Pay with Bank Transfer is a payment option on Kora Checkout where a Nigerian Bank account is generated for your customers to make a transfer to the account. This bank account generated is temporary in nature and only lasts for a set time (e.g 30 minutes) after which the account number becomes inactive.
How does it work?
The Pay with Bank transfer method of accepting payment works the same way transferring to any Nigerian Bank account works.
The Checkout is initiated and the customer selects ‘Pay with Bank Transfer'. A record is created on the Dashboard.
The customer inputs their name and email address and clicks ‘pay’
The bank account and bank name are generated as well as the time frame for the account.
Customers are expected to make a transfer to the account within the timeframe. Customers can either make the transfer using their Mobile Banking app, Internet Banking, or USSD.
Once the payment is successfully made and we are notified of such payment, the merchant is notified via email and webhook.
The merchant is instantly settled for the transaction.
Here's a short clip of making a bank transfer payment from a customer's perspective
What currencies does this payment method support?
Currently, Pay with Bank transfer only supports Naira as payments are being made to a Nigerian Bank Account.
What is the limit for Pay with Bank transfers method?
The mininum amount for the Pay with Bank transfer method is N100 while the maximum amount is N10,000,000.
Can the Bank Account Numbers be reused?
Due to the temporary nature of the accounts, they cannot be reused. They’re only set to last for a set period after which the accounts would become expired and payment cannot be made to them anymore.
What happens when my customers make payments to an expired account?
We’ve put measures in place to ensure this doesn’t occur as the temporary nature of the account is clearly stated on the Checkout. Although expired accounts cannot accept payment, there could be some exceptions depending on the bank. Should this occur, kindly reach out to [email protected].
What happens if my customer makes the payment of the wrong amount?
If a customer pays the wrong amount (in this case, an amount below the expected amount) e.g N200 instead of N500:
The customer would be informed on the checkout that they have paid the wrong amount.
A reversal of the entire amount paid is processed instantly to the source account
The status of the transaction on your Kora Dashboard becomes ‘Rejected’
If a customer pays the wrong amount (in this case, an amount above the expected amount) e.g N1000 instead of N500:
The customer would be informed on the checkout that the transaction is successful however, they paid in excess.
A reversal of the excess (N500) is processed instantly to the source account
The status of the transaction on your Kora Dashboard becomes ‘Successful’
Note: In both cases, the details of the reversal can be found on the Pay-ins details page of each transaction. This is also subject to the Payment Preference selected by each merchant.
What are the fees charged for payments to the Virtual Bank Accounts
The fees for payments via Bank transfer are charged per transaction. Kindly reach out to [email protected] if you have more questions regarding fees.
What are the fees charged for reversals?
Currently, we don’t charge fees for reversals.
Is there a minimum refundable amount?
The minimum refundable amount is N100. Any payment made that requires a reversal below N100 would be credited to your Kora balance. The record of this can be found on your Balance history.