How does a bank transfer payment work?
At checkout the customer chooses bank transfer and receives the payee’s account details, the amount and a reference. They make the transfer in their online banking or at a branch, and the payment reaches the merchant’s or provider’s account after the rail’s processing time, from seconds on instant schemes to a few days on standard or international ones. The provider matches the incoming money to the order and confirms it. Stripe’s documentation describes this flow with virtual account numbers that also keep the merchant’s real account details private.
Why does it matter?
In many markets bank transfers are trusted, cheap and available to customers without cards, and they suit larger orders. As an illustrative example: a B2B supplier selling into Mexico receives 300 orders a month above card limits. Offering transfers to a local account with a unique reference per order lets those customers pay in their usual way, and lets the supplier confirm orders automatically instead of checking statements by hand.
What are the trade-offs?
The merchant waits for the money, so goods ship later and some customers never send it. Amounts can be wrong. Refunds need the customer’s bank details: Stripe’s documentation notes that for methods such as bank transfers without native refund support, it collects bank details from the customer before the refund can be sent. International wires can arrive short after intermediary fees.
Where does Omno use it?
Omno connects bank transfer, instant payment and other local methods through its PSPs and shows them in the hosted checkout according to eligibility rules by country, method, customer group and customer verification level, with final statuses delivered by webhook. Where a method supports payouts, Omno Pay-Out uses the same API and eligibility rules as payments.