Yeeld Expands Payment Solutions with New Surcharging Features
Yeeld Launches Innovative Surcharging Features for Canadian Merchants
Yeeld, known for its advanced payment infrastructure, has made significant strides by introducing surcharging capabilities for Canadian merchants. This strategic development enhances their flagship offerings, YeeldPay and the Yeeld Surcharging API, specifically designed to streamline credit card processing.
Empowering Merchants in Canada
This comprehensive launch assists businesses within Canada and those engaging in cross-border transactions. Merchants can now effortlessly recover their credit card processing fees while adhering to all necessary federal, provincial, and card-network regulations.
Mira Boora, Chief Operating Officer at Yeeld, emphasizes the importance of this advancement, stating, "We’re alleviating a critical pain point for merchants in Canada. The increasing expenses associated with credit card acceptance can be burdensome. Our solution ensures that compliance is automated across different provinces and networks, enabling merchants to recover fees without the usual operational complexities or risks involved.”
Key Features of the New Surcharging System
The newly implemented surcharging system presents an array of impressive features that enhance its functionality for users:
- Automated Compliance: Yeeld enforces restrictions applicable to credit transactions only and maintains surcharges at a maximum of 2.4% or the actual cost—whichever is less.
- Dynamic Fee Calculation: Surcharges are calculated in real-time, taking into account the card type, funding source, and specific provincial regulations.
- Comprehensive Coverage: The solution is accessible through both YeeldPay, a hosted checkout page, and the Yeeld Surcharging API designed for custom integrations.
- Support for Cross-Border Business: The service supports Canadian and U.S. companies handling payments from Canadian customers.
- Seamless Integration: Yeeld's solutions work smoothly with various payment processors, aiding in onboarding, transaction processing, and reporting.
- Real-Time Updates: A rule engine automatically updates changes to regulations set by Visa, Mastercard, and Amex, minimizing the burden of legal and operational responsibilities.
Understanding Canadian Surcharging Regulations
Merchants utilizing Yeeld’s new features must comply with several crucial surcharging regulations in Canada:
- Only credit card transactions qualify (debit or prepaid cards are excluded).
- The maximum surcharge permitted is either 2.4% or the actual processing costs, whichever is lower.
- Clear disclosures are required at the entry, point of sale, and on receipts.
- Refunds must include the surcharged amount.
- Compliance with Visa, Mastercard, and Amex's regional interpretations is mandatory.
Availability of the Surcharging Feature
Beginning today, the new surcharging feature is available through both YeeldPay and the Yeeld Surcharging API, ensuring merchants can begin to leverage these benefits immediately.
About Yeeld
Yeeld is driven by a mission to simplify and enhance payment integrations, offering cutting-edge products and solutions that enable businesses to optimize their financial efficiency. For details on their offerings, visit www.theyeeld.com.
Contact Information
Mira Boora
Chief Operating Officer
Yeeld
Phone: 708-480-2289
Frequently Asked Questions
What is Yeeld's new surcharging feature?
Yeeld's new surcharging feature allows merchants to recover credit card processing fees easily while complying with regulations in Canada.
Why is this feature important for merchants?
This feature helps merchants mitigate rising costs associated with credit card acceptance, streamlining the payment process.
How does the dynamic surcharge calculation work?
The system calculates surcharges in real-time based on various factors including card type and provincial regulations.
Is the surcharging feature available for both Canadian and U.S. merchants?
Yes, it caters to both Canadian and U.S. companies processing payments from Canadian customers.
What compliance requirements must merchants follow?
Merchants must comply with specific regulations such as credit-only transactions and maximum surcharge limits, among others.
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