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Bank Transfers

Bank transfers allow your customers to pay directly from their bank accounts, providing a secure and familiar payment experience. Monieswitch supports instant bank transfers with real-time confirmation and settlement, making it a reliable option for both businesses and customers.

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Key Features

  • Instant Settlement: Receive payments in real time as soon as the transfer is completed.
  • Wide Bank Coverage: Supports transfers from all major banks.
  • Secure Processing: All transactions are encrypted and comply with industry security standards.
  • Automated Reconciliation: Easily match incoming payments to customer orders using unique references.

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How It Works

  1. Customer selects bank transfer as the payment method at checkout.
  2. Monieswitch provides a unique account number or payment reference for the transaction.
  3. Customer initiates the transfer from their banking app or internet banking platform.
  4. Monieswitch detects the incoming payment and confirms the transaction instantly.
  5. You receive a webhook notification with the payment details for order fulfillment.

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Integration Steps

  1. Initiate a Payment Request Send a payment initiation request to the Monieswitch API specifying bank_transfer as the payment channel. 
    {
  "amount": 5000,
  "currency": "NGN",
  "customer": {
    "name": "Jane Doe",
    "email": "[email protected]"
  },
  "channel": "bank_transfer"
}
  2. Display Payment Instructions Use the API response to display the unique account number or payment reference to your customer.
  3. Handle Payment Confirmation Listen for webhook notifications from Monieswitch to confirm when the payment is received.
    Example webhook handler (Node.js/Express)
    app.post("/webhook", (req, res) => {
  const event = req.body;
  if (
    event.type === "payment.success" &&
    event.data.channel === "bank_transfer"
  ) {
    // Fulfill the order
  }
  res.sendStatus(200);
});

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Best Practices

  • Always verify payment status via webhook before fulfilling orders.
  • Display clear instructions and references to avoid payment errors.
  • Test your integration in the sandbox environment before going live.

API

Refer to our API Documentation for integration details