ISX Financial EU Plc has partnered with Wix.com Ltd, manage and grow online presence. Through this partnership, Wix's UK-based merchants have access to PaidBy®, open banking payments service, and their customers can pay directly from their current banking app or web portal The safe & simple PaidBy® bank payment process will help improve merchant checkout conversions by offering a seamless experience, enabling customers to make payments in as little as three steps, all from the trusted environment of their banking app or web portal. PaidBy® starts with an automated online onboarding system, which enables UK merchants to complete their onboarding and Know Your Business process in minutes.
This enables merchants to spend less time onboarding and more time transacting. PaidBy® utilises the UK's open banking network, which connects the UK's largest banks, enabling them to move money between accounts in seconds. As cash flow is critical, Wix merchants in the UK will have access to their funds the same day.
By eliminating the need for card schemes and networks, PaidBy® offers a seamless experience for merchants and their customers. PaidBy® payment infrastructure further enables higher conversion rates with fewer chargebacks in a safer and more secure environment for merchants and their customers.