Sionic Launches ‘Pay-By-Bank’ Real-Time Payment (RTP) Service For U.S. Merchants
Sionic, a leading provider of omni-commerce, consumer-to-business payments solutions, today announced its launch of the industry’s first real-time payments service enabling bank-to-bank digital cash deposits at the point-of-sale. In addition to receiving funds immediately, merchants benefit by avoiding expensive credit card swipe fees. The company has aligned with top financial institutions, payments processors and eCommerce partners to bring Pay-by-Bank to the customer checkout experience.
Sionic’s RTP service includes an option for merchants to incent their customers for paying with their bank accounts over costly rewards-based credit cards. Pay-by-Bank Perks include instant cash back (discount), spend x, get y, or free goods and services – all at the sole discretion of each merchant.
“This is a good step forward in helping merchants combat inflation,” said Ronald Herman, Founder and CEO of Sionic. “From local businesses to global enterprises, merchants continue to be plagued by credit card fees. In 2020, those fees amounted to more than $110 billion. Consumers also amassed an abundance of late fees from these same credit card companies. Bringing instant digital bank payments to commerce provides a new way to more equitably reallocate value back to both the merchants and the consumers. The Great Reallocation of digital payments is here.”