Lynk includes Pay by Bank to its payment platform

Wednesday 18 January 2023 14:13 CET | News

Canadian payments solution Lynk has announced it has added Pay by Bank to its platform. 


Pay by Bank allows businesses to reduce their credit card processing fees, while safeguarding against transaction failure and fraud, and providing businesses immediate access to their revenue.

Lynk is a branded payment solution providing merchants with a secure alternative to credit card processing fees while powering customer loyalty programmes. Its newest feature is currently being offered to existing users and on a waitlist basis to new customers. 

Lynk CEO Nabi Awada explained that credit cards are one of the most expensive means of payment for businesses, especially in today's high inflation environment in which issuers are raising fees, and fraud and chargebacks continue to increase at alarming rates. In many cases, these costs are passed onto the consumer. Here comes in the Pay by Bank feature that is designed to help retailers, especially smaller businesses, reduce their processing fees.

Canadian payments solution Lynk has announced it has added Pay by Bank to its platform.

Pay by Bank: how the service works

Lynk's Pay by Bank seamlessly integrates with existing ecommerce or app payment flows. A consumer links their bank account by selecting Pay by Bank at the checkout. In addition to lower processing fees, (0.5-1% vs. 1.9-5% for a traditional credit card), merchants can reportedly reduce their transaction failure rate to nearly zero (compared to 11.5% for digital wallets and 7.9% for traditional credit cards). 

Pay by Bank also uses a proprietary authorisation method that removes the possibility of unauthorised transactions, chargebacks, and fraud. According to the official company press release, this includes friendly fraud, which is now the most reported fraud source affecting merchants.

Lynk’s product offering and market focus

Lynk’s main focus is to offer startups, small- to medium-sized marketplace and gig economy companies an alternative to high credit card processing fees through a closed-loop platform that allows merchants to own their payment ecosystem. 

In the pitch of their service there is a focus on their low processing fees, ranging from 0.5-1%, and the fact that the company provides users immediate access to their sales revenue, unlike traditional credit card platforms where it can take up to five days to receive payment.

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Keywords: product launch, credit card, payment processing, scheme fee
Categories: Payments & Commerce
Companies: Lynk
Countries: Canada
This article is part of category

Payments & Commerce


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