What is the ‘Pay by bank’ option for Payment Links?

‘Pay by bank’ is a payment method available to your UK customers who receive Payment Links. Previously, a Payment Link could only be settled using a bank card – now, your customers have two options to make a payment:

1. With their debit or credit card (also via a digital wallet)

2. By a bank transfer, directly from their banking app 

Whenever your customer wants to pay you with ‘Pay by bank’, we’ll ask them to agree to separate Tide Terms & Conditions. If your customer accepts the Terms & Conditions, they’ll be taken to their UK bank account to authorise the payment.

‘Pay by bank’ transactions are usually processed instantly - through Open Banking, and directly into your Tide Business Account. You just need to wait a few minutes before they appear on your Tide app timeline. For now, you can’t receive international payments with this feature.

Do any limits apply to ‘Pay by bank’? 

Right now, you can only give your customers the option to use ‘Pay by bank’ when your invoice total is between £5 and £25000. If the invoice total is below £5 or over £25000, the option won’t be visible.

When an invoice has been settled using ‘Pay by bank’, the status of the Payment Link will show as ‘Successful’.

How do I refund payments made with ‘Pay by bank’?

You need to refund ‘Pay by bank’ transactions manually. That means, you’ll need to transfer the money back to your customer using their sort code and account number – visible on your statement from the date you received the payment on. 

Account statements are issued on the 4th of every month, but if you need one earlier, you can request a custom date range statement, with an end date of up to 3 days ago.