VRP is short for Variable Recurring Payments, which uses the Open Banking provided by Plaid. It enables fast and secure movement of funds or payments between accounts held in one person's name. In this case, payments are moved from your business bank account to your YouLend virtual Settlement Account, which we create in your name to enable payments towards your YouLend funding. It currently only available to certain funding applications in the UK.
VRP functions similarly to direct debits, except payments are settled instantly and authenticated with the your bank through open banking - meaning it’s faster and more secure.
Depending on your funding contract, VRP enables YouLend to take a variable payment amount (based on the agreed sales percentage) or a fixed amount from the bank account you have authorised. If your repayment method is VRP, it will be explained to your by your account manager and be visible on your contract.
You can manage or revoke your VRP consent by getting in touch with us. However, you are still contractually bound by the funding agreement to pay back your outstanding balance, which you can always review on the merchant dashboard.
Also, you can contact your bank directly to make changes or the status of the Open Banking connection.