Instant Bank Pay – A better way to collect one-off payments
Fiskl has launched an exciting new payment method for one-off payments using Instant Bank Pay Powered by GoCardless, available in the UK (coming soon to the Eurozone and US). Instant Bank Pay enables you to collect one-off, regular or variable Direct Debit payments via normal invoices, recurring invoices or scheduled payment invoices.
Fiskl seamlessly uses Instant Bank Pay in parallel with Direct Debit by collecting the first payment in a recurring invoice or payment schedule. With Instant Bank Pay, a Direct Debit is set up in the background so that any subsequent payments are automatically collected.
Instant Bank Pay uses Open Banking bank-to-bank payments that are confirmed instantly, which means better visibility for you and your customers.
Taking one-off payments in addition to regular recurring payments has previously been too complicated
Bank transfers, which may be used to take one-off payments, have a poor user experience, a high chance of errors and poor visibility.
Card payments are unsuitable for recurring payments due to increased risk of failing for numerous reasons including expired, lost or changed cards and charge backs.
Instant Bank Pay now offers an alternative that’s optimised for one-off payments
Instant Bank Pay addresses one of the acute problems most recurring businesses face when collecting one-off payments. According to research from GoCardless, 85% of merchants with this business model have a need for collecting additional one-off payments; examples include: making a first payment when setting up a bank debit (eg. signing up for a gym membership), purchasing additional goods or services, or topping up an account outside of a customer’s regular payment schedule.
How Instant Bank Pay works with Fiskl
- When you send your customer a new invoice through Fiskl, select the Instant Bank Pay powered by GoCardless payment method.
- When your customer receives the invoice and clicks to pay, they are seamlessly connected to their online banking portal or mobile banking app.
- All the transaction details are pre-populated. Your customer just needs to click to approve, and payment confirmation is fast.
This simple process, combined with the fact that the entire experience is integrated into the Fiskl and GoCardless platforms, means there are several major benefits to Instant Bank Pay:
- Instant payment confirmation
- You and your customer get real-time payment confirmation, so you both have peace of mind that each instant payment has been authorised and will be collected successfully.
- A seamless user experience
- Increase payer conversion by getting rid of the need to enter card details or sending your customers away from your payment journey to send a bank transfer.
- Lower fees than other common methods
- Instant Bank Pay is typically 25% cheaper than online card transactions.
- Less needless admin
- With no need for manual reconciliation of payments and just one integrated system for one-off and recurring payments, minimise unnecessary admin.
Be one of the first to use this exciting new way to collect payments from your customers.