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 has started to invite UK SMEs to take their businesses online with the motto of ‘OPEN BUSINESS through Payeda’s Unique platform’.
A NEW AGE JUST STARTED – OPEN YOUR BUSINESS THROUGH PAYEDA
Just as an open banking platform opens the financial data of businesses to 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. This combines customer sales invoices to receive payments and purchase invoices to make payments into one place; PAYEDA.
Businesses can connect their ERP Cloud, e.g. Xero to Payeda Every business is allocated a place in PAYEDA whichever ERP they use or they can create manual invoices for their business in Payeda.
Businesses now have a single space for exchanging their invoices, making and receiving payments through open banking and account-to-account instant payments in seconds, with every payment instantly synchronized in an ERP cloud. With open banking, there is no chargeback issued instant refunds are available and payments made in seconds.
For UKSMEs, it’s time to connect with OPEN BUSINESS through Payeda using their current financial network and customer base.
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.
