Open Banking (0% transaction fees)

This article is for all questions to help with Open Banking.

FAQ Contents

• What is Open Banking?
• How do I enable Open Banking?
• Updates to the Payment Section
• What bank can I use?
• Questions & Answers

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What is Open Banking?

Open banking allows for transactions to occur directly between you and your customer. This removes the need for a third-party provider and enables the introduction of 0% transaction fees on Open Banking transactions and instantaneous payments directly into your chosen business bank account.

Yoello is authorised for Open Banking by the FCA - we allow you to safely process direct account-to-account payments with your customers. 

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How do I enable Open Banking?

1. Login to your Merchant Dashboard via partners.yoello.com and login
2. Access your Payments section and click Open Banking
3. Toggle "Open Banking Enabled"
4. Enter your bank details and click "Update Open Banking"
5. Open Banking should now be fully setup

Please see the video below on how to enable Open Banking at your venue:

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Updates to the Payments section

The Payments section for the Yoello platform will remain the same for the most part, with the addition of Pay By Bank on the Payment Option screen. If using the Pay By Bank option, a selection of banks will appear on the screen, and your customer will need to choose the bank that their card is associated with. List of banks customers can use.

 

 

Customers will have the following options to chose to pay from at the checkout:

🏦 Pay by Bank

📱Google Pay

🍏 Apple Pay

💳 Credit/Debit Card

 

Please see video below on the payment section:

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What bank can I use?

 

Merchants:

You can receive payments via open banking into any UK bank account. 

 

Consumers:

Payments can be made with the following UK bank accounts (more coming soon!)

 

 

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Questions & Answers:

Will this affect my current payment setup?

• Your current payments will not be affected by the introduction of Open Banking. This is an optional choice on your Merchant Dashboard and will not require you to have it enabled if you prefer not to.

Is Open Banking safe for customers?

• Yoello is authorised for Open Banking by The Financial Conduct Authority (FCA) under registration number 913784 to carry out payment services activities under the Payment Services Regulations 2017 as an Authorised Payment Institution.
• We allow you to safely process direct account-to-account payments with your customers. This cuts out unnecessary middlemen, and means that payments are instant and significantly cheaper.

How would I refund a customer who has paid via open banking?

• To refund a customer, you will need to perform a bank transfer as the transaction occurs directly between you and the customers bank accounts.

How will I know the customers information to refund them?

• When an order has been paid for via Open Banking, in your order history, the customers contact information will be available, you will need to contact the customer directly to ask them for their bank transfer information to perform the refund. Once you have refunded the customer, you can select 'Change Status to Refunded'.

If I click 'Change Status to Refunded' will it refund the customer?

• No, this button only changes the status to Refunded, you will need to contact the customer separately to arrange a bank transfer between yourself and your customer.

What are the transaction rates with Open Banking?

• The rates for each transaction are 0% as the transaction goes directly between the customer and your bank. Yoello will provide these Open Banking transactions completely free of charge. 

When will I receive payment for orders?

• Instantly. As the payment is performed by bank transfer the amount will go directly from your customers bank account into your account immediately.

What does 'Pending Payment' mean as an Order Status?

• Transfers are usually immediate, however there may be some rare cases where the money will take up to 2 hours to arrive into your account, in these occasions the status will show as 'Pending Payment'.
• Faster Payment is used to make the transfer from your customers bank account directly into your bank account. The money is usually available in your account almost immediately, although it can sometimes take up to two hours, however this is uncommon.

Will Open Banking payments be separate to current Card / Mobile Payments

• Open Banking payments will be separate from card and mobile payments as Open Banking goes directly between banks, while card and mobile payments will still need to go through our payment provider Stripe.

How would Open Banking payments appear on my bank statement and account?

• Each individual transaction via Open Banking will appear as Yoello Limited and will list each individual amount instead of a lump sum.

Can I turn off card payments and only have Open Banking?

• At this current time, there is no way of turning card payments off.

Do I need a separate bank account?

• A separate bank account is not needed. However, it is recommended that you have a separate account to allow you to keep track of all incoming transactions and to keep your business bank account organised.

Back to the FAQ contents

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If you require any further support with Open Banking, please contact us on support@yoello.com, submit your query on this support contact form, or on the below phone number.

GBR/IRL:  +44 330 818 0264