Bank transfer, What is it?
A bank transfer is when money is sent from one bank account to another. When a bank transfer is selected as a payment method, banking account details are provided by email.
The payment can be transferred from within an online banking account or possibly manually via a bank teller. It can take from 1 to 3 business days for the funds to appear in the receiving account. Bank transfers sent within the same country are usually credited faster than funds sent internationally.
Bank transfer, How does it work?
When the customer selects Bank transfer as payment method, the bank account details of MultiSafepay will be sent by email. Depending on the settings, the email with the necessary bank account details will be sent by MultiSafepay or by your ecommerce platform. The email will be sent to the email address provided by the customer when placing the order.
When the transaction with Bank transfer as payment method is confirmed by the customer, the transaction will be visible in your transaction overview with the status initialized. The customer needs to transfer the payment from his or her bank to the bank account of MultiSafepay. This can be done through an online banking account or possibly manually via a bank teller.
- It can take from 1 to 3 business days for the funds to appear in the receiving account.
After we receive the payment on one of our bank accounts with the proper amount and reference, we can match the payment with the transaction and a completed notification will be sent to the MultiSafepay Control and ecommerce platform.
- When MultiSafepay receives a Bank transfer payment that has incorrect data and/or amount, the payment will not be linked to the outstanding transaction but will be reimbursed to the customer_.
Banktransfer transaction flow
|Order Status||Financial Status||Description|
|Initialized||Initialized||A payment link has been generated, but no payment has been received yet.|
|Completed||Completed||A successful Banktransfer transaction has been received and the funds will be added to your MultiSafepay Control balance.|
|Expired||Expired||An unfinished transaction will automatically expire after a predefined period.|
|Void||Canceled||Transaction has been canceled.|
Banktransfer transaction, refund status flow
|Order Status||Financial Status||Description|
|Reserved||Reserved||A refund has been requested.|
|Completed||Completed||Refund has been successfully processed.|
Full API reference on the payment method Bank transfer.
Some rules may apply to certain payment methods. These rules apply to the payment method Bank transfer.
The days and seconds active does not apply to the payment method Bank transfer. The customer processes the payment from his/her own banking environment. As a result, it has a different payment flow and the setting of a days or seconds active will have no influence.
However, the payment link that is provided in the Bank transfer email to the customer can be adjusted by setting a days_active or seconds_active. Meaning, that the transaction with the Bank transfer as payment method is active for 60 days, while the payment link expires after 30 days by default.
Full documentation on the lifetime of a payment link can be found on our FAQ page, Lifetime of a payment link
A Bank transfer transaction will be valid for 60 days. If you want to make changes in the validation of the payment method Bank transfer, check whether this is possible in your ecommerce platform.
The payment method Bank transfer is able to process the following currencies
Czech koruna (CZK)
Hungarian forint (HUF)
Polish złoty (PLN)
How to activate Bank transfer
Bank transfer is a standard payment method within MultiSafepay.
The payment method bank transfer can be activated in the MultiSafepay Control through the options settings -> payment methods.
When payment methods are activated on site level, also activate the payment method through settings -> website settings -> open website -> activate bank transfer as payment method.
Activate Bank transfer as payment method in your ecommerce platform to finalize the activation.
Place a test order to check the connection of the payment method Bank transfer.
How to refund a Bank transfer transaction
The refund of a transaction with the payment methods bank transfer can be processed from the MultiSafepay Control.
Please follow the following steps:
- Select Transactions -> Transaction overview
- Find the transaction through search
- Open the transaction
- Select refund
- Fill in the amount that you are going to refund to the customer.
MultiSafepay does not allow you to refund more than the stated amount of the original transaction.
The transaction status is now initialized, as long as the transaction status is marked as initialized, the refund can be canceled. When the transaction status is marked as completed, the refund is processed correctly. The customer will receive the refund to the bank account number in which the transaction was originally paid to, within the next business day.
A refund will only be processed if your balance on your MultiSafepay Control is sufficient.
MultiSafepay local bank accounts for Bank transfers
MultiSafepay has a local bank account available for frequently used European countries for bank transfer used by customers. As a result, the customer can process the bank transfer in a familiar way and faster on a national bank account.
MultiSafepay offers national bank accounts for bank transfers of the following countries in their local currencies:
- Austria (EUR)
- Belgium (EUR)
- Czech Republic (CZK)
- France (EUR)
- Germany (EUR)
- Hungary (HUF)
- Italy (EUR)
- Netherlands (EUR)
- Poland (PLN)
- Portugal (EUR)
- Spain (EUR)
The cost for an international bank transfer and currency conversion will no longer be deducted from the customer’s bank account. The customer will pay the regular national fees charged by the customer’s bank.
Mind you that USD is not supported due to the very high transaction costs (about 4 EUR!) as it is a Dutch dollar account. Currently we are not supporting USD due to high currency conversion cost for the customer.