Payment Methods
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      3. Payment Methods

      Set up Pay by Bank (Open Banking) payments

      This article is for all questions to help with Pay by Bank (Open Banking).

      FAQ Contents

      What is Pay by Bank (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 low 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. 

      Payments made using 'Pay by Bank' are transferred to your nominated bank account as soon as the payment has been made.

       

      How to set up Pay by Bank (Open Banking)

      1. Login to your dashboard  (app.yoello.com)
      2. Expand the Settings section
      3. Click 'Payment Methods'
      4. Click 'Pay by Bank'
      5. Enter the following information
        1. Bank Name
        2. Account Name
        3. Account Number
        4. Sort Code
        5. Post Code
      6. Click 'Save'

       

      What bank can I use?


      Merchants:

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

      Some business banks will charge a fee for receiving faster payments so be sure to check with your provider before enabling open banking payments. 

      Consumers:

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

      open banking banks

       

      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 profile 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.

      When will I receive payments?

      • 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 a 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?

      • If you choose to only accept payments using YPay (Open Banking), you can do this.

      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.

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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