Collection services
Collection services are designed to support a variety of payment methods, ensuring that any transaction can be processed and finalized.
These services enable merchants and billers to initiate payment requests for specific items, with Banqup ensuring that the collected funds are deposited into a designated beneficiary account.
While typically used in eCommerce checkout processes, collection services can also be integrated into more custom solutions, such as bill payment systems or charitable donations.
Payment methods
When initiating a payment on an online payment page, the payer must select their preferred payment method, for example:
- Local payment methods such as iDEAL (NL) and Bancontact (BE).
- Credit cards, including MasterCard and VISA.
- Pay-by-bank, which facilitates account-to-account transfers through the payer’s preferred bank.
The selection of payment methods is determined during onboarding. If certain online payment options need to be provided for your corporate customers, a default set of payment methods can be tailored in Banqup, to meet these needs.
Note that the proceeds from these transactions are typically settled in a Banqup payment account.
Life-cycle of a payable item
In the billing domain, the payment lifecycle is often tied to the due date of an invoice, with many customers choosing to delay payment until the deadline approaches. The platform manages this lifecycle by:
- Ensuring items can only be paid once.
- Allowing the amount due to be adjusted if the due date has passed.
- Disabling existing payment links if an invoice is no longer payable.
The application builder has the flexibility to determine how to make use of these features, and the platform simplifies the building process with its built-in connection between payment items and outbound invoices (Accounts Receivable).
Recurring payments
An important extension of online payments is the ability to trigger recurring installments without requiring the payer to authorize each individual transaction. With the customer’s explicit consent, payments can be processed automatically on a recurring basis.
Banqup offers all the tools necessary to set up and manage this consent. Once the consent is in place, your application can determine when to debit the associated payment method.