WePay has introduced ACH bank transfers as another payment type that platforms can offer their customers. The launch means platforms can now allow US users the ability to accept simple yet highly secure ACH bank transfers in addition to credit card payments.
This is particularly beneficial for high dollar transactions, from the purchase of home remodels to fine art, when buyers seek to spend above their credit card limits and sellers seek to reduce transaction fees.
WePay’s key competitors in platform payments do not offer ACH bank transfers as a standard payment option for end customers even though upwards of 90% of US households hold funds in bank accounts.
WePay’s ACH bank transfer option is immediately available to all platform customers. Those platforms that use WePay’s standard embedded checkout experience, also known as an iframe checkout, will now see a new “Pay with Bank” option. Those platforms that have integrated WePay code into custom checkout experiences will simply need to refresh their implementations to include the additional payment type.
End users who wish to make payments directly from their accounts with most major banks will be able to do so through a simple integration unlocked by online banking log-in. Additionally, users have the option to manually enter their account and routing numbers, and then authenticate via a series of micro-deposits.
WePay with this launch extends its best-in-class risk and regulatory protections to ACH transactions, while still delivering seamlessly integrated checkout experiences for platforms.
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