Receive Payments
You may be a business who offers your customers a service that makes use of customer accounts or records. These are not bank accounts, but are accounts related to other services, such as:
- A monthly subscription to a streaming service.
- An online customer wallet for a betting or online shopping service, into which a customer can deposit funds.
- A bill payment service through which customers can pay bills.
In each case, your customer may need to initiate a payment to you, e.g., to pay their monthly subscription or top up their wallet. The EPC solution allows your customers to make payments in exchange for services rendered by you.
An inbound payment is one in which the customer directs a payment towards you, the corporate client. The payment is incoming from your perspective.
The customer may hold a bank account with either the sponsor bank or another bank in the industry.
The payment will go into your merchant bank account at your sponsor bank.
As a corporate client, you will have at least one merchant account at your sponsor bank, into which all payments pertaining to you (regardless of consumer) are paid.
You will receive a notification (sent to you via an API call) of each payment when it arrives into your merchant account. You can then update the relevant customer record in your own system (e.g., top up the correct wallet or reflect that a customer has paid a certain bill).
The diagram below shows the basic transaction flow of an inbound payment. Generally, the first part of the transaction incorporates a verification step to verify the customer's account before they make a payment.
