With Wero changing to iDEAL, businesses operating in the Netherlands need to understand what alternative payment options exist that can offer a similar same bank-backed account to account experience your consumers recognise and trust. That's where Pay by Bank comes in, and this video explains what Pay by Bank is and how it works.

Transcript:

Hey. I'm Andy. And if you've got a couple of minutes, I wanna talk to you about something called Pay by Bank. If your job has anything to do with payments and your brand operates in the Netherlands, then you'll be well aware that the payment system iDEAL is being phased out and replaced with the pan European Wero. Now that change has understandably caused some worry and angst among businesses operating in the Netherlands, including the fact that that means a complete change in the fee structure that you're used to and the introduction of a chargeback mechanism.

Now there's no getting around the fact that IDEAL is sunsetting throughout twenty twenty six and twenty twenty seven, but you don't have to go all in on Wero. There is another payment method that the Netherlands should consider and it's called Pay by Bank. Pay by Bank is a payment method that lets shoppers pay for things directly from their bank account via their bank app without the need for card networks whatsoever. And it's actually pretty easy, and it's very quick.

So you start by giving that Pay by Bank button a tab, then you choose your bank account from the list, you then review the payment, at which point you're seamlessly redirected to your bank app to authenticate it and approve it.

Then you're directed back to the merchant, and that's it. A successful payment.

So far, not all that different from iDEAL. Now, this might be the first time that you've actually heard of Pay by Bank, but it's already on the checkouts of major ecommerce brands in the UK and increasingly across Europe as well. And crucially, shoppers are happy to try it when it's offered to them.

The thing is shoppers aren't loyal to the iDEAL or to the Wero brands. They trust their banks.

And Pay by Bank makes the most of that trust in a simple account to account journey. So does that mean that Payer by Bank and WeRow are the same?

Well, the short answer is no. And the benefits that Pay by Bank offers merchants is where the differences between the two really become clear.

So first, unlike Wero, there's no chargeback mechanism. And second, Wero replaces IDEAL's predictable flat fee with percentage based pricing.

Pay by Bank, on the other hand, gives you pricing clarity. The cost of a payment doesn't grow just because your business does. And finally, Pay by Bank goes well beyond just pay ins. Providers like TrueLayer also offer things like instant refunds, data insights, user verification, and a lot more. In short, it's got the best bits of iDEAL, but it's got a lot more on top too.

Now if you want to take your time and learn more about Pay by Bank and why the likes of Amazon, eBay, Just Eat Takeaway and so many others already have it at checkout, we'll pop a link on screen And that's it, thanks for watching.