Cheaper Transactions and New Payment Methods

Kent Vorland,  October 17, 2018


That’s right, SmartTrade App is about to undergo a comprehensive upgrade. Through a series of partnerships and almost an entire year of developments, we’re about to re-launch our application and website to offer our existing and new customers something never-before seen in the mobile payments space. Before I go in depth of what we’re offering, just in case you’re short on time, here’s a snapshot of what you can expect:

  • Card payments starting from 1.65% + 20p on all plans via Stripe
  • Accept bank to bank payments via PayByBank App at 0.45% (see more info below)
  • Money paid into your account within 2 working days via PayByBank App

You read that right, through our new partners, MasterCard and Wirecard, we’re introducing a payment option allowing for bank to bank payments as low as 0.45% and lowering card rates for all plans to 1.65% + 20p for European Visa, MasterCards and AMEX, and we’re sticking to it. There’s no added charge for accepting payments using your dashboard or via online invoices!

As if this wasn’t enough, once we introduce you to our new partner, Wirecard and PayByBank App, you will get your money in 2 days.

What is PayByBank App

If you’re still bearing with me, chances are you’re interested in learning more about the new payment offering, PayByBank App (PBBA).

Background

PBBA is a software developed by VocaLink (MasterCard company) with the intent to make payments a breeze by providing a seamless solution to make push payments from a customer’s phone to any merchant accepting PBBA as a payment method.

The software will allow you to request a payment directly from your customer. The customer then simply “pushes” a payment from their online banking application and you’ll be all set! Currently customers can make payments using Barclays Pingit and HSBC, whereas throughout this year and the next, more and more banks will go live and you can use this method to accept payments from a much broader range of customers.

Security

Because PayByBank App requires your customers to authenticate themselves via their online banking app to make a direct bank to bank payment, the chances of fraudulent payments are near 0%. Thus, you can always be certain that when accepting a payment using PBBA, the person making the payment to your bank account is who they say they are and you will not be incurring unexpected disputes.

How it works

We will be releasing detailed instructional videos and help articles upon launching, but just to give you an idea of how simple it will be to take a payment with PBBA, I just want to give you a sneak-peak.

When you make a sale, you will see a brand new PayByBank App button as you select payment method. Once this is selected, you just enter your customer’s phone number and they’ll receive a text within seconds. When they click on the link they’ve received, they’ll automatically be guided to their banking app where they authenticate themselves and that’s it, payment done! Takes seconds to complete and your fee is only 0.45%, with money hitting your account in no more than 2 days. Magic!

Applicable Banks

Currently the app is live with Barclays Pingit. That means you can request payments via PBBA from any Pingit user in the UK, and there are millions. However, more banks are going live this year and the next and we’ll be sure to let you know as soon as you have more customers who can pay using PBBA.

Stripe

Currently your SmartTrade account is connected to a Stripe account. This means you can accept card payments with only 1.65% + 20p transaction fee and money paid into your account in 5 working days.

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