Pay by Bank on Shopify

Let us re-introduce ourselves, we’re Waivr, and we just launched our Pay by Bank app as an official Shopify Payments Provider. Pay by Bank sits at checkout and offers customers 1.5% cashback when they choose to pay with their bank.

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How does Pay by Bank work?

Customers select “Pay by Bank” at checkout. They’re then informed they receive 1.5% cashback on their purchase and are prompted to connect their account (with Plaid) by authenticating into their bank’s online platform - a familiar experience for customers. And that’s it! For each subsequent purchase, we’ll just text customers with a code so they don’t have to login again. Customers can expect their cashback directly to the bank account that they connect. No strings attached, the cash is theirs.

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What’s the value in Pay by Bank?

Decreasing payment failure rates to 2% - we address the issues that arise with cards like lost or stolen numbers or insufficient funds. Unlike debit cards, we also won’t overdraft customers, preventing one of the major causes of chargebacks.

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Reduction in transaction costs - Even with a 1.5% cashback built into our fee structure, we can still beat the going transaction fee rate for merchants.

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Fast disbursements - We transfer funds using a hybrid same-day ACH and RTP (Real Time Payments) Network in partnership with Wells Fargo to enable payouts typically in 24 hours, freeing up merchants’ cash flow. 

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Payment optionality - Today’s digital age calls for payment optionality to best serve the diverse set of online consumers looking to purchase. More payment options drives higher conversion.

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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.

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What’s coming next?

Our messaging 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 in the cart or within the checkout itself. This will live as a standalone app that can be optionally installed to drive customers towards this payment option!