Because of the design of Pay by Bank app, this method of payment is one of the most secure ways of accepting a payment from your customers. The encrypted payment link is sent via text to their smartphone which means your customer needs to authenticate themselves with their online banking application to process the payment. The customer does not share any information (e.g. credit card numbers, CVV etc.) with the merchant, and they are instead allowed to process the payment within their trusted mobile banking app on their device.

Once they've authenticated themselves and the payment has been accepted, the money will immediately be deducted from their bank account and be on its way to yours. Due to the strict authentication process (Touch ID, security code) for their mobile banking app a customer will not be able to falsely claim they did not execute the transaction and later try to charge back the money they've paid after you have sold them your product or service. Note: this does not mean the customer can not open a dispute if the service provided or product sold was unsatisfactory. 

The incidence of fraud and chargebacks should therefore be reduced significantly in comparison to card payments. This results in lower risk for both you, the merchant and your customers.

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