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Overview

Payment group: Bank Transfer
Payment product id: 11

Bank transfer (or wire transfer) is a payment method that allows consumers to transfer money to a bank account around the world. The consumer is provided with a unique reference number and details of the bank account where they can make their payment.

The consumer will then complete the transaction in any way they prefer to pay. This payment can be made by telephone, mail, or through their online banking package. 

Bank transfer is very advantageous for shoppers who do not have a credit card, or do not want to use it to complete a distance sale payment through internet, telephone, or mail. Bank transfer is also a very safe and secure payment method, as both account holders must have a proven identity and there is no possibility of a chargeback.

In general, the process for bank transfer transactions consists of three steps for you:

  • Providing us with order details (Reference)
  • Consumer executes the bank transfer using the information provided by you and us
  • We match, report and remit the funds to you

We maintain local bank accounts in the countries where the Bank Transfer payment method is normally used for purchases. In these cases the consumer will be making a bank transfer to a local bank. In the cases where we do not have a local bank account, the consumer will be informed to make the payment to the bank account located in another country. In these cases the consumer is making an international bank transfer. This can result in the actual amount that is received to be different from the original order amount.


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Key benefits

  • Increase your revenue by accepting local bank transfer payments
  • Increase conversion by offering the option to make payments to a local bank account
  • Allows consumers to make payments to our (local) bank account
  • Non-reversible payments – push payment
  • No interchange percentage

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