TurkOnay

TurkOnay: Overview For Merchants

TurkOnay is a Turkey-based electronic money and payment services institution that provides card acceptance and account-based payment tools for businesses. Merchants can use TurkOnay for Virtual POS, in-store POS devices, and remote collections via payment links, alongside account information and payment initiation services enabled by open banking. The company operates under Türkiye’s Law No. 6493 framework and is part of POLSAN.

What TurkOnay Offers

Virtual POS (Sanal POS)

TurkOnay’s Virtual POS enables online card payments without a physical terminal. The product page explains how funds are credited under different payout models, and it frames Virtual POS as the internet-based counterpart to physical card acceptance.

Payout models explained by TurkOnay:

• Early Payout (Erken Ödeme): Merchants can receive funds earlier than the contractual settlement period by paying a commission; the rate varies by agreement.

• Blocked Settlement (Blokeli): Payments are held in a blocked account for a defined period and then released to the merchant.

• Hybrid (Erken Ödeme + Blokeli): Combines a shorter block period with a lower early-payout commission.

These models give businesses options to match cash-flow needs with cost and risk preferences.

Physical POS (Fiziki POS)

For in-store acceptance, TurkOnay supplies POS terminals and can load requested bank applications onto the devices. This is positioned as a turnkey way for brick-and-mortar merchants to process card payments.

Payment Links (Link ile Ödeme)

Merchants can generate a payment link in the Virtual POS application and send it via email or SMS to collect for goods or services. This supports remote invoicing and one-off collections without a checkout page.

QR Code Payments (TR Karekod) – Coming Soon

TurkOnay notes plans to support payments via TR Karekod within its app, allowing customers to scan and pay. As of the information published, this feature is marked as “Yakında” (coming soon).

Open Banking Capabilities

TurkOnay states that it is the first electronic money and payment services institution to obtain open banking activity permission from the Central Bank of the Republic of Türkiye (TCMB). Its open banking platform allows users to view balances and historical transactions from accounts held at other banks and to initiate transfers from those accounts via the TurkOnay app or web. These capabilities align with account information and payment initiation services under Turkish regulation.

Regulatory Status And Corporate Background

On its “About” page, TurkOnay explains it commenced operations on 21 September 2021 as a POLSAN enterprise. The company cites a decision published in the 22 March 2023 Official Gazette granting activity permissions under Article 12 of Law No. 6493, and it reiterates its open banking authorization.

TurkOnay also appears on the TCMB’s listing of licensed electronic money institutions, which catalogs firms and the services they are authorized to provide. This listing corroborates TurkOnay’s status as an e-money and payment institution in Türkiye.

Legal Framework, Data Handling, And Customer Protection

Across its legal pages, TurkOnay outlines how services are delivered and how sensitive data is handled:

• Framework Agreement: Defines the scope of services TurkOnay may offer under Law No. 6493, including e-money issuance, payment account operations, transfers, payment instrument issuance/acceptance, bill payments, payment initiation, and account information services.

• One-Time Payment Notice: Details pre-transaction disclosures, required sender/receiver information, maximum completion times for domestic and cross-border payments, and the handling of exchange rates. It also sets out safeguards and responsibilities related to “Hassas Müşteri/Kullanıcı Verileri” (sensitive customer data).

The site footer and multiple pages state that TurkOnay is established under Law No. 6493 and is among the obliged entities of MASAK (Financial Crimes Investigation Board) under Law No. 5549.

TurkOnay publishes quality and environmental policies and links to independent audit and activity reports. The “Quality Policy” section references ISO 9001:2015 certification, and the “Independent Audit and Activity Reports” page provides recent TFRS financial statements and annual activity reports.

Onboarding, Support, And Contact

Businesses can start by submitting the Üye İş Yeri Başvuru Formu (merchant application) accessible from the site’s product sections. For assistance, TurkOnay lists a call center, email support, and a company address in Üsküdar, İstanbul.

Merchant Use Cases

• E-commerce: Use Sanal POS to accept online card payments with configurable settlement models that can support cash-flow needs.

• Remote invoicing and pay-by-link: Generate a link in the Virtual POS application and send it via email or SMS to collect payment without building a checkout.

• Retail point-of-sale: Deploy Fiziki POS devices for in-store card acceptance, with the option to load bank applications to suit operational requirements.

• Account-based experiences: Where appropriate, use open banking features to allow customers to view external bank accounts in the TurkOnay app and initiate transfers.

Conclusion

TurkOnay positions itself as a licensed electronic money and payment services institution in Türkiye offering Virtual POS, physical POS, and remote link-based payments, complemented by open banking services for account information and payment initiation. Its documentation details multiple settlement options for card acceptance and sets out how one-time payments, disclosures, timelines, and sensitive data are handled under Turkish regulation. While several features are flagged as forthcoming and a public merchant fee schedule is not yet posted, the available information indicates a product set that can cover online, in-store, and remote collection needs. Merchants evaluating TurkOnay should align required features with the current roadmap and secure written commercial terms covering pricing, settlement model, and service scope.