Pay by Bank Best Practice Guidelines
Our Pay by Bank Best Practice Guidelines are designed to help you navigate this fast‑growing payment method with confidence.
Prommt has been a leader in delivering success via Open Banking for over three years and in that time have enabled several billion euro in bank transactions for our clients.
We’re sharing our latest insights on maximising the value of Pay by Bank, a fast‑growing and cost‑saving payment method now widely adopted across building supplies, automotive, hospitality, luxury retail and more.
What are the benefits of Pay by Bank?
- Significant savings – Eliminates costly card fees for your high-value transactions.
- Real results – Our automotive client Motorpoint saved £100,000 in just 8 months of launching Pay by Bank.
Proven at scale – Our clients process tens of millions monthly using Pay by Bank.
Better than manual bank transfers – Your customer does not need to enter your bank details or deal reference, and we ensure that data is attached for easier reconciliation.
Smart Orchestration: Optimising Bank & Card
Your first priority is to get paid, so we always encourage merchants to implement both Card and Bank payments on the same checkout and not exclusively offer Pay by Bank.
But Prommt’s smart orchestration controls ensure that your preferred payment method is offered at the right time, driving cost savings for your business, for example:
Value thresholds
Prommt will dynamically present Pay by Bank as the only payment method above a set value, e.g. a merchant can set the threshold value at £500. For any payment requests above £500, Prommt will present Pay by Bank only.
For any payment requests with a value below £500 – Prommt can present Card and Bank as an option or Card only, the choice is yours.
What is the optimal value threshold of presenting Pay by Bank?
Our clients set various threshold values ranging from zero to £40,000, above which Pay by Bank is presented as the primary payment option.
From analysis, the clients who are driving the most success in terms of adoption and cost savings are those who place a value threshold of £500. This can be easily configured in the account settings and changed over time if required.
Example thresholds:
What if your customer insists on paying by card?
While there are always exceptions to the rule, you will want to strictly control when large payments can be taken by card. For the occasional £30,000 car sale via an Amex card, your business rules within Prommt will block this.
That’s why Prommt offers Merchants a standalone uncapped Card Only account at no extra cost. This is generally placed in the hands of an Admin user, and can be dealt with by exception. Please ask for assistance if you think this would help.
Informing and educating your customers.
Pay by Bank is easy to use, and we find that customers find it a secure and easy way to pay. There is no enrollment or “first use” experience to educate them on. However you may wish to pre-brief your customers about this new way to pay, particularly your valuable recurring customers and those with trade accounts.
Prommt will work with you to provide co-branded content that can be used as a one page PDF, HTML email content, or just a poster to be presented at point of sale explaining in simple terms why Pay by Bank is simple, secure and good for business.
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Ongoing Staff training
With orchestration controls your staff won’t need to think too much about whether to offer Card or Bank payment, however it’s good to keep them up to date and cater for new staff joining the business. Prommt provides training materials for staff, and offers a regular refresh of training where required.
Protection from Fraud
Card payments come with an established Chargeback mechanism, which can be abused by customers. Pay by Bank provides better fraud protection – transactions are non-repudiable and are authenticated and approved directly in the customer’s banking app.
