We are constantly working to improve your WayPay experience, here is a summary of changes which would be effective October 26, 2020.
New Brand Name and Terms of Service Change
As of October 26, 2020, the WayPay platform will be changing to a new brand name and the Terms of Service will be changing. Services will continue to be provided by WayPay Inc., a wholly-owned subsidiary of Royal Bank of Canada (RBC), for a period of time until transitioned to RBC.
Onboarding Enhancements - Instant Personal and Business Verification
To enhance the onboarding experience both from information security and process efficiency perspective, WayPay has introduced the following as part of onboarding process
- Personal Information: Instant digital identity verification of all users - All new users who sign up on WayPay will be required to verify their personal identity in any one of the following ways - RBC online banking account or credit check or via a mobile app for digital government ID verification. Please note that for the onboarding to be completed this is mandatory step and to ensure that verification goes through smoothly, please add users with their full name as it appears on their government issued ID. If you are an existing user on WayPay and if you are added as a user (owner, employee, bookkeeper or accountant) on a new business profile, you will have to verify your identity using one of the instant digital identification methods mentioned above. This is a one time activity and will not have to be repeated for future business profiles you will be associated with on WayPay.
- Business Information: Instant business verification via business registries - For any new business profile that you create, your business profile information will be verified instantly with the information available at business registries. To ensure that verification goes through smoothly, please provide your legal business name and trade name as per the information in business registries.
- Service Agreement, Banking Information and Supplier Information - You will not be able to complete service agreements, add a bank account or suppliers until you complete Personal Information and Business Information.
Authentication Code or Approval Code Required for Order Approval
For your protection and security, WayPay has enhanced the order approval process. Effective October 26, 2020;
- Approvers will no longer be able to approve or reject orders from the approval email. Due to security reasons, the links to Approve, Reject and Sign In will be removed from the approval email
- All approvers will be required to sign in to WayPay account to approve/reject order(s). Orders that require approval can be found under Pending Approvals on the dashboard. Under Pending Approvals, select the order(s) you wish to approve/reject and click Actions >> Approve/Reject.
- It is mandatory for all approvers to enter an Authentication Code or Approver Code to approve/reject any payment order.
To approve a payment order, you can follow the below steps
- Sign in to your WayPay account
- On the dashboard, click the orders under Pending Approval and you will be taken to all the orders for which approval is pending
- Select the order(s) which you would like to approve
- Under Actions button dropdown, select Approve to approve an order or select Reject to reject an order
- Once you select Approve or Reject, you will be prompted to enter either an Authentication Code or an Approver Code
- Once you enter either the Authentication Code or Approver Code, the order will be approved or rejected based on the action that you selected
To learn more about Authentication Code and Approver Code, click here
QuickBooks Desktop Data Sync - Memo and Reference Number
If you have connected your QuickBooks Desktop (QBD) account to WayPay, effective October 26, 2020, WayPay will sync Memo and Reference Number fields from QBD to WayPay for any outstanding paybles.
- Memo and Reference Number - If an outstanding payable has Memo and Reference Number values, after a successful sync, these values can be found under Remittance Note in WayPay
- Only Memo - If an outstanding payable has only Memo in QBD, after a successful sync, the value can be found under Remittance Note in WayPay
- Only Reference Number - If an outstanding payable has only Reference Number in QBD, after a successful sync, the value can be found under Remittance Note in WayPay
This information will be displayed in the order details, notifications to buyers and suppliers/vendors. In case you do not want this to be displayed in order details and notifications to buyers and suppliers, you can delete/edit the values in the Remittance Note field when creating an order in WayPay.
Payment Reconciliation in Accounting Softwares - Status and Date
To ensure that paid bills are synced in a timely manner back to the accounting software, WayPay has made the following enhancements
- Once the status of a payable is updated to In-Progress and you sync data between WayPay and your accounting software, the relevant outstanding payable entry in your accounting software will be closed out and marked as paid.
- The payment date for the above payable in the accounting software will be the date which you selected as the processing date when you submitted an order. In case you have an approval rule to approve an order and there is a delay for order approval, the payment date for the payable in the accounting software will be the date on which the order is processed by WayPay.
WayPay Wallet Funding and Funds Availability
To ensure that you can meet the order submission morning cut-off time of 11:30 am EST, the available balance in your WayPay Wallet will be automatically updated daily between 9:30 am and 10 am EST. Depending on the funding source used to add funds to the wallet the lead time to fund the wallet remains the same.
CRA Payments - New Fields
To ensure seamless and timely tax payments, WayPay has added new fields for Corporate Tax and PD7A Remittance
- Corporate Tax - Period End Date
- PD7A Remittance - Start of Remitting Period
For additional information please search for articles on WayPay’s Help Page.