Pay by Bank is a bank transfer. It is quick, simple and lets you move money securely from your bank account to ours. Pay by Banked is also covered & protected under Open Banking which is a secure payment method. In this article we cover how to use it and what to do if you experience any issues.
Introduction to faster payments
When you come to pay in JamDoughnut there are two options.
Pay by Google or Apple Pay using your bank card. This has a lower cash back rate as the cost of processing the payment is more expensive.
Pay by Bank. It's less expensive for us to process each of these payments, so we cam give you a better rate of cashback. This is also known as a bank transfer, faster payments, or Opening Banking Payments. Our Pay by Bank service provider is called Banked and is registered and regulation by the Financial Conduct Authority (FCA).
Thousands of transactions are processed in JamDoughnut using faster payments every day. It is secure and simple to use. The service is fully regulated and part of Open Banking. Open Banking is the new method for moving money and sharing information securely between your bank and third parties such as jamDoughnut. In our case it is for payments only.
The payment is protected and if there are any issues with your purchase we are always here to help.
The service does not cover all banks, and does not cover credit cards. In the article below we give you a full list of the banks available.
How to make a payment
When you reach the check out in JamDoughnut you will receive the option of 2 payments. One is the bank transfer, Pay by Banked. If you choose this option you will be asked to choose a bank.
Once chosen you will be transferred to your Banking App on your phone. Once you login to your banking app you will be asked to confirm the payment. Once you confirm the payment you will then be passed back to JamDoughnut where the payment process will then complete.
Is the payment secure
The payment is 100% secure. We do not see the transaction as it occurs outside of the App and is managed by Banked who are regulated by the FCA. Banked provides us with the confirmation that the payment has completed so that we can complete the transaction.
How long does it take to process
99.9% of transactions complete in under 1 minute with most completing in under 30 seconds. There are a few payments where the time to complete takes up to 2 minutes. Very rarely the payments can take longer, under the Open Banking service level agreement all payments complete within 2 hours. We have occasionally seen this take longer.
In these cases the bank has stopped the payment because of a risk of fraud. This is either they have flagged an issue with sending the payment, which should not be the case as the payment is part of Open Banking or they think there is a risk of payment on your account.
The outcome of the transaction is complete and we receive the money and issue the gift card or the payment fails in which case the bank puts the money back to your account.
What if the payment does not complete
When you make a payment via Pay by Banked it is a bank transfer, once a bank transfer is started it cannot be stopped. If you make a purchase and the brand is not available then the transfer will complete. Do not worry we will need to refund you. We normally complete this within 24 hours and aim to have this done in under 2 hours. As a comparison if you payment fails by card then it takes up to 72 hours for the money to come back into your account.
Money left my account and no voucher issued
When you pay by Banked the bank removes the money from your account immediately but they may delay in sending the money to us. If this happens and it is very rare then when you come back into the App the payment will show as pending. Rarely this can take up to 2 hours to complete.
If this happens as soon as the bank payment is cleared the voucher will be issued. If you experience this please contact us and we will help. Also as a first step we recommend calling your bank as the issue will be caused by them holding the payment. This is very rare but is something that we cannot control.
Banked refunds
If we need to refund you for a payment through Banked we will send the money back to the account that you made the purchase from.