Bank Transfers

Overview

Bank transfers allow customers to make payments directly from their bank accounts to your merchant account. This payment method is widely used for its reliability, security, and lower processing fees compared to credit cards. Our payment processing system supports various types of bank transfers.

How Bank Transfer Payments Work

The bank transfer payment process typically follows these steps:

1. Initiation: The customer selects bank transfer as their payment method and is presented with your PayRetailers account details or redirected to their online banking portal.

2. Authentication: The customer logs into their online banking system and authorizes the transfer to your PayRetailers account.

3. Processing: The customer's bank initiates the transfer of funds to your designated bank account.

4. Verification: Our system monitors incoming transfers and matches them to pending transactions using reference numbers.

5. Confirmation: Once the funds are received, the payment is marked as Approved, and you receive a webhook notification.

Security Considerations

• Bank transfers are secure as they require authentication through the customer's banking system.
• Incoming transfers are verified against expected amount and reference numbers to prevent fraud.

Integration Options

See our Integration Types section for more information.

Advantages of using PayRetailers for your bank transfers

1. You use the same API to create a transaction no matter the payment method type.
2. We provide clear instructions to customers about the transfer process in our checkout pages.
3. We use automated reconciliation for all transactions.
4. We offer real-time transfer options in supported regions.