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HOME2020-03-19T20:41:45+00:00

ABOUT BANXATE

WHAT IS BANXATE?

Best described as a convenience layer built on top of existing banking frameworks, the Banxate Instant Transfer Payment Gateway is a simple shopping cart plugin or API or integration enabling consumers to safely pay online for goods and services using the Zelle network in REAL-TIME. Eliminating the need for credit cards, digital wallets or additional registrations, transactions are routed directly from the customer’s bank account straight to the merchants, making it one of the safest ways to shop online.

HOW DOES BANXATE WORK?

When reaching the end of the shopping cart journey, choose the Zelle for Ecommerce Powered by Banxate option. From there you will be routed to a SECURE, ENCRYPTED page giving you direct access to your own preferred online banking portal. Simply choose your bank, enter your login details as you normally would, and the system handles the rest. 60 seconds later, your ONE-TIME payment is sent directly from your bank account straight to the Merchant using the Zelle network. All without sharing your personal details.

IS BANXATE SAFE?

Unlike other digital payment methods like credit cards, wire transfers, and electronic checks, your sensitive details are never seen or stored by Banxate or the Merchant. The system quietly routes you through your bank’s secure login portal where all of your data is protected by banking level encryption. Perpetual network security scanning and testing ensure that 99.9% of system vulnerabilities are detected with zero false positives, giving you ultimate protection from identity theft and fraud.

TOP INTEGRATIONS

USER ADOPTION

CASH VS CREDIT

With one in two U.S. adults registered and over 187 billion dollars transferred in 2019 alone, Zelle has quickly become a preferred option for sending money. Together with 766 financial institutions contracted to participate on the Zelle Network, of which 378 are processing transactions already, nearly 70% of all U.S. checking accounts will have Zelle access by the end of 2020. Integrating Zelle for E-Commerce powered by BANXATE enables merchants to service millions of consumers who prefer to pay with cash vs credit.

2016: $ 55 Billion
2017: $ 75 Billion
2018: $ 119 Billion
2019: $ 187 Billion

INTEGRATED BANKS

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Population
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Top Tier Banks
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Consumer Market

WHY USE BANXATE ?

CONSUMER BENEFITS

ConsumerBenefits

Zero Registrations

Familiar Credentials

Increased Security

Instant Confirmation

Eliminate Re-Billing

Zero Physical Cards

TECHNOLOGY BENEFITS

TechnologyBenefits

Robust Reporting Features

Smooth Responsive Design

User Intuitive Dashboard

Fast Painless Integration

Banking Level Security

Enhanced KYC and AML

MERCHANT BENEFITS

Small business owner accepting Zelle payments on her website

Accept Multiple Currencies

Instant Cash Settlements

Immutable Transactions

New Consumer Markets

True Good Funds Model

Less Cart Abandonment

GATEWAY FEATURES

Banxate-B

BANXATE

Score: 10 / 10

100%
  • Monthly Fees: NO

  • Rolling Reserves: NO

  • Hold on Funds: NO

  • Charge Backs: NO

  • Settles: 30 Sec

  • Exchange Fess: NO

  • Risk of Fraud: NO

  • Fees: 2.0% – 5.0%

  • Details Shared: NO

  • Immutable: NO

WIRE TRANSFER

Score: 04 / 10

40%
  • Monthly Fees: NO

  • Rolling Reserves: NO

  • Hold on Funds: NO

  • Charge Backs: NO

  • Settles: 24 – 36 hrs

  • Exchange Fees: YES

  • Risk of Fraud: YES

  • Fees: $23 – $43

  • Details Shared: YES

  • Immutable YES

PAYPAL

Score: 03 / 10

30%
  • Monthly Fees: NO

  • Rolling Reserves: NO

  • Hold on Funds: NO

  • Charge Backs: YES

  • Settles: 24 hrs

  • Exchange Fees: YES

  • Risk of Fraud: YES

  • Fees: 2.9%

  • Details Shared: YES

  • Immutable YES

BANK CARD

Score: 03 / 10

30%
  • Monthly Fees: NO

  • Rolling Reserves: NO

  • Hold on Funds: NO

  • Charge Backs: YES

  • Settles: 24 hrs

  • Exchange Fees: YES

  • Risk of Fraud: YES

  • Fees: 3.5% – 4.5%

  • Details Shared: YES

  • Immutable YES

CREDIT CARD

Score: 00 / 10

0%
  • Monthly Fees: YES

  • Reserves: 10% – 15%

  • Hold on Funds: YES

  • Charge Backs: YES

  • Settles: 24 hrs

  • Exchange Fees: YES

  • Risk of Fraud: YES

  • Fees: 3.5% – 8.0%

  • Details Shared: YES

  • Immutable YES

RESPONSIVE UI

  • MobilePayment
  • MobilePayment
  • MobilePaymentJourney
  • MobilePayment

BANXATE Q&A

Instant transfer technology takes advantage of existing online banking infrastructures, utilizing the available payment method that best suits our needs. The result is a real-time transfer of funds that is accessible 24/7, direct to the merchant’s bank account and is non-reversible once initiated by the Consumer. The underlying framework varies by country and bank but includes account to account transfers, bank to bank transfers, online bill payment, email money transfers and localized bank payments.

This technology is 100% legal, as the consumer is granting permission for the system to access the account for the purpose of completing their purchase. Furthermore, neither the merchant or Banxate stores any login details, making it even safer than using a debit or credit card. As such, the standard gateway is not an appropriate payment method for recurring billing or subscription models (although there are still ways to custom code this should a merchant require it).

It’s really not that the banks do not want to work with us – it’s more accurate to say that the bank’s own corporate infrastructure makes a partnership with any third party a long and painful process, and in the fintech world, that means the competition has already made it to the marketplace before you even start the integration with the bank. There HAVE been companies that have tried this path, unfortunately, these models proved to be an impractical for rapid network expansion and as such, resulted in failure. The companies that have been most successful in this vertical operate independently of the banks. While it is always preferable to work with the bank – it’s not always practical.

More so, because most people know their bank login credentials by heart. Online bank payments are often the payment method of choice for the ‘spontaneous’ purchase that is triggered by an email or seeing an ad while surfing the web and the time frame to complete the payment is the same as a credit card transaction.

Many already do and in huge numbers. Today, there are more than 30 companies around the world offering non-US bank payments that utilizing instant transfer networks. Most of those company’s service high-risk industries and charge high fees. Banxate is the only one in the United States to offer an instant transfer merchant gateway.

Unfortunately, the bank payments systems are not set up to provide the level of communication between the bank and the merchant needed to provide a convenient, real-time notification of a successful payment. Additionally, there is always the possibility of human error with the manual payment method, which can be extremely difficult to correct when an error is made. Our instant transfer platform essentially provides the ‘missing’ elements of communication and automation to turn the bank’s technology into a viable e-commerce payment solution.

Occasionally, when initiating a second or new transaction, a customer will assume to send funds manually because they can see the merchant’s details in their online banking center. Because of this, it is necessary to poll the bank accounts at least once per day, for any unreported payments, and attempt to match with an existing Fortunately, these payments are very rare – and usually the customer is quick to contact the merchant when they do not get immediate credit for their deposit or purchase.

No, but they are infrequent enough to not be a major issue.

Typically, the top 10 banks in every country will give you 80% + coverage. In some countries, such as Canada and Mexico, this level of coverage can be attained with as few as 5 banks. But should you require a bank that is not listed, feel free to ask us for a custom quote.

As each country runs different underlying framework, Technically, no. However, it can be accomplished if the Merchant is integrated in multiple countries and wishes to fund the transfer on the receiving side.

READY TO INTEGRATE?

Reach out to us today to see how we can help you start accepting instant, immutable, PCI compliant payments on your e-commerce website.

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