Pay by Bank
On this page, you will learn what the payment method Pay by Bank is and how to activate and use it in Payrexx Pay.
Last updated
On this page, you will learn what the payment method Pay by Bank is and how to activate and use it in Payrexx Pay.
Last updated
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The Pay by Bank payment method will be available in Payrexx from November 12, 2024.
The Pay by Bank payment service allows users to make online purchases directly from their bank accounts without using a credit or debit card. Pay by Bank is based on the concept of Open Banking, where third-party providers like Tink have secure access to bank data and can initiate payments on behalf of customers.
Tink provides the technical solution for Pay by Bank, while Payrexx ensures the payment flow.
The Pay by Bank payment method is available to merchants in Switzerland who accept cross-border payments in EUR.
Tink Website
To accept payments with Pay by Bank, the merchant must meet the following requirements:
The merchant is based in Switzerland.
The merchant has a commercial register entry or a company identification number (UID).
The merchant has a verified account with Payrexx.
The payment provider Payrexx Pay is activated.
The currency EUR is enabled.
For payments with Pay by Bank, the following transaction limits apply:
Minimum limit: EUR 0.50
Maximum limit: EUR 15,000.00
✅ One-time payment
❌ Refund
❌ Partial refund
❌ Pre-authorization
❌ Tokenization
❌ Recurring payments (Subscription)
To receive payments via Pay by Bank, you simply need to activate the payment method in your Payrexx account. Follow these steps:
Navigate to Payment Providers in the main menu of your merchant administration.
Click on "Setup" or "Configure" next to Payrexx Pay:
Scroll down and check the box for Pay by Bank:
If Pay by Bank is not visible among the available payment methods, you need to select it and click on "Apply" further up first. After that, you can activate Pay by Bank among the available payment methods as in the previous step.
Complete the configuration by clicking "Save" at the bottom right of the page.
The payment method Pay by Bank is now activated.
Fast: The payment is made directly from the customer's bank account, making the transaction faster than with a card.
Secure: The payment process is very secure because it goes through the bank account, where strong authentication procedures are used.
Cost-effective: Transaction fees are generally cheaper for merchants as there are no credit card fees involved.
Fast: The customer doesn't need to enter card numbers or other details to make the payment.
Secure: The customer does not need to share sensitive card information during the transaction.
Transparent: Customers have full control over their payments and can see the transaction directly in their online banking account.
Please note that payments with Pay by Bank are only possible in EUR.
The customer selects the EUR currency and clicks on the payment method Pay by Bank:
The customer now selects the country of their bank:
After clicking the green "Pay" button, the customer will be shown the following information, which they confirm by clicking "Continue":
In the following window, the customer selects the bank through which they wish to make the payment:
The customer will be redirected to the login page of the selected bank, where they log in with their username and password and complete the payment.
| Merchants | Customers |
|---|---|
Pay by Bank is available in Payrexx Pay and can be used by merchants from the following countries:
End customers can pay with Pay by Bank if they have a bank account in one of the following countries:
Switzerland
Austria
Germany
