This solution aims to give Modulr’s customers a fast and cost-effective way of accepting payments. It will be welcomed by businesses that are underserved by the current ways of accepting payments. Modulr’s Payment Initiation allows merchants to accept payments directly from their customers’ banks. The process is as accepting card payments, but the solution operates on a fixed fee basis rather than charging a percentage per transaction.
As such, payments land directly in Modulr accounts and users can receive instant notifications via web-hook when funds have arrived. This speeds up reconciliation and allows merchants to process customer refunds at a push of a button. The payment information is prepopulated and there’s no risk of entering the wrong payment amount or bank account number. In addition, the Payment Initiation initiative can reduce the chance of fraud, as it requires customers to verify each transaction through their bank, which commonly uses two-factor authentication.
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