Waivr’s Pay by Bank is now on Shopify

🚀 Announcing the launch of Waivr’s Pay by Bank on Shopify as an official Shopify Payments Provider! Pay by Bank offers a bank to bank transfer payment method to reach today’s diverse set of buyers, offering them 1.5% cashback. 

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To celebrate our launch, customers will receive 10% cashback for all purchases made through Pay by Bank from Nov 24th to Dec 1st. We’re excited to continue to add new brands to our growing list that includes Craftmix, Hipstiks, Artisan Tropic, Daily Work Journal and Jengi.

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How does Pay by Bank work?

1. Customers select “Pay by Bank” at checkout. 

2. Connect their account via Plaid by authenticating into their bank’s online platform - a familiar experience for customers that’s branded with your store’s logo. 

3. That’s it! 

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Customers receive cashback directly to the bank account they used to make their purchase. You can check out the full experience below and in our demo store.

What’s the value in Pay by Bank?

Reduce payment failure rates. Pay by Bank addresses the issues that arise with cards like lost or stolen numbers or even insufficient funds. Unlike debit cards, customers will never overdraft, preventing one of the major causes of chargebacks.

Improve conversion with cashback on every purchase. Customers receive 1.5% cashback on every purchase and 10% from 11/24 to 12/1.

Get paid faster. Funds are transferred using a hybrid same-day ACH and RTP Network in partnership with Wells Fargo to enable payouts in as fast as 24 hours, freeing up merchants’ cash flow. 

Cut transaction costs. Pricing starts at 2.15% + $0.60.

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Okay, sounds like a no brainer. So how do I install?

As a Shopify merchant, just access the Pay by Bank app. Fill out your merchant information so that we can do a quick KYB to verify your business is real. We have an obligation to kick out the fraudsters! We’ll approve you and then you can easily turn on Pay by Bank in your payment options at checkout. You can follow installation instructions here.

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Wait, there’s more?

Sure is! We built a Pay by Bank Messaging App to accompany the payment app. Similar to the messaging you’ve seen from the Buy Now Pay Laters and other alternate payment methods, it’s important to educate customers what “Pay by Bank” is earlier on in the purchase flow - like on the product page or in the cart, before someone chooses how they’ll pay. All you have to do is install and drag and drop the Pay by Bank Messaging App Block using Shopify’s built in app extensions to place wherever you want on your store.