Adyen partners with Plaid to offer Pay by Bank
Adyen has partnered with Plaid, to launch its Pay-by-Bank services in North America in early 2024. This partnership will bring a new, convenient, and secure payment method to businesses and consumers in the region. “Plaid’s innovative, industry-leading financial technology made this partnership a great fit,” said Davi Strazza, President of North America. “Our complementary offerings together form an unparalleled Pay-by-Bank experience for businesses and end-consumers alike. This alternative pay
Adyen has partnered with Plaid, to launch its Pay-by-Bank services in North America in early 2024. This partnership will bring a new, convenient, and secure payment method to businesses and consumers in the region.
“Plaid’s innovative, industry-leading financial technology made this partnership a great fit,” said Davi Strazza, President of North America. “Our complementary offerings together form an unparalleled Pay-by-Bank experience for businesses and end-consumers alike. This alternative payment method not only meets our customers’ demands for continually expanded payment methods – but in the process also significantly reduces costs across the payment chain for them. With this broadened offering, we look forward to continuing to position our single platform as the go-to enterprise solution in North America.”
Pay by Bank allows consumers to make payments directly from their bank accounts to merchants, without having to use a credit or debit card. This can be a more convenient and affordable payment option for consumers, and it can also help merchants to reduce fraud and chargebacks.
“Making pay-by-bank more widely available gives consumers greater choice and flexibility and, ultimately, can help lower payment costs. Plaid is already trusted by about 1 in 3 Americans with a bank account, and provides a secure and seamless way to connect financial accounts for bank-linked payments,” said Eric Sager, Plaid COO. “In partnership with Adyen, we’ll bring pay-by-bank and marketplace onboarding to more companies in North America, helping them lower payment cost, increase conversion, and reduce both fraud and payment losses.”
Adyen and Plaid are two of the leading companies in the fintech industry, and their partnership is a significant development for the Pay by Bank market in North America. Adyen's global reach and Plaid's deep knowledge of the US banking system will make it easier for businesses to offer Pay-by-Bank to their customers.
Benefits of Pay-by-Bank for Businesses
There are a number of benefits that businesses can expect from offering Pay by Bank to their customers:
- Increased conversion rates - Studies have shown that Pay by Bank can lead to higher conversion rates, as it is a more convenient and familiar payment method for many consumers.
- Reduced fraud and chargebacks - Pay by Bank can help merchants to reduce fraud and chargebacks, as it is more difficult to counterfeit bank account information than credit or debit card information.
- Lower payment costs - Pay by Bank transactions typically have lower fees than credit and debit card transactions, which can help merchants to save money on payment processing costs.
- Improved customer satisfaction - By offering a wider range of payment options, businesses can improve the overall customer experience.
How to Get Started with Pay by Bank
If you are a business owner in North America and you are interested in offering Pay by Bank to your customers, you can contact Adyen to learn more about their solution. Adyen will work with you to set up Pay by Bank on your website or mobile app, and they will provide you with support throughout the process.
The partnership between Adyen and Plaid is a significant development for the Pay by Bank market in North America. Pay by Bank offers a number of benefits for businesses, including increased conversion rates, reduced fraud and chargebacks, lower payment costs, and improved customer satisfaction. If you are a business owner in North America, you should consider offering Pay by Bank to your customers.
Growpay is an online marketplace, helping simplify payment discovery for businesses worldwide. For more information, visit www.growpay.co.
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