In this article we will cover:
What is Pay By Bank?
Pay by Bank allows clients to transfer funds directly from their bank account to yours.
Pay by Bank uses account to account payments to allow clients to authorise bank transfers directly from their online banking app, so they can pay securely without the need to enter bank or card details.
Legl partners with Banked to provide Pay by Bank payments, powered by Open Banking. This means that you can receive money directly from your clients’ bank account into your firm’s specified bank account, without the need for funds to pass through any third parties.
How do I enable Pay by Bank?
To get started with Pay by Bank, please contact our support team via [email protected] to enable it for your account.
How do I take a payment via Pay by Bank?
Once Pay by Bank has been enabled for your account, it will be added as a payment method for your pay request links.
When you send a Pay Request to a client they will be able to select their preferred payment method, including Pay by bank. Learn more about creating Pay Requests here.
Payment Minimum and Maximums
If the value of payment is less than your firm’s card limit, both Pay by card and Pay by bank payment methods will be available. If the value of the payment is more than your firm’s card limit, only Pay by bank will be available.
For more information on your firm’s card limits, please contact [email protected].
How does a client pay via Pay by Bank?
If your client selects Pay by bank as their preferred payment method, they will be taken through the following steps:
Step 1: Choose your Bank
The client will be prompted to select the bank they wish to pay from.
Step 2: Connect with your Bank
The client will be connected to their selected bank, and will need to follow the onscreen instructions to continue. They will be prompted to pay using their banking app on their mobile device or using their online banking service.
Step 3: Authorise the payment
The client will be asked to log in and authenticate the payment from their chosen banking app. They will be able to review the amount being paid, and select which account to pay from where applicable.
Step 4: Confirmation that the payment is complete
That’s it! The client will receive confirmation of the payment, as well as a receipt via email.
Watch an example flow of the client experience
For further assistance, please contact us at [email protected].