Magic

Magic is a Pay by Bank platform that enables online payments via bank transfers, aiming to reduce card fees, chargebacks, and churn. It emphasizes low processing costs, bank-based authentication, and seamless integration with existing commerce setups.

Customers choose Magic Pay by Bank at checkout, link their bank account via Plaid, and authorize payments without a card. The platform guarantees funds using a machine learning risk model, supports easy integrations with major commerce and accounting platforms, and offers developer-friendly APIs and SDKs with white-glove support. It highlights MFA authentication within the bank environment, lower processing fees (0.5% + $0.30 vs card fees), and automatic retries to recover failed recurring payments.

Who it’s for: Online merchants and businesses seeking to reduce card processing costs, improve authorization success, and decrease churn through bank-based payments.

Investors cited; mentions world-class investors and demo/sales interactions; marketing claims of savings and onboarding within days.