Payment service provider (PSP) Vendo Services has announced the launch of its Pay by Bank solution, developed to support high-risk merchants. As per the information detailed in the official press release, Vendo Services introduced Pay by Bank, an Open Banking solution, to enable high-risk merchants to reach European customers who do not have access to traditional card payment methods.

The decision to launch the solution can be attributed to the need presented by high-risk merchants who often face difficulties with increased chargeback ratios, high fraud risk, complex legal and regulatory issues, and limited access to traditional banking services. As a provider of payment processing solutions, Vendo Services delivers secure methods that work towards optimising transaction processes for businesses globally. The company is committed to providing technology and support to assist the growth and success of clients in the digital economy, especially those operating in high-risk industries. What are Pay by Bank’s capabilities? Vendo Services’ Pay by Bank solution is set to provide increased security, accelerated settlements, improved customer trust, and expanded customer reach.

In addition, the solution enables direct transactions between merchants and customers’ bank accounts, thus removing the need for card intermediaries and minimising transaction fees. Pay by Bank also integrates improved security protocols and bank-level protection to ensure that transactions are safeguarded from fraud. Also, high-risk merchants receive access to a varied European market, allowing them to provide their solutions to customers who prefer alternative payment options. Furthermore, merchants are set to benefit from cost efficiency, with the company mentioning savings of up to 75% on transaction fees, operational efficacy and a simplified checkout process, as well as increased security and chargeback minimisation.

On the other hand, the solution can offer customers a straightforward payment process, enhanced privacy, and accessibility to online shopping without the need for a credit card. In addition, Pay by Bank aims to support high-risk industries, including digital adult media, travel, and online dating, as these sectors tend to face expanded fraud and chargeback rates with credit card transactions. Vendo Services’ solution is set to offer a direct link between the customer’s bank account and the merchant, safeguarded by a secure banking platform and minimising the probability of chargebacks and fraud. With the newly launched checkout solution, Vendo Services aims to improve the payment environment for high-risk merchants, enabling them to benefit from potential enhanced profitability and expanded market reach. .