A new platform is a very practical & cheap way to receive payments from the customers.
Payeda is a new payment platform for sole traders that allows freelancers to launch their businesses online. You can create online invoices which can be connected to customers’ bank accounts with no chargeback & low transaction fees.
Payeda, a new financial platform for businesses started to invite SMEs in UK to take their businesses online with the motto of “OPEN BUSINESS through Payeda Unique platform”.
A NEW AGE JUST STARTED, OPEN YOUR BUSINESS THROUGH PAYEDA
As Open Banking platform opens the financial data of businesses to the third party apps with the consent of businesses, Payeda creates an “OPEN BUSINESS” concept through inviting customers and suppliers of the businesses to its platform which opens the sales invoices to the customers for receiving payments and purchase invoices to businesses for making payments in one place; PAYEDA.
Businesses can connect their ERP Cloud ( Xero, etc..) to Payeda and open their business to the others, their financial network. Every business has a place in PAYEDA whichever ERP they use or can able to create manual invoices for their business in Payeda.
Businesses now has a meeting point for exchanging their invoices, making & receiving payments through Open Banking; account-to-account instant payments in seconds, and every payment instantly synchronised in ERP cloud. With Open banking, there is no chargeback issue, instant refund available and payments made in seconds.
For the SMEs in UK, it’s time to OPEN BUSINESS through Payeda to their current financial network and the potential customers.
TrueLayer, Eurpoe’s leading open banking payments network, has unveiled a VRP (variable recurring payments) API capable of dealing with both sweeping and non-sweeping use cases.
As of late July 2021, the Competition and Markets Authority (CMA) in the UK has mandated the UK’s nine largest banks to provide VRPs that support the automatic transfer of money between two accounts belonging to the same person; sweeping accounts. VRPs allow customers to connect authorised payment providers to their bank account so that they can make payments on the customer’s behalf within agreed parameters.
However, historically only transactionsbetween an individual customer’s accounts have been permitted, which meanthat the potential of VRP has been limited. In April 2022, Truelayer unveiled a VRP for non-sweeping use cases; e-commerce, digital subscription, utility bill payments and other forms of digital payments. Using Trulayer VRP enables the amount being collected to vary without needing the account holder to re-consent every payment, egutility bills with a fixed payment date but different amounts due each time.
Truelayer has already signed up NatWest Bank, which is to begin pilot testing of variable recurring payments with its open banking payments product Payit in the first half of 2022, with plans to scale to a commercial product ready by early 2023.
Payeda, a new financial platform for businesses, provides business who would like to receive online payments from their customers.
On Payeda’s platform, business members set up their merchant account through connecting open banking business accounts to a Payeda account. This allows businesses to receive payments from their customers through the Payeda platform, or sent payment link via e-mail or QR code without the need to set up a POS machine or obtain Virtual POS services from financial organizations.
