Bank Payment FAQs
What is Bank Payment, by Global Payments?
Bank Payment is our Open Banking solution. It’s growing as a popular alternative to card payments.
How does Bank Payment differ to card payments and bank transfers?
Bank Payment is very similar to a bank transfer, without having to manually key in payee, account number, sort code, IBAN, etc. There are no card schemes involved and the money moves directly and instantly.
What currencies is bank payment available in?
GBP & EUR.
How can Bank Payment help my business?
- It’s a cost effective, secure and fast way for your customers to pay for their goods/services.
- It’s secure because the customer authorises a payment within their own online banking.
- There are no chargeback risks with Bank Payment.
- It’s an alternative payment method to offer customers and sits alongside other payment options, like debit or credit cards.
Why would I encourage my customers to use Bank Payment?
- Bank Payment can reduce your costs, especially for larger transactions.
- The customer journey can be faster, when compared to a card transaction.
- Reduced fraud risk for your customers.
- There is no chargeback risk with Bank Payment.
How do I get paid?
We have two settlement models and you have the option to choose the one that fits your needs, our team can talk you through which one would suit your business:
- Managed Settlement will batch up your Bank Payment transactions (alongside cards and other payment methods) and send them to you in the normal BAU process.
- Direct Settlement allows you to receive the funds directly and instantly from your customer.
How will I be charged?
You’ll be charged depending on the settlement type you've selected. Managed Settlement will follow the BAU invoicing and payment process for fees. Direct Settlement will require you to pay a monthly invoice.
Does Bank Payment allow refunds?
Direct Settlement doesn’t offer refunds. For Managed Settlement you can facilitate an instant refund via a direct API.
Do chargebacks apply for Bank Payment?
No, this is a card scheme initiative.
How do you connect to each of the banks?
We do that for you via our partner Token.io. They connect to banks across the UK and Europe and maintain these connections.
Do my customers have to go through 3DS2?
No, the customer will authenticate themselves for each Bank Payment transaction when they are redirected to their online bank.
Do I need a new MID?
No, you can use an existing MID for Bank Payment.
Do I have to have a Global Payments gateway and acquiring facility to use Bank Payment?
- Yes, you must have both gateway and acquiring through us to use Bank Payment. If you have one or the other, please give our teams a call on 0800 731 8921* to see how they can help get you set up.
- A business can set up a gateway account with Global Payments and use it for Bank Payment only.
Do I have the flexibility to offer this alongside other payment methods?
Yes, you control how you wish to show your payment methods. You can show Bank Payment and Cards together, or you can show only one in certain scenarios.
Can customers pay on mobile and desktop?
Where will it appear on my invoice?
Please refer to the ‘Your invoice explained’ document in the Help Centre.
What does processing state mean, can these payments be delayed, or are they instant?
- Bank Transfers via Faster Payments and the Single Euro Payments Area (SEPA) have SLAs of 2 hours and 24 hours respectively. If the payment doesn’t happen instantly it can fall into a processing state.
- The vast majority of transactions are instant.
What is a Payment Initiation Service Provider (PISP)?
A Payment Initiation Services Provider provides an online service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider. The licence required to undertake payment initiation services is granted by the Financial Conduct Authority or local regulatory authority under the open banking framework.
Where do I find integration specs and how do I start processing transactions?
You can find these on the Developer Portal here.
How do I reconcile my transactions?
Bank Payment transactions will appear alongside all other transactions on Merchant Portal. Reporting for API’s can be used for direct integration.
The funds haven’t arrived, what do I do?
- You can check the status of the transaction via our API’s. You can request an update for these transactions as they’re processing.
- If the status says success but the funds have not arrived, this is a banking problem between the customer's bank and your bank.
How do pending transactions work?
- Pending transactions are unique to Open Banking and are based on the customer's bank making an instant connection to the business/our bank. If the bank fails to instantly send the funds, a pending message will be passed back to Token and us. This message will be shared with you and their customer. You will need to be able to handle collecting this updated status from us - see here for more information.
- Over 90% of transactions will change to a final status within 60 seconds (for GBP via fasterpayments).
What do I do if my customer's bank doesn’t show up as an option?
They’ll need to select an alternative payment method. It is likely we’re yet to connect to the bank you use.
Can my customers choose an alternative payment method after they start this payment process?
Yes, they can cancel the payment and return to the payment selection screen.