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RBC PayEdge Release Notes 2.8 - February 2021
RBC PayEdge Release Notes 2.8 - February 2021

RBC PayEdge Platform Changes as of February 27, 2021

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Written by RBC PayEdge
Updated over 3 years ago

We are constantly working to improve your PayEdge experience, here is a summary of changes which would be effective February 27, 2021.

Two-Factor Authentication for Add/Edit/Delete Functions

For your protection and security, you will be required to enter a verification code to authenticate any add/edit/delete change requests on your PayEdge profile.

  1. Effective February 27, 2021, any user who has Super Admin/Admin permissions or Custom Role with admin permissions will mandatorily require Two Factor Authentication Code for add/edit/delete functions.

  2. The Two Factor Authentication Code will be sent to the user's verified mobile number.

  3. Entering the code validates that the user has permission to perform the function.

  4. Once the code has been entered, the user will be able to successfully complete the request (add/edit/delete)

For details, please refer our FAQs.

Updates to Bank Account Verification

Effective February 27, 2021, when you add a new bank account as a funding source, the first Pre-Authorized Debit (PAD) will be processed 3 days after the bank account has been verified. Please ensure to account for this time whenever you use a new bank account as a funding source for a payment order.

The 3 days will be applicable only for the first debit for a newly added bank account. All subsequent orders will be processed based on the processing date selected by you when submitting the order.

QBO Funding and Fee Entries

When syncing paid bills from RBC PayEdge to QuickBooks Online (QBO) account, for better reconciliation, funding and fee amount will be recorded as separate entries in Bank Account and Clearing Account in QBO.

Also, the type for RBC PayEdge fees will be updated to Expense and all CAD and USD transaction fees will be posted to WayPay Inc (CAD) account and WayPay Inc (USD) account respectively.

Security Updates

Due to security risks associated with personal information being stored in the browser cache, RBC PayEdge has disabled browser autocomplete for sensitive fields and input forms while using the PayEdge portal.

Credit Card as a Funding Source

RBC PayEdge is re-introducing the capability for you to add your business credit card as a funding source to pay your suppliers. You can add your Visa or MasterCard to your PayEdge profile.

  1. Add Card - Add your CAD/USD credit card on the PayEdge dashboard or under Manage Accounts. In order to connect your credit card to your RBC PayEdge account, RBC PayEdge will process a $0.01 transaction.

  2. Make Payment - While creating a payment order, on the Funding Details page, you will be able to see the credit card under Source of Funds. You can use credit card to fund the order and/or the fee. Depending on the type of credit card you are using and the payment method your suppliers will be accepting, the payment processing time may vary.

  3. Fee - There is a 2.3% fee on the funds you source from your credit card, charged at the time of the transaction. You may also be able to make use of incentives, rewards or cashback programs, if applicable, that come with your credit card.

For details, please refer our FAQs

Additional Information

For additional information please search for articles on https://intercom.help/rbcpayedge/en/collections/2514401-frequently-asked-questions-faqs

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