Payment initiation service is a secure, next-generation payment solution that enables our clients to accept payments not only from banks, but also from other financial institutions such as credit unions, or neo banks. These payments are fast and automated, but the payment process may involve more steps. To make a payment this way, the customer needs to grant access to their bank account to a licensed payment intermediary*, who initiates payment on their behalf. Like in the case of Bank Link service, the customer needs to confirm the payment on their bank or payment provider's page – the display may vary depending on the selected financila institution. After the customer's payment is successful, you can start preparing their order immediately, but the funds may take slightly longer to be credited compared to "Bank Link". *Payment initiation services are provided by "NEO Finance, AB".
1. When choosing to pay through online banking, the customer is redirected to the login page of their chosen financial institution.
2. Upon logging in, the customer agrees to grant access to their account to a licensed payment intermediary, who initiates the payment.
3. After the customer confirms the payment instruction, the payment amount is debited from their account and transferred to a special OPAY bank account.
4. The customer is redirected back to the website, and the system automatically confirms the completed payment.
5. The customer is sent an email notification about the successful payment.
• PIS is a cheaper alternative to Bank Link service;
• Payments are accepted not only from banks, but also from other financial institutions;
• Secure and automated payments;
• Different user journey that may involve more steps;
• Longer crediting time for the funds;
• Buyer protection (chargeback) is not applicable.
This payment method does not include buyer protection (chargeback), which is common for payments made by credit or debit card when a buyer contacts their bank with a valid request to return the paid funds. In this case, if the buyer is unsatisfied with their purchase, they can directly contact the seller to take necessary actions to resolve the situation.