Instant payment mandate & PSD3: 2026 field service outlook

The EU’s PSD3 package plus the UK’s instant-payment mandate (powered by Faster Payments + Variable Recurring Payments) will go live in 2026. Card payouts won’t disappear, but customers will expect same-day transfers and “pay by bank” links. Here’s how to turn the shift into a cash-flow upgrade.

1. What’s changing

• Banks must offer instant credit transfers and VRP APIs to third parties (Stripe, GoCardless, Toolfy Pay partners).
• Merchants must display a pay-by-bank option alongside cards for online invoices.
• Refunds triggered through Faster Payments must hit customer accounts within hours, not days.

2. Toolfy settings to adjust

1. Enable pay-by-bank: turn on the “Instant bank transfer” method in Toolfy Payments (rolling out via Stripe and TrueLayer). Add buttons to your invoice template.
2. Update deposit policies: shorten timelines (“Deposit due within 2 hours via pay-by-bank or card”) because excuses around slow bank transfers disappear.
3. VRP for maintenance plans: when PSD3 VRP launches, migrate subscription payments from card-on-file to variable bank pulls to cut fees by ~0.6–1%. Store consent in Toolfy.

3. Customer comms

• Add a short explainer to invoices: “Pay-by-bank = no card fees, instant confirmation.”
• Build a Toolfy reminder workflow that texts the payment link immediately after job completion; include both card and bank options.
• Update your T&Cs to cover VRP limits (e.g., “We’ll never pull more than £250 without approval”).

4. Cash flow benefits

• Instant clearance: deposits paid via pay-by-bank hit your account in minutes, letting you buy materials the same day.
• Lower dispute risk: bank transfers can’t be charged back like cards (though you still need clear refund policies).
• Fee savings: expect 0.2–0.4% vs 1.5–2.9% for cards; reinvest savings into marketing or crew bonuses.

5. Operational checklist

| Task | Owner | Deadline | | --- | --- | --- | | Contact your Toolfy CSM to enable pay-by-bank beta | Owner | ASAP | | Update invoice + reminder templates with dual buttons | Ops | Within 1 week | | Train crew on explaining the new method | Ops | Within 2 weeks | | Draft refund scripts for instant payments | Owner | Before launch | | Plan VRP pilot for maintenance members | Finance | Post-launch (Q3 2026) |

6. Compliance + security

• Use Toolfy’s audit log to record who toggled payment methods and when.
• Store VRP consent PDFs in Documents; link to each recurring invoice.
• Monitor your bank reconciliation daily. Instant payments mean failed matches stand out immediately; fix them before end-of-week.

7. Timeline

1. Q4 2025: register interest with your payment provider; test pay-by-bank in sandbox.
2. Q1 2026: go live for deposits + large job balances; measure adoption rate inside Toolfy’s payment report.
3. Q3 2026: add VRP for maintenance plans and subscription services; retire manual standing orders.

Need help wiring pay-by-bank buttons or VRP consent flows? Email support@toolfy.io for the template pack.