- What is open banking?
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Open banking is a regulatory initiative that aims to unlock the banking system, enabling third-party providers (TPPs) to securely access consumers' financial data with their explicit consent. This feature allows customers to share their banking information with authorised entities, such as fintech firms, to receive customised financial products, expedite payments, and improve their financial management.
- What are open banking payments?
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Open banking payments are account-to-account (A2A) payments made directly from the payer's bank account to the merchant's bank account without using intermediaries such as credit cards. They are safe, simple and secure instant payments settled in real-time.
- Why choose Wonderful payment solutions for processing payments?
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Quite simply: it’s fast, simple and secure. You save a fortune on merchant processing fees compared to debit and credit card processing, and if that’s not enough you get to support our charitable giving platform, enabling hundreds of charities to process donations for free.
- How much will payment processing cost?
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1p per transaction! Depending which plan you sign up for, you will have either 1,000 or 2,000 transactions included within your plan. Any additional transactions will be billed at 1p/transaction, whether you process 1 additional transaction, or 100,000 additional transactions.
- Are there any setup costs or hidden charges?
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No, absolutely no hidden charges! You simply need to select which plan you wish to sign up for: Starter plan (£9.99/month, including 1,000 transactions) or our Plus plan (£19.99/month, including 2,000 transactions and access to a plugin integration or our Public API). Any additional transactions outside those included in your monthly plan will simply be billed at 1p/transaction.
- Is payment settlement instant? When will I receive the funds?
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The payment is instant. You will receive the funds usually within a couple of seconds, but it can take up to a maximum of 2 hours. This is because the payment is processed in real-time, but the bank may take a little time to process the payment and make the funds available in your account.
- Can I process refunds?
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Yes - Wonderful allows you to process refunds for your customers. Whether it is a payment processed via our API or one of our e-commerce plugins, you can action customer refunds from within your Wonderful account, instantly moving the funds back into your customers’ accounts via Open Banking.
- Can I get my money back if I'm not happy?
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Absolutely! At Wonderful, customer satisfaction is key. We hope that you will be happy with our products, but should you have any issues at all, we offer a 7 day money-back guarantee. Please email [email protected] for help with this.
- How do instant bank payments work?
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Easy. You generate a QR code or a payment link to display at checkout or send to your customer. They scan/click/tap and authorise the payment using their mobile bank app or online bank account. You get paid instantly.