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Cheaper Transactions and New Payment Methods

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:

  • Money paid into your account within 2 working days
  • Card payments starting from 1.65% on all plans
  • No more +20p initiation charge on transactions
  • Accept bank to bank payments via PayByBank App at 0.45% (see more info below)
  • 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% for European Visa and MasterCards, 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, you will get your money in 2 days. You’ll no longer have to wait 7 days to see your hard earned money in your bank account.

    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, 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.

    No more Stripe

    Currently your SmartTrade account is connected to a Stripe account. This will no longer be necessary as you’ll be connecting your account to Wirecard instead. This means more transparency, better support, better pricing and better communication as we’ll be in constant contact with their teams to support you with any issues or feedback you may have.


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