Has anyone scaled a store with open banking only ?

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Sosaa247

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We have run many stores but kept getting banned by payment processors due to the nature of our business and decided to solely move to accepting payments with open banking from customers via wallid.
Obviously conversion rate has dropped but we now also are struggling to scale on meta ads aswell . I think this is because the pixel is finding buyers but it is random in the sense of people that are expecting to pay by card .
We are based in the uk

Has anyone successfully scaled a store that only accepted payments via open banking before and how did you do it ?
 
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Scaling with only open banking is super hard because most people just want to use card, you should try to filter your audience in the ads or pre cart page so they know before trying to buy.
 
you could try a few things: offer a discount for open banking payments. And put "bank transfer only" right in the ad copy so people know what to expect before they click. Or find a high risk card processor, yeah they charge more but at least you get conversions. It's maybe a tough niche
 
I thought over time meta pixel would start going for people who are more likely to pay by open banking but I think my even number is maybe too low to be able to optimise ?

I’ve seen many people in the past only using open banking but not sure how they effectively scaled .

And on the topic of accepting card , the holds mixed with random shut downs and too risky for our cash flow .
 
You’re likely seeing a mismatch between Meta’s optimization and the checkout intent since most users are still conditioned for card payments. One approach that can help is tightening your ad messaging and landing page so it clearly signals open banking only before users click, which improves intent quality
 
I wonder if the issues is less about meta and more about buyer expectations. Most people are so used to card payments that any change can hurt conversions.
 
main issue is mismatch between ad expectation and checkout. people expect card payment, so many drop when they see open banking only.
 
Open banking can work, but you need to make it super clear before checkout, otherwise Meta keeps sending people who are ready to pay by card and your conversion data gets messy
 
it is very hard to scale this way because open banking drops conversion rates, you might want to look into alternative traffic sources where intent is different.
 
Yeah it’s tough because most users trust and prefer card payments for speed and ease, so open banking usually converts lower unless the offer and checkout flow are very clearly optimized for it.
 
Relying solely on bank transfers for scaling up is often ineffective, as most customers are accustomed to paying by card. Clearly stating your payment methods from the start will help avoid attracting the wrong target audience.
 
I haven’t seen strong scaling with open banking only on cold Meta traffic because most users expect card or fast checkout, so it usually performs much better on warm or retargeting audiences rather than broad scaling campaigns.
 
Yeah we tried something similar, issue is traffic expects card at checkout so Meta algo struggles a bit, works better when landing page is clear abt open banking from start.
 
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