HSBC Open Payments

Adding Pay by Bank Account as an additional payment option within your checkout offers your customers more choice. It’s an alternative way to pay and means customers don’t need to enter their card details at checkout.

HSBC Open Payments could help you deliver a smoother checkout process for your customers. It could reduce fraud risk, as authentication takes place within your customers’ online or in-app banking platform. It’s easy to integrate with your website and it could save you money: HSBC Open Payments charge a fixed fee per transaction, while debit and credit cards typically charge you a percentage of transaction value.

Highlights:

• Real-time settlement: Payments are made in real time via Faster Payments, and sent directly to your HSBC Business Current Account or Virtual Account. • No interchange fee: We charge a fixed fee per successful payment initiation, as opposed to charging a percentage of the transaction value as is typical with debit and credit cards. • Reduced fraud risk: You get increased data security, as there’s no need for the customer to key in sensitive financial information on your website in order to make a payment. This helps reduce the risk of details being stolen. You also reduce your risk of fraudulent chargebacks as Open Payments uses Faster Payments, an irrevocable single immediate payment type. • Reduce your basket abandonment rate: By avoiding the need to key in debit or credit card details to make a payment, your basket abandonment rate can reduce. Customers who don’t have these details to hand are still able to complete a payment.

How does it work?

1. When your customer selects Pay by Bank Account, you request a payment to be initiated from their account through the HSBC Open Payments Application Programming Interface (API).
2. Your customer is securely redirected from your checkout page to their bank account provider’s mobile banking app or online banking portal, where they can authorise the payment.
3. The payment is credited to your HSBC Business Current Account in real time via Faster Payments.

Eligibility:

This plugin is provided by HSBC UK Bank Plc (‘HSBC UK’) for existing HSBC UK Open Payments customers. If you’re not an HSBC UK customer but are interested in using the plugin, find out more about our range of award-winning Business Current Accounts here: Compare Our Business Bank Accounts – HSBC UK. Existing HSBC Business Current Account holders should contact their Relationship Manager to find out more about eligibility and how to start using HSBC Open Payments.

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