Is Pay By Bank the Best Payment Method for Your Small Business?

When it comes to getting paid, everyone has their own preferences. Some love the old-school jangle of coins, while others want everything sorted with a tap on their phone. With getSoapy, you have a few options to suit both you and your customers. Here’s a look at the pros and cons of each, including the brand new Pay by Bank feature.

1. Card Payments

Card payments are the bread and butter of modern business. With getSoapy, your customers can pay by credit or debit card, Apple Pay, or Google Pay, so there’s no faffing about with loose change.

Pros for your business:

• Quick and easy to get paid, usually within 7 days
• No need to chase bank transfers or count cash
• Accepts most cards, including mobile wallets
• Automatic notifications when a payment lands

Cons for your business:

• Slightly higher fees, especially for business or international cards
• Occasional chargebacks (though rare if you keep things above board)

Pros for your customers:

• Familiar and convenient, just tap and go
• Can use cards or mobile payment apps

Cons for your customers:

• Some may be wary of entering card details online

Fees:

27p + 1.5% per transaction (with a few extras for premium or international cards)

If you want to learn more about how to accept card and mobile payments for your local business on-the-go, check out our guide.

2. Direct Debit

Direct Debit is perfect for regular, repeat payments. Think window cleaning rounds or monthly services. Customers authorise you to collect payments straight from their bank account.

Pros for your business:

• Lower fees than card payments
• Great for regular work, so no more chasing late payers
• Payments collected automatically

Cons for your business:

• Takes up to 7 days for funds to clear
• Customers need to set up the Direct Debit (some may hesitate)

Pros for your customers:

• Set-and-forget, so no need to remember to pay
• Protected by the Direct Debit Guarantee

Cons for your customers:

• Not instant, takes a few days to process
• Some might be cautious about setting it up

Fees: 12p + 1% per transaction (minimum 32p)

3. Pay by Bank (New!)

Pay by Bank is the latest addition, letting customers pay directly from their bank account using their banking app or online banking. It’s a one-off payment, so there’s no need to set up a mandate.

Pros for your business:

• Lower fees than card payments, especially for bigger jobs
• Secure and quick, with funds usually clearing fast
• No risk of card chargebacks

Cons for your business:

• Not as automated as Direct Debit for regular payments
• Some customers may be new to the process

Pros for your customers:

• No card details needed, just use their banking app
• Feels secure, as they authorise payment themselves

Cons for your customers:

• A few more steps than card payments
• Not ideal for regular, repeat payments

Fees: 20p + 0.9% per transaction

4. Cash Payments

Let’s not forget good old cash. Some customers still prefer to pay in notes and coins, and getSoapy lets you record these payments so your books stay tidy.

Pros for your business:

• No processing fees, so what you’re handed is what you keep
• Instant, with no waiting for funds to clear

Cons for your business:

• You have to handle, store, and bank the cash yourself
• No automatic reminders or records unless you log it manually
• Easy to lose track if you’re not careful

Pros for your customers:

• Simple and familiar, with no tech required
• No worries about online security

Cons for your customers:

• Not everyone carries cash these days
• No proof of payment unless you give a receipt

Fees: None (except maybe a few calories spent walking to the bank)

If you want to keep track of who’s paid and who still owes, you can manage all your customers with ease using our safe & secure customer management tools.

So, Which Should You Choose?

There’s no one-size-fits-all answer. Many businesses find a mix works best, offering cards and Pay by Bank for convenience, Direct Debit for regulars, and cash for those who prefer it old-school.

A quick recap:

• Card Payments: Fast and familiar, but a bit pricier.
• Direct Debit: Great for regulars, lower fees, but slower.
• Pay by Bank: Secure, low fees, and quick, perfect for one-offs.
• Cash: Free, but a faff to manage and easy to lose track.

With getSoapy, you can pick and choose what works for you and your customers. And if you’re not sure, why not try them all and see which gets you paid fastest (and with the least hassle)?

Need help setting up any of these payment methods? Drop us a message, or check out the guides in your getSoapy dashboard. And remember, however you get paid, it’s always better than working for free!