Mastercard Instalments

What is Mastercard Instalments?

Mastercard Instalments is a ‘digital card’ that allows consumers to split the cost of a purchase in equal instalments by paying online or in store via mobile wallets.

What is the transaction fee for a Mastercard Instalments payment?

At this time, Tyl will not be introducing a new price category for these transactions so if you want to accept Mastercard Instalments you will pay the same as your current personal credit card rates. In accordance with your agreement, if the price of these transactions is to change in the future, or if Tyl will introduce a new price category, you will be notified in advance.

What does accepting Mastercard Instalments mean for my business?

Your customers who pay with Mastercard Instalments digital cards are pre-approved for their purchase to be split into equal instalments by a network of lenders without any implementation or technical effort by you. You can learn more about the benefits of Mastercard Instalments on the Mastercard website.

If a customer pays using Mastercard Instalments, when will I receive funds?

There will be no change to the way in which funds are settled into your account. These transactions will settle in full as normal and will not be paid to you in instalments. Mastercard Instalments uses a network of lenders to finance the Buy Now Pay Later (BNPL) loan to the consumer separate to how we process your transactions.

Are there any transaction limits?

There is a minimum transaction value of £30. Any Mastercard Instalments transactions below this value will be automatically declined by the card issuer.

What do I need to do to accept Mastercard Instalments payments?

All you need to do is let us know that you would like to opt-in to accepting these types of transactions. You don’t need to do anything else and there will be no technical change required by you. You can opt-in at any time. If you do opt-in, but change your mind later, you are also able to opt-out again at any time.

I want to accept Mastercard Instalments payments, how do I opt-in?

If you want to accept Mastercard Instalments payments, you must let us know by calling us or by contacting us through webchat. Remember, you will be paid in full for Mastercard Instalments transactions, not in instalments.

What specific chargeback protections apply to Mastercard Instalments transactions? What about refunds?

The same liability and chargeback rules/processes will be applicable to Mastercard Instalments transactions, as are applicable to transactions on other Mastercard products.

You should also process any refunds in the usual way, i.e. as a reversal of the original card payment.

Are Mastercard Instalments transactions compatible with 3D Secure authentication and fraud liability shifts?

Yes, 3D Secure authentication can be performed on Mastercard Instalments transactions, similar to other Mastercard transactions.

How long will it take for an opt-in request to be processed and become effective?

Mastercard will process opt-in (and opt-out) requests from acquirers in 1 to 5 working days after a successful acquirer submission.

What happens if I’ve opted in to Mastercard Instalments?

Mastercard will inform lenders of any merchant opt-ins, and the lenders will let their customers know that they can pay using Mastercard Instalments at your merchant outlets. Once an opt-in request has been processed, Mastercard will then approve any Mastercard Instalments transaction authorization attempts that correspond to your account.

Can I only opt-in once?

No. If you have already opted in and subsequently opted out again, you can still choose to opt-in (and back out again) as many times as you deem necessary. Each request will take 1 to 5 working days as mentioned above.

Should I promote Mastercard Instalments to my customers?

As Mastercard Instalments is a type of credit and a financial product, you should not promote it to your customers unless you have first taken legal advice. We expect that the lenders who finance the BNPL loan will promote this product to consumers themselves.

Should I discuss my customer's Mastercard Instalments BNPL loan with them?

If your customer has any questions or issues relating to their BNPL loan, then you should direct them to speak to their lender (or card issuer) about this.

What is Tyl by NatWest's role in relation to Mastercard Instalments?

We are the merchant acquirer and, if you opt-in, we will enable you to accept Mastercard Instalments digital cards using our services, and we will settle funds to you for Mastercard Instalments transactions in the same way as we do for other card payments. However, just as we are not involved in the loans a credit card provider makes to your customers, we are not responsible for the BNPL loan, the terms for repayment or any decisions about whether that is offered to your customers.

Will Mastercard Instalments always be enabled for me after I opt in?

Please note, whilst Tyl has enabled Mastercard Instalments at this time, this is a new card payment product and, whilst we do not expect to need or wish to do this, we do reserve our right to stop processing Mastercard Instalments transactions in the future. In the event this happens, Tyl would of course notify you in advance.