Our Payment Processor has changed
We are changing how we process payments made by your customers when they pay with Yoyo.
Instead of Yoyo receiving funds before settling them to you, you will be paid directly by our new payments processor - Checkout.com.
This will enable Yoyo to continue to provide you with the same commercial services, as well as the added benefits of:
Retailers on daily disbursals will receive funds a day sooner than they do in the current system.
Issued refunds will go straight back to customers' cards meaning they get their money back faster.
More Transparent Reporting
More detailed disbursal reporting with a single bank payment for all outlets instead of per-outlet payments.
What you will need to do
Compete Required Documents
Accept the terms of the Sub-Merchant Agreement and an updated Yoyo Merchant Services Agreement. (The Merchant Services Agreement has been updated to make them simpler, shorter, and easier to understand, and to ensure they are compatible with GDPR).
Supply KYC Information
You will also need to enter into an update agreement with Yoyo to ensure the terms of our business are clear.
We will get in touch to start the process of onboarding your business onto the new payment system. In the meantime, please consult the below FAQs for additional information, and send any questions to firstname.lastname@example.org.
Payment Changes FAQs
Why is this change happening?
Our current regulatory and payments model limits our activity to EEA countries - and we want to grow Yoyo by launching in markets outside the EEA.
To avoid the operational complexity of having two different payment models, we have aligned on one model that can be used in any market with fewer regulatory hurdles.
This new model allows Yoyo to enter into agreements with retailers for payments processing, but have the payments actually processed by a third party -
in our case, Checkout.com.
Who is Checkout.com?
Checkout.com is a leading international provider of online payment solutions. They are a principal member of all the major card schemes and are FCA regulated.
What are the benefits to a retailer?
The main benefit is that you may receive your funds a day earlier than you currently do - as Yoyo no longer needs to handle the funds before paying them out to you.
The exact timing of your funds settlement will depend on your current setup - we’ll confirm any changes as part of the switching process.
Any refund processed at the till will now be refunded directly to the customer’s credit or debit card - so they will get their money back faster. (Currently refunds create a customer’s Yoyo balance that is available for them to spend, but this can take too long for some customers).
Reporting will be updated to provide a more detailed understanding of your transactions and how they reconcile to the funds received in your bank account.
What will be different?
We will no longer be able to make individual payments per outlet into your bank account - instead the detailed disbursal report will contain information to help you understand how your individual outlets are performing and reconcile the funds received in your bank account.
As part of the detailed reporting, you will be able to see chargebacks and other refunds that have been made against Yoyo transactions and that have been netted off your settlement amount.
Importantly, we will continue to take liability for chargebacks and fraudulent transactions under the terms of our agreement, but compensation for these deducted amounts will now be paid back to you separately outside the standard settlement process.
We may also make exceptional payments to you to compensate for any payments we have authorised, but subsequently been unable to successfully charge to a card.
What do I need to do?
You will need to accept the terms of the Sub-Merchant Agreement for payments processing. This is an agreement between you, Yoyo and Yoyo’s payment processor, Checkout.com.
You may also need to enter into an updated agreement with Yoyo to ensure that the terms of our business are clear - but under no circumstances will the commercial aspects of the existing agreement be amended.
Once you have accepted the terms of the Sub-Merchant Agreement, you will receive an email to let you know you need to go through a KYC process with Checkout.com - this will be an online process that involves submitting some key information about your business and its owners, as well as documentary evidence such as ID or passport scans. Once the KYC process is completed we will confirm the switchover timing.
We will be transitioning all our retailer customers to the new model over the coming months - with the first customers expected to transition by the end of May.
We will be in touch to explain the process in more detail, but in the meantime, please send any questions to email@example.com.