In the case of Laybuy Tap to Pay, Mastercard insists that merchants are reimbursed 100% of the transaction immediately. If the merchant does not have any other transactions to allow Laybuy to offset our fee against, then the merchant will fall into debt with Laybuy (for fees). This initiative enables you as the merchant to set up your own Direct Debit (DD) mandate so that Laybuy can debit monies owed directly from their nominated account (the nominated account may or may not be your regular receiving account). Fees for all Laybuy Tap to Pay transactions will be collected in this manner.
Laybuy is using a 3rd party service called GoCardless to manage the collection of DD mandates and the processing of payments. Their DD terms and conditions can be found here - https://gocardless.com/legal/customers/
To set up your DD mandate, simply log into your merchant dashboard and navigate to the Account tab.
- Log into your merchant dashboard here and navigate to your Account tab.
- Click on the ‘Set up Direct Debit authority’ button - you will be taken to a GoCardless site where you can set up your mandate by entering your details and clicking on the ‘Set up Direct Debit Instruction’ button.
- You will be able to review your mandate before confirming by clicking on the ‘Confirm’ button where you will be redirected back to your merchant dashboard. The mandate may take up to 10 days to be fully set up (dependent on the response from the your bank).