Forget about bank transfer anxiety and pay a better way
We all send money, be it a few quid to a friend for a takeaway, or thousands for a house. But how often do we think about the way in which these payments begin? Many of the instances of payments going wrong (either accidentally or by deliberate fraud) are actually symptomatic of the way in which these payments are initiated. In most cases, you send money to someone after they have asked for it — be it by verbal agreement or after getting an invoice. However, as far as the banking network is concerned you are the person making the first move, not the requestor.
Unlike a transaction in a shop where the merchant sets up the amount and you answer with your card, that vast majority of online transactions have no such matching process. This presents a massive leap between what you are emailed, posted or asked to pay, and what you choose to send between bank accounts. If a fraudster can inject themselves into that gap, then you have a problem. You can read more about banking frauds and how they function here.
How can we help?
billx is a request-led payment solution at its core. We made it this way because we want to avoid this ambiguity in what, when, and how someone wants to be paid. Imagine you are wanting to put down a house deposit. You have two ways of transferring the money to your solicitor:
Scenario 1 — Pay the ‘usual’ way
- A solicitor wants you to pay your £23,185 house deposit to their dedicated bank account.
- You get sent an email, with a PDF attached, stating the amount and the bank account details.
- On faith, you open the email, and read the PDF.
- You manually transcribe the account details into your banking app, and make the payment.
- … then cross your fingers 🤞
This might sound like a request-led payment, but as far as your bank is concerned, you just decided to send that money to an account because you felt like it. Consider another way:
Scenario 2 — Pay a better way
- A solicitor wants you to pay your £23,185 house deposit, so they create a payment request in a dedicated system like billx. This request arrives in your inbox, and the solicitor appears as a verified account against the request when you open it.
- You know the amount is right, and you know it’s going to the right place without needing to copy or type any bank details.
- You click send, verify the transaction with your biometrics in your linked banking app.
- The money leaves your account (and both parties are notified).
- The money arrives with the Solicitor (and both parties are notified).
That is what we offer with billx. A safe, secure, transparent method of sending amounts large and small. If I were buying a house, I know which of these I would prefer…
FIND OUT MORE
Find out more about business or personal payments with billx, join our community, or pre-register for early access.