The Benefits of Pay by Bank for Recurring Payments

One of the main advantages of Pay by Bank is its low processing fee compared to traditional payment methods. In addition, thanks to its Open Banking framework, it offers enhanced fraud protection by requiring customers to use their bank login credentials to authorize payments. However, this security feature introduces a trade-off: a more involved user experience (UX) that takes 60–90 seconds to complete, as customers must provide their banking details and approve the transaction. While this process offers peace of mind, it can also create a friction point for users. For one-off payments, this does not pose a significant issue, especially when the expected average annual transactions per user is low. However, for merchants in the recurring payments space, streamlining access without sacrificing security is a top priority. Link Money addresses this challenge by offering two solutions that enable a smoother experience for returning customers while maintaining high levels of fraud protection.

Full Wallet Functionality (Card on File)

Merchants with strong access control measures may choose to store payment information directly. For these cases, Link Money’s API suite allows merchants to store payment details securely and initiate payments for returning customers, replicating the convenience of a "card on file" experience. This approach offers a seamless checkout process for returning users, closely mimicking the experience of traditional card-based payments.

Link Money Account and Access Management

For merchants that prefer not to store sensitive payment information, Link Money offers an alternative with a secure, OTP (one-time password) protected returning customer flow. This process allows returning customers to quickly regain access to their verified accounts within Link Money's platform, eliminating the need for merchants to store customer data while still providing a streamlined experience. By partnering with fraud prevention experts and using in-house risk modeling, Link Money ensures a secure, efficient checkout for both customers and merchants.