A merchant set up with a Vyne No-Code Payment Links account can now send payment link requests to be paid in Euros (EUR) from their Vyne Portal.
There is no change in how to generate payment links - merchants can request and manage payment links in the same way they currently do for GBP payments, they would just need to ensure EUR is enabled and selected from their Setting page within the Vyne Portal. There’s also no change in the EUR payments consumer journey.
What countries are included?
When a No-code Payment Links account is set up, GB is the default region with GBP being the default currency.
We are also able to provide the following serviceable regions: GB, IE, DE, IT, FR, ES, AT, LU, NL
When will merchants receive payments made using EUR Payment Links?
The default service type for EUR payment links is Standard, which is SEPA Credit Transfer (SCT) and is similar to BACS.
Payments initiated on all working days before 16:30 (EET) will reach the Settlement account on the same day; payments initiated after 16:30 (EET) will reach the Settlement account on the next business day.
NOTE: We can only sweep the funds once it has landed in the relevant Settlement account, this is regardless of when the payment was initiated by the consumer. For example, a payment is initiated today at 17:00 (EET); because we will only receive it on the next business day, it will not be included in today's sweep but rather the next business day's sweep.
Can merchants simultaneously request payments from EUR and GBP?
No-Code Payment Links offers single currency payments - merchants will be able to request for payments in either solely GBP or EUR. Merchants won’t be able to support multiple currencies simultaneously at this time.
Settlement accounts are enabled at a currency level. For example, a EUR settlement account can transact in EUR, and cannot accept GBP payments.
The merchant can configure the settlement account that they wish to request the payment into from their VMP settings page ("Settle to").
The funds must settle into the respective currency’s settlement account. For example, GBP payments cannot settle into a EUR settlement account.
What happens if the merchant has multiple regions configured?
If a merchant has multiple countries enabled with the same currency, a country selector will appear in the BSP in the consumer payments journey.
If a merchant has multiple countries with differing currencies enabled, the merchant will only be able to request payments from the currency and respective region(s) for the settlement account enabled. For example, if the merchant has IE, DE, and GB enabled and they have enabled their GBP settlement account, the payment link will request for the payment in GBP with GB banks.
What languages are supported in the EUR payment links consumer journey?
English is the default language in the EUR payments links consumer journey.
If you have any questions regarding our No-Code solution or Euro Payment Links or require any assistance, please don't hesitate to contact us.