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May 17, 2017

E-commerce services may accept push and pull payments

E-commerce services may accept push and pull payments

Aside from payments made with cards, there are also electronic ways to transfer money, e.g., via direct debit, SEPA, IBAN, or wire transfers. More generally, payments are either push or pull, which is what we summarize in the following table.

Clients authorize merchants to pull money, or they push it

Type Description
Push Client pushes the money to the merchant.
Pull Merchant pulls money from client’s account; to do so it requires prior authorization from client.

References