Benefits of Pay by Bank app over card payments

There are several advantages of Pay by Bank app as a payment method compared to credit or debit card payments. 

70% transaction Cost Saving 

The transaction fee for Pay by Bank app is 0.45% compared to the most competitive debit/ credit card rate, currently offered by SmartTrade of 1.65% + 20p, a saving of over 70%. 

Lower chargeback risk

With the customer having to authenticate themselves in their mobile banking app there is no risk of the customer claiming they did not make the payment, and that they only have rights to claim when the goods or service delivered are not at the standard expected.

Reduced consumer fraud risk

The customer is not sharing any private or confidential information (e.g. name, credit card number) as they are in control of the payment within their trusted mobile banking app, received via a simple SMS text.

Convenience and accessibility

In this day, most customers will be carrying their smartphones at all times in an accessible way, so that the payment can be done instantly in their presence. No need to search for wallets or purses or bring these out in public.


Instead of asking for cash and cheques or taking out a bulky card reader, you can show that you are leading your competitors by taking a payment with the latest revolutionary technology in payments which is simple and secure for all parties.

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