YataPay Is a secure digital escrow service. It enables businesses and individuals to carry out financial transactions securely online. Funds are transferred through YataPay Secure where they are held in an escrow account with Mango Pay until both parties are happy that the transaction is complete.
YataPay handles financial transactions through an efficient, transparent step-by-step process. We verify both transaction parties through KYC, AML and Bank verification checks. The party funding the transaction (e.g. buyer) places the funds in the escrow account, when both parties are happy that the transaction is complete, the party funding the transaction authorise the release of the funds via YataPay Secures escrow portal. The secure portal ensures real-time visibility and notification over status of funds at every stage of the transaction. (See Q. 11 for more information) Yatapay Secure’s platform can be used to make single "one-off" or ongoing payments. YataPay can be used to receive payments as well as send them securely, with the added peace of mind of having the transaction records stored in one place.
YataPay Secure is suited to any situation where a financial transaction takes place either online or offline. YataPay Secure is designed to give you peace of mind when dealing with someone you don't know, because we verify every user and both parties need to agree to complete the sale. YataPay Secure is great value for any size transaction and our rates get lower as the value of your transaction increases. There is no limit to the transaction size when using YataPay Secure. Check out the pricing calculator here.
Our mission is to protect you and your trust partner from fraud and to settle the payment securely and fairly for both sides. ADDED VALUE FOR BUYERS: The trust-based payment process takes place step by step, thereby preventing you from being left with no money or goods at the end of the day or paying for something that you did not order or commission. ADDED VALUE FOR SELLERS You do not have to take any financial risk. The buyer or customer pays the agreed price (also partial or partial payments possible) before you send the goods or start the service. Once the money has been entered into the escrow account, the buyer/client won't receive the money without your consent. YataPay Secure increases your respectability and gives the buyer the confidence they need for a quick purchase.
Paypal only protects buyers in a transaction – YataPay protects the interests of all parties in a transaction. With YataPay, the funds can only be released from the YataPay Secure electronic escrow once both parties are satisfied that the transaction is complete. YataPay Secure verifies the identity and trustworthiness of both parties through robust anti-money laundering checks before any money enters the system. YataPay Secure provides certainty to the Seller that the funds are cleared into the YataPay Secure electronic escrow before entering into a transaction. Our multi-factorial security means that all parties can transact in total confidence. Comparison table
YataPay Secure
PayPal Transaction Limit
None
£5,500 Opening an account
Free
Free Accept funds
Free
3.4% +20p Accept credit/debit card payments
From 0.5%
3.4% +20p Send Money
£3 min – % fee from 3% to 1% (depending on transaction size)
Free
It’s simple really – anyone who initiates the transaction through YataPay Secure is responsible for paying for the YataPay Secure services.
Yes, the security of our clients' funds is a top priority. When you pay money via our platform, MANGOPAY holds the funds in a secure account and creates an equivalent amount of e-money, which is credited to your e-wallet (escrow) on our platform. YataPay Secure customers is a member of Mango Pay’s Partner Programme. Mangopay is an authorised Electronic Money Institution (EMI) regulated by Financial Conduct Authority (FCA). While this may sound similar to what a bank does when funds are received into a current account, MANGOPAY is not a bank. Which means, MANGOPAY does not take your money as a deposit to use for its own purposes or to lend to other customers.
MANGOPAY (Mangopay S.A.) is a regulated payment service provider which processes payments on your behalf for your activities on our platform. MANGOPAY is an authorised Electronic Money Institution (EMI), licensed in Luxembourg and regulated by the Financial Conduct Authority (FCA) in the UK under the Temporary Permissions Regime (TPR). MANGOPAY is authorised to issue electronic money (e-money) and provide payment services.
To ensure your money is secure, MANGOPAY follows a process known as safeguarding, which is a regulatory requirement for all EMIs. In this process, MANGOPAY keeps your money separate and places it in a safeguarding account with a credit institution (a bank). MANGOPAY’s safeguarding obligations are assessed every year by an independent expert, and the report confirming that it complies with the regulations is available to the FCA on request. In the event of MANGOPAY going out of business, an insolvency practitioner would be appointed to return the funds it has safeguarded to you.
Individuals and businesses can open an account with YataPay Secure. To open an account with us, a User must: Either be an individual (at least 18 years old) or a business that is able to form a legally binding contract; and Complete our sign-up process. As part of our sign-up process, you must: Register an email address, which will also act as your ‘User ID’; Set a password which we will use to log you in and prompt when you want to make or withdraw a payment Register a telephone number where we will send your One Time Password (OTP) which you will need to approve transactions or release funds. Agree for us to verify and validate your identity and bank or debit/credit card account information Agree to our Privacy Policy and User Agreement, including the policy documents incorporated within it. During or after the sign-up process, you can enter your bank account, debit card or credit card to fund your YataPay Secure electronic escrow and your bank account details to withdraw monies from the electronic escrow. We will provide you with information relating to the payments processed through YataPay Secure. In order for any payments to be paid to or withdrawn to an account, both the YataPay Secure payer and payee need to agree to transact and for the funds to be released from the YataPay secure digital escrow account. Once YataPay Secure has received instructions from both parties and the payee has decided they'd like to withdraw the funds, the funds will arrive in the payees bank account within one business day.
When you pay money via our platform, MANGOPAY holds the funds in a secure account and creates an equivalent amount of e-money, which is credited to your e-wallet on our platform. When you receive money on our platform via MANGOPAY, we collect e-money on your behalf in your e-wallet. While this may sound similar to what a bank does when funds are received into a current account, MANGOPAY is not a bank. Therefore, MANGOPAY does not take your money as a deposit to use for its own purposes or to lend to other customers. Furthermore, your e-money is not covered by the Financial Services Compensation Scheme (FSCS) because it is safeguarded.
