PayJunction, a leading developer of payment processing technology, announced an integration with Plaid, a consumer-permissioned network powering the digital financial ecosystem to simplify bank payments, enabling PayJunction customers and partners to deliver a better pay-by-bank experience.
Integrating Plaid's secure account-to-account (A2A) bank connectivity technology with PayJunction's payment gateway will allow B2B and B2C businesses to easily extend to their customers a simple way to pay for goods and services via direct bank transfer, whether online or via invoicing. PayJunction routes the transactions via the low-cost ACH processing rails, which can result in significant savings versus payments made with credit and debit cards.
Paying by bank is on the upswing. According to Nacha, more than 29 billion ACH Network payments were made in 2021, valued at close to $73 trillion. Businesses and software companies that partner with PayJunction streamline the enrollment and authorization of customer bank account information and reduce ACH declines by gaining seamless access to Plaid's Account Verification and Payments solution including:
- Auth - Instantly authenticates the account for ACH Payments eliminating manual entry and boosting conversion rates.
- Identity - Verifies bank account ownership to strengthen defenses against fraud and account takeovers.
- Balance - Real-time fund verification check to reduce the risk of insufficient funds.
"PayJunction's data-driven focus on continual innovation helps our customers simplify omnichannel payment acceptance," said Randy Modos, president, PayJunction. "ACH is a proven, cost-effective payment method, and this partnership with Plaid makes it faster and easier for customers to set up secure bank payments."
"We welcome PayJunction into our global partner ecosystem and look forward to reaching a new audience of users," said Tamara Romanek, head of partnership, Plaid. "The combination of Plaid's bank connectivity technology and PayJunction's gateway can save businesses significant time and money, while giving people more flexibility in how they pay for goods and services using funds from their bank account."
Through this partnership, Plaid's connectivity technology is available to businesses that use PayJunction's turnkey Virtual Terminal and gateway solution. Additionally, businesses and software companies can quickly and easily integrate these advanced features with their software via a simple plug-in using PayJunction's intuitive API and developer tools.