Frequently Asked Questions
Pay by Bank app only takes 0.45% commission per payment, compared to a debit card which usually takes 1.40%. And although the Pay By Bank app is a more cost-savvy solution, it does not drop in quality. The App facilitates faster fund transferrals whilst delivering the same high-quality security to both parties.
As the Pay by Bank app is directly linked to customer’s private bank accounts, there is no chance of fraudulent payments. For customer’s to make a transaction, they have to authenticate themselves via their online banking application, thus minimising any risk for your business.
Yes, as a Sole Trader you can take payments with a personal bank account. However, you will need to first sign up and create your free business account with SimplyPayMe.
Currently, our Pay By Bank functionality is only available in the UK market but with plans to expand soon.
