Simply put, a bank transfer is a means of paying someone by sending money from your bank to theirs. Transferring cash at or through a bank using account information happens globally and has been a staple in money transfer for over 150 years.
It's essential to consider the cost of cross-border bank transfers for your business and the end consumer. These costs can be a deterrent to finishing the check-out process. If you're looking at utilizing bank transfers for your payment mix, it's wise to do so with a payment solutions provider that offers a local-to-local bank transfer model.
Bank transfer payment process
Bank transfers are initiated online and offline.
Online bank transfer process
When online bank transfer is chosen as a payment method, your customer will click on a link, and it will redirect to their home bank. After making the payment, there will be a payment confirmation page from the business side.
Offline bank transfer process
When there is no access to data or a banking app, bank transfers can take place offline. Once bank account information is received, customers can go to a physical branch to complete the transaction.
Benefits of offering bank transfer payments for your business
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Secure
Bank transfers are pushed via a secure network; the only thing to worry about is input of incorrect payment details -
Familiar
Using bank transfers or electronic fund transfers as a payment method is usually one of the first things we learn when registering a bank account. -
Simple
No extra sign-up steps are needed. If a customer has a bank account, they can pay straight away.
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