Small Tweaks, Great Output: What Merchants Can Do to Maximize Pay By Bank Conversion
Open banking payments are a genuinely good deal for merchants. Lower transaction fees than cards, near-instant access to settled funds, no card chargeback headaches. But in many markets, it's still a relatively new checkout option, and even where the infrastructure is mature (think the UK, the Netherlands or Germany), plenty of shoppers still default to what they know – cards, PayPal or other methods. In Central and Eastern Europe, awareness is growing fast, but it's still an education curve.
So how do you nudge your users to pick it? There are two ways to get there.
Some solutions, like Noda’s BIN-to-Bank, use smart routing through the card form to bring Pay by Bank into the payment flow without any changes to your checkout UI.
But if Pay by Bank is a visible option in your checkout, how it’s presented makes all the difference. We asked Lucy Oganisian, Product Designer...
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