Real-time bank transfers without a credit card? In Germany and Austria, Instant Payment has long been the standard. Many online shoppers prefer this payment method and wouldn't want to do without it, even when shopping abroad.

Fortunately, this simple way of paying has now also arrived in Switzerland. For online retailers with customers from Germany or Austria, activating “Pay by Bank” is worthwhile. Direct bank transfer offers a great way to improve the payment process in their online shop, save costs, and achieve more sales.

With Payrexx, integration is so simple that retailers can already use the standards of the future today and benefit from satisfied customers in the long term.

What is Instant Payment and how does Pay by Bank work?

Instant payments or “Pay by Bank” are, in short: Real-time payments directly from one bank account to another, without delay.

The payment from your customers' bank account to your merchant account at Payrexx now only takes a few seconds, instead of hours or days. And payment with Pay by Bank is possible around the clock, 365 days a year, regardless of bank opening times.

How does a payment with Pay by Bank take place?

Buyers who want to pay with Pay by Bank simply select this payment method at checkout and are then directly redirected to their bank's e-banking, where they can confirm the payment. After that, the money is transferred to the merchant account within a few seconds.

The only requirement: The customer's bank account must support Instant Payment (already standard at most banks in Germany and Austria).

What does Instant Payment bring to Swiss online retailers?

Many Swiss online shops also have customers from Germany and Austria. Both countries are strong e-commerce markets and the demand for convenient and fast payment methods is growing. Particularly, Instant Payment is popular among many customers because:

• you don't have to enter card details: The payment process is faster and more secure

• no app or registration is needed: Anyone with a bank account already has e-banking

• everything is completed immediately: No outstanding amounts or forgotten invoices

For Swiss retailers with customers from these countries, this means fewer abandoned purchases, lower costs, and less effort.

Who benefits from the integration?

The payment method Pay by Bank is particularly interesting for you as a retailer if you have German or Austrian customers, sell internationally or plan to, want to save credit card fees, or are generally looking for a faster checkout process.

Example: You run an online shop with sports nutrition or craft supplies and receive many orders from Germany. If you offer Pay by Bank, you offer your customers a payment method they are familiar with, so they feel secure and are happy to shop with you. This way, you benefit from more revenue and even save on fees.

What are the advantages for retailers?

• Low transaction fees (0.5 % instead of 1.3 to 3.4 % with many cards)

• Real-time payment (immediate credit to the merchant account)

• Lower fraud risk (payment is directly confirmed and the customer does not have to enter card details)

• Simpler checkout (fewer abandoned purchases)

For Swiss retailers with customers from these countries, this means fewer abandoned purchases, lower costs, and less effort. Since Instant Payment has only been available in Switzerland since mid-2024, not all Swiss banks support the new standard yet. Therefore, Pay by Bank from Payrexx is currently only available to Swiss retailers with customers from Germany and Austria. This means that at the moment, integration is especially worthwhile if you also serve these markets.