How do I enable bidders to pay by bank transfer?

You can allow winning bidders to pay using Pay by Bank directly through the platform. This feature provides a simple, secure alternative to card payments while significantly reducing processing costs.

Why offer Pay by Bank?

Pay by Bank provides clear financial benefits for sellers:

• Lower processing fees: Pay by Bank fees are approximately 0.5% plus 20p, with a maximum fee cap of £5 per transaction. Standard card payment fees are typically around 2% with no fee cap.
• Buyer preference: Many bidders prefer paying directly from their bank account, particularly when settling higher value invoices.

Requirements

To offer Pay by Bank, your account and auction settings must meet specific currency and location conditions.

For GBP auctions:

• You must have a Stripe account connected to Indy.auction with a UK bank account attached.
• Your auction currency must be set to GBP.
• The buyer must pay using a UK bank account.

For Euro auctions:

• Pay by Bank is available for buyers holding bank accounts in Ireland and Finland.
• If your connected bank account is not in Euros, you can still accept Euro bank transfers, but Stripe will apply currency conversion fees.

How to set up Pay by Bank

Pay by Bank is only available to sellers who use Stripe as their payment provider. The feature is not available for sellers who use PayPal to process their payments. Beyond this, Indy.auction handles the rest:

1. Connect your Stripe account to Indy.auction and ensure your bank account is linked to Stripe.
2. Once Stripe is connected, Indy.auction automatically presents Pay by Bank to eligible bidders at checkout whenever all requirements are met.