What do you need most in a payment method? Speed? Ease? Security? Convenience? We’re excited to introduce our improved ‘Pay with Bank’ option in Nigeria, built with the customer’s time, security and privacy in mind. The improved payment method will make more banks available to digital shoppers on Flutterwave, thanks to Mono’s open banking platform.
The Improved Pay with Bank Method is Optimised for Speed, Security, Convenience and Ease
Speed
From the moment you click on ‘Pay with Bank’ on a Flutterwave checkout to the moment you receive a ‘payment successful’ notification is less than a minute. All the steps are automated and intuitive. This reduces the payment journey and increases speed. We understand that shoppers have a million and one other things to do online, and that is why we’ve built this experience to make online payment faster for all.
Security
It’s worth noting that your bank details are not available to either Mono or Flutterwave. Your bank controls the entire transaction/ debit process — this means that the same level of security you enjoy with your bank will protect your details while completing this payment. For all actions outside of your bank’s environment, Mono’s AES 256-bit encryption and Flutterwave’s robust security protocols will fully cover you. Also, this payment method is secure as it ensures that customers verify their identity and authenticate account ownership before the payment can be authorized.
Convenience and Ease
With customers having access to more banks than before, they’re able to easily use any bank of their choice to complete this payment. This smoothens the payment experience and improves customer retention.
The ‘Pay with Bank’ journey is designed with simplicity and an ample amount of empathy for the first-time-user. The user experience is such that from the moment you choose the method to the moment you pay, you receive pointers and instructions that direct you to the next action. This is a first time user’s heaven as no additional experience is required for you to use the payment method.
How Does Pay with Bank on Flutterwave Work?
To pay a business on Flutterwave, you have lots of options that are equally optimised for speed, ease, security and convenience. If you’d like to ‘Pay with Bank’, all you have to do is:
- Click on the option on Flutterwave checkout
- Choose your bank from the list of banks
- Choose account to be debited for the transaction (if you have more than 1 account tied to your profile)
- Authorise the payment via any authentication method from your bank and your transaction gets completed.
Why Mono?
Mono is an open banking platform connecting banks to customers and businesses in Africa. Mono’s infrastructure helps us achieve our aim of enhancing speed, ease, convenience and security for our customers and their customers. This integration helps us access more banks than was previously possible.
Getting Started
Existing Flutterwave Merchants
For existing Flutterwave Merchants, no additional actions are required for you to receive payments from customers via this payment method. You already have this method available. This is a new integration that makes an existing channel on your gateway even easier as your customers now have access to more banks under this partnership.
Prospective Flutterwave Merchants
All you need to do is visit Flutterwave’s Sign Up page to get started. Once you sign up and verify your account, you can receive payments via this channel.
All Digital Shoppers
To access this partnership, simply patronise any business using Flutterwave, and on the checkout:
- Click on ‘Pay with Bank’
- Choose your bank from the list of banks
- Choose account to be debited for the transaction (if you have more than 1 account tied to your profile)
- Authorise the payment via any authentication method from your bank and your transaction gets completed.
For a quick start, visit Flutterwave Market to find awesome businesses dealing in men and women’s fashion, food, groceries, accessories, fashion, games, gadgets etc.
We put our soul into improving this payment method because we understand that businesses go through hoops to secure the customer’s interest. Dropping off as a result of a lack of favorable payment method, is a problem various payment platforms have. Not us. Y’all be safe.
At Flutterwave, we believe in providing the opportunities for businesses to sell and grow. This includes having their customers in mind and solving for their pain points. This partnership is our definition of a customer-first approach to growing businesses. This, for us, is endless possibilities.
Some Questions and Answers on the Flutterwave and Mono Partnership
In what countries is the Pay with bank method available?
The Flutterwave-Mono Pay with bank channel is only available in Nigeria, for now. This will be available in other countries where merchants collect payments with Flutterwave, soon.
Does Using this method incur additional charges?
No, using this method does not incur additional charges.
What is the difference between Pay with Bank and Pay with Bank Transfer on Flutterwave?
Pay with Bank automatically debits the payment from your account when you authorise. For Pay with Bank Transfer, you’re given a bank account number to pay into.
Is the Pay with Bank option safe?
Yes, this payment method is secure as it ensures that customers verify their identity and authenticate account ownership before the payment can be authorized. This protects against fraud attempts.
Are my credentials safe?
Yes, your login details are doubly protected by both Mono’s AES 256-bit encryption and Flutterwave’s security protocols. Your bank details enjoy the same bank-level security as when you make a transfer with your bank app.
How will I receive settlements for these payments?
Flutterwave merchants will receive settlements at the usual, scheduled periods.