FAQs

paybyzap

Frequently
asked questions

General Questions

What is Zap?

Zap is a payment initiation service provider (PISP).  In real language this means that Zap simply utilises the Open Banking API's provided by all banks throughout Europe to set up the payment in a payers online or mobile banking app (i.e. populate the amount and the destination account and payment reference) meaning no sensitive data is shared by the payer or recipient.

What does Zap do?

As a PISP we use Open Banking to allow our users to create a payment request that their customer can use to securely transfer funds using their banks mobile or online banking platform.  The funds are sent directly from the payers bank account to the receivers bank account as if you had completed a standard bank transfer - we just save you the time of setting up a new beneficiary and make sure your payment is instantly recognised and acknowledged by the receiver.

How secure is it?

Extremely secure!  Zap never touches your money as all funds flow through the Faster Payments network directly from one bank to another just like a traditional bank transfer.  Zap simply utilises the Open Banking API's provided by all banks throughout Europe to set up the payment in a payers online or mobile banking app (i.e. populate the amount and the destination account and payment reference) meaning no sensitive data is shared by the payer or recipient.

What is Open Banking?

Open banking refers to European wide legislation that requires banks to provide access to their customers accounts via secure API's and in doing so enables third parties like Zap to build innovative low cost payment solutions for everyone's benefit.

Which banks does Zap work with?

American Express, Bank of Scotland, Barclays, Capital One
Chelsea Building Society, Danske, First Direct, Halifax, HSBC
Lloyds, M&S Bank, MBNA, Monzo, Nationwide, NatWest, Revolut, Royal Bank of Scotland, Santander, Starling, Tesco Bank, Tide, Transferwise, TSB, Ulster Bank, Virgin Money, Yorkshire Building Society

What’s the difference between Zap and a normal bank transfer?

With Zap, you don’t have to share your sort codes and account numbers with payers making it much more secure than a traditional bank transfer.  In addition payers don't need to set you up in their online banking which often delays you in getting paid.

In addition you control the amount requested and the reference number that appears on the payment meaning you can eradicate over and under payments and no longer have to worry about payments turning up with the wrong reference number on them.

How long does it take for me to receive funds into my bank account?

Payments are made through the Faster Payments network that connects all the main UK's high street banks and are received in seconds.

How are payments made?

The payer is taken into their online or mobile banking app where they are presented with a pre-populated payment instruction.  When the payer clicks on the pay button the funds are sent via the Faster Payments network directly from the payers bank account to your bank account just like a normal payment.

What is a payment request and how does it work?

A payment request is a unique link generated by Zap that you can present via QR code or send via SMS or email to anyone whose contact details you have such as a customer, friend or family.

How can I send my payment requests?

These can be sent as a link via any messaging service on your phone e.g SMS, Whatsapp, Email, Messenger or Airdrop; or scanned as a QR Code.

I have received a payment request, how do I pay?

Just click on the link and follow the on screen steps which will take you into your mobile or online banking app where you hit the pay button.  It's quick and easy and really that simple!

How do I get billed and pay for my transactions

Open Banking works differently to standard card payments as there are no third parties that money flows through - such as card schemes (Visa, Mastercard) or acquiring banks (Worldpay, Barclays etc). The money flows directly from the payers bank account to the receivers bank account through the UK faster payments network. This is great from a security perspective but means that instead of taking our fee directly from your payment we deposit the full billed amount into your account - just like a bank transfer.

Therefore at the end of your each month, you will receive an invoice. You will be given the option to set up a direct debit which means that in the future we will automatically process the payment for you.  Alternatively, you can pay manually by making a standard bank transfer.

Please rest assured you will not be billed any additional platform fees or hardware costs, just the processing fee.