HIGH RISK MERCHANT ACCOUNT SPECIALISTS
Each transaction is subject to different interchange fees. Final rate for the merchant is a sum of Interchange Fee and Card Scheme Fee set by Card Schemes (Visa/MC) and involved banks. On top of that a fixed markup is added by the payment provider company (acquirer/processor). Interchange and Card Scheme Fee vary based on merchant's and cardholder’s issuing bank location, and type of card. Final rate can be as low as 0.95% for our EEA merchants.
A more traditional method of applying a merchant discount rate. Merchant may opt for this pricing model if they desire to keep things more simple. Every sale is charged with the fixed percentage fee which is set in the agreement. Final rate is determined by the payment provider during initial assessment based on risk category, sales volume, and geographical distribution; it can be anywhere between 0.95% and up to 5.50%. We use this model mostly for high risk non-EEA merchants.
Once a buyer purchases goods or services, his or her Issuing Bank sends funds to the seller’s Payment Processor, which disperses said funds to the Merchant. The term ‘settlement’ is also used to refer to the specific amount of funds transferred by an Acquirer to a Merchant for the acceptance of a card transaction.Merchants receive their settlement weekly with 12 working days arrears .
* Settlement cycle is subject to bank approval and can vary based on your business vertical, risk factor etc.
Each settlement has a Unique Transaction Reference (UTR) number, which is provided by our banking partners. You can see this number when you downloadSettlement Reports from the Reports section. This is a unique reference number available across banks, which can be used to track a particular settlement in your bank account.
Many people just read the settlement as ’12 working days in arrears’ and forget it is actually settled weekly. Therefore please remember that you are paid once a week and not daily.
As a guide we have provided examples below of when payment will be sent depending on the day you took payment. For this example, you are settled (remitted) every Monday using a 30 day calendar month.
Please be aware that your own designated bank may take a few days to pay you your funds after payment has been sent. Due to the many different banks it is impossible for us to specify how long each one will take.