Pay by Bank is a new payment method that enables merchants to transact payments via direct debit from consumer bank accounts. Payment transactions are processed through a hybrid ACH and RTP network.
The RTP network, the real-time payments system from The Clearing House, is the first new core payments infrastructure in the U.S. in more than 40 years. The RTP network is open to all federally insured U.S. depository institutions.
Real-time payments over the RTP network provide consumers and businesses with the ability to conveniently send payments directly from their accounts at federally insured depository institutions 24/7, and to receive and access funds sent to them over the RTP network immediately.
Direct debit is an automatic withdrawal directly from a payer’s bank account on regular intervals that they have authorized a biller to initiate for a recurring service.
Waivr verifies payments by looking at account balances of the consumer account with their pre-authorization. This allows Waivr to validate that the funds are present in the account before the payment is initiated and avoid a bounced payment or overdrawn balance.
Pay by Bank allows merchants to transact recurring payments faster, more reliably and at a lower cost. While ensuring that they never have to deal with involuntary churn or worry about implementing dunning strategies to retain customers.
Our number one priority is security. We frequently refresh our protocols to enforce the protection of all data. Our connections are encrypted via signed digital HTTPS certificates. All PII is anonymized using advanced encryption. Access to our APIs require specific permissions to the type of resources and actions to be performed.
We also use a 4096 RSA encrypted JWT token to guarantee a high level of security.