on a desktop and using a QR code to launch their banking app on their phone in these ways:
Many Pay by Bank offerings push the buyer from the QR to a PSP’s mobile webpage, from which they launch the customers bank app. Dependent on your mobile settings this can result in a security check adding friction to the journey - see below the extra step involved for the buyer.
Note: We can offer a mobile bounce page as an option as this can track that a user has scanned the QR to move from desktop to mobile. The potential conversion impact from the additional friction of the bounce and security message, can be traded off against the enhanced analytics visibility.
It's common for a company's registered name to differ from its trading name, which can cause confusion on customer bank statements (e.g., customers seeing "Yum Brands Inc." instead of "KFC"). Some payment providers exacerbate this issue by including their own name on statements.
At Rvvup:
One significant limitation of the standard Open Banking specifications is the lack of mandated refund processing. This gap leads to varied and often complicated refund procedures:
Rvvup Eliminates This Pain Point:
The Value Delivered:
Understanding customer behaviour is key to optimising conversion rates.
With an identifier attached to the analytic records, we also provide a conversion drill down at an individual customer level showing exactly how far through the Pay by Bank flow any customer reached. With data exports this allows merchants to follow up with customers who have begun but failed to complete a Pay by Bank payment to support and convert them.
99% or more of your Pay by Bank transactions complete whilst the customer waits. The underlying ‘rail’ is UK Faster Payments. While the majority of Pay by Bank transactions complete instantly, there are occasions when payments take longer due to the nature of Faster Payments.
Rvvup provide these user interfaces and customer and merchant email notifications upon payment completion, as well as webhooks to update the merchant’s linked systems e.g their ERP.
We provide transparency into the performance of Pay by Bank transactions.
This is an example of a typical distribution by bank of the transaction time in seconds from capture request to completion.
The consensus among industry analysts and market sentiment is clear: Pay by Bank is set to become the next significant development in the payments landscape. However, it's important to recognise that it will coexist with established payment methods like digital wallets, cards, and Buy Now Pay Later (BNPL) etc. Modern merchants are focused on catering to customer preferences to optimise for customer choice, conversion rates, minimise costs, as well as simplifying their tech stack and financial operations processes.
Rvvup uniquely empowers merchants to offer a comprehensive array of payment methods that not only enhance conversion but also streamline technology and reporting. Integrating Pay by Bank as a standalone payment method is not optimal—merchants still need to provide the other payment options their customers need. What they require is a holistic solution that combines their entire payment ecosystem.
In essence, while Pay by Bank represents an exciting advancement, it should be part of an integrated, comprehensive payment solution that meets both merchant and customer needs. Rvvup delivers this all-in-one solution, enabling merchants to streamline their payment processes, optimise conversions, and drive business growth.
Why Choose Rvvup?
Our version of Pay by Bank isn't just about facilitating transactions; it's about enhancing your overall business operations. By choosing Rvvup, you're investing in a payment solution that's been meticulously crafted to offer superior user experiences, insightful analytics, and operational efficiencies that drive growth.
If you're interested in learning more about how Rvvup can transform your payment processes and support your business growth, feel free to reach out or visit our website for more information.
Author Bio: Reuben is the VP of Product & Engineering at Rvvup, specialising in innovative payment solutions that bridge the gap between B2B merchants and their customers. With a passion for enhancing user experience and driving efficiency across payments and invoicing, Rvvup is delivering the cutting-edge financial technologies that the B2B space needs.