FAQ
Frequently Asked Questions
If you can’t find the answer to your question, please use the contact page.
General
ByRival is a financial services provider that offers payment solutions for the horticulture industry. With ByRival you can easily collect payments from your clients in 17 European countries, including credit insurance.
Through ByRival you will be able to collect money from your clients easily and quickly, against the lowest rates. The people behind ByRival have many years of experience in the floriculture industry and have an extensive network in the most important flower countries. With their combined knowledge of software development, payments, credit insurance and credit information you will be working with a professional team. Find a complete overview of the advantages here.
Once registered, suppliers have three options:
- Ask your software program to connect your system through an API connection with ByRival, so invoices can be automatically send to ByRival and they will enter the payment process.
- Automatically send your invoices by e-mail to ByRival, so they will be imported to your ByRival account.
- Login to ByRival, upload the invoice, select the buyer, enter the total invoice amount to be collected (including and excluding VAT) and select the day of collection.
The main advantage of using ByRival is that you can easily collect payments from your clients through the connected Payment Service Provider, at the lowest rates. Besides that, the credit insurance makes sure you can to trade with confidence.
There is a commission rate (1.4%) for international transactions. This includes the credit insurance. In addition, suppliers pay a monthly administration fee between €25 and €80, depending on the number of buyers. All rates can be found here.
Suppliers need to register at ByRival and complete a registration and KYC process at our Payment Service Provider (PSP) CM.com. Please contact us so we can schedule a (virtual) appointment.
Buyers only need to register and provide a continuous SEPA Direct Debit B2B mandate to CM.com and their bank, to authorize collections from their bank account. Please register here.
Suppliers who register at ByRival and CM.com, need to complete a KYC process. A KYC process, also known as Know Your Customer process, is a set of due diligence processes utilized by ByRival and CM.com to assess the identity, suitability and risks involved with maintaining a business and financial relationship with the supplier. This is a required procedure to comply with legal regulations.
A detailed description of the KYC process can be found on the website of the Dutch Payments Association.
Do you have questions about the KYC process? Please contact us.
Once you have registered at ByRival, you can find a list with all companies that are registered at ByRival. If your client is not visible, they probably didn’t register at ByRival yet. You can invite your client to register as a buyer.
If your client is not visible, they probably didn’t register at ByRival yet. You can invite your client to register as a buyer.
ByRival can be used in 17 European countries:
Netherlands, Belgium, Luxembourg, Germany, France, Spain, Portugal, Italy, Austria, Slovakia, Slovenia, Greece, Finland, Estonia, Latvia, Lithuania and Ireland.
Suppliers and buyers that have a Euro bank account in one of these countries, can register for a ByRival account.
CM.com is a licensed Payment Service Provider offering international and domestic payment methods and integrated payment solutions. ByRival has a contract with CM.com, who takes care of the European B2B Direct Debit (SEPA Direct Debit B2B) transactions for ByRival.
ByRival includes a credit insurance on your transactions. The insurance policy is fully reinsured with Atradius Credit insurance, one of the biggest credit insurance companies in the world. ByRival has a specialized team that takes care of credit research and providing credit limits, day by day. You will have a complete overview of your insured clients and the insured amounts, so you always know if you trade with or without risk. Of course not every client can be insured. The conditions for the credit insurance can be found in our General Terms and Conditions.
ByRival has a specialized team that takes care of credit research and providing credit limits, day by day. You will have a complete overview of your insured clients and the insured amounts, so you always know if you trade with or without risk. Not every client can be insured.
Your data is considered personal and it will not be used for commercial purposes. ByRival doesn’t use your data for any other purposes than mentioned in the General Terms and Conditions.
Please contact us in case some of your questions have not been answered.
Transaction
No, ByRival is not a payment platform but a financial service provider. Through ByRival you can easily process payments from your clients in 17 European countries. ByRival works together with Payment Service Provider CM.com, who takes care of the payments. CM.com has all needed licenses and complies with the necessary regulations.
ByRival does not need to comply with PSD2 (Payment Service Directive) regulations, as ByRival contracted Payment Service Provider CM.com to take care of the transactions. CM.com has all needed licenses and complies with the necessary regulations.
Once there has been a successful SEPA Direct Debit B2B transaction, your money is safe. Payments are collected by Payment Service Provider CM.com. This is a well-known company that complies with all safety rules and technologies for a secure online payment system.
The Payment Service Provider will process the payouts within 5 days after successful collection, excluding weekend or bank holidays.
You can find your payout details in your ByRival account. Select a time period and download the requested overview.
A storno (also known as Reversal) occurs when during the collection, the buyer doesn’t have enough funds on his bank account to complete a successful collection and the collection fails. ByRival will enter the transaction again on the next working day.
Administration
ByRival doesn’t charge any costs to buyers. Suppliers will pay for all costs related to the transactions. An overview of the costs can be found here.
ByRival charges 1.4% commission fees on collected amounts for international transactions. Besides that, all active suppliers pay between €25 and €80 per month for administration fees, depending on the number of buyers you collect from.
An overview of the costs can be found here.
Invoices will be send via email at the end of each month, specifying your costs (transaction fees, monthly fees, VAT), unless otherwise agreed. You will only receive an invoice when you used the services from ByRival.
The monthly fees of are between €25 and €80 and will only be charged when you have used the services of ByRival in the specific month. If there have been no transactions from your company, you will not receive an invoice.