Settlement reports are available from within your event from Reports > WePay Settlements. You can also click your logo in the upper right corner of your account, click the WePay option, then click the Settlement Report tab toward the top. There is a separate settlement report for each soft descriptor (WePay payment account) that you create.
- Click on Reporting on the left-hand side.
- Click the "Settlements" tab.
- Click the Download CSV button next to the Settlement you want to reconcile.
What is WePay and how does it work?
Before reading this tutorial... WePay lets you create accounts for your users through the API, so they can start accepting payments on your platform, instantly. OAuth2: Get the user's authorization to create and manage their WePay account
How do I create a WePay account for a user?
WePay lets you create accounts for your users through the API, so they can start accepting payments on your platform, instantly. OAuth2: Get the user's authorization to create and manage their WePay account Create a WePay account for the user using the /account/create call.
What is the settlement process for payments?
Settlement is the process where we ensure payments made to a merchant eventually end up in the merchant’s bank account. There are several steps in this process, starting when the payer first confirms the payment and ending when the money is in the merchant’s bank account.
How long does it take to withdraw money from WePay?
We use the ACH system to withdraw payments from the merchant’s WePay account to their bank account. ACH transfers take 1-3 business days depending on the bank account receiving the payment. Some bank accounts (such as Wells Fargo) are faster and take only 1 business day.
What is a settlement on WePay?
Settlement is the process where we ensure payments made to a merchant eventually end up in the merchant's bank account. There are several steps in this process, starting when the payer first confirms the payment and ending when the money is in the merchant's bank account.
What is settlement in the payment process?
Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.
How do I contact WePay?
If you have any non-technical questions (such as about the status of a payment or other issue not related to the API) and have already launched with WePay, you can reach out to partner support team at [email protected]].
What happens when you process a payment?
First, card and transaction data are passed to the card-issuing bank to get payment approval and notification of that approval is passed back. Second, when approval is granted, a new process to transmit money is started.
What is the difference between payment and settlement?
Settlement in "real time" means payment transaction is not subjected to any waiting period. "Gross settlement" means the transaction is settled on one to one basis without bunching or netting with any other transaction. Once processed, payments are final and irrevocable.
What is the difference between clearing and settlement in payments?
Clearing involves network operators routing messages and other information among financial institutions to facilitate payments between payers and payees. Interbank settlement is the discharge of obligations that arise in connection with faster payments either in real-time or on a deferred schedule.
Where is WePay located?
Redwood City, CaliforniaWePay was founded by Rich Aberman and Bill Clerico in 2008 in Boston, Massachusetts, and is now headquartered in Redwood City, California.
Is WePay a good company?
Is WePay a good company to work for? WePay has an overall rating of 3.0 out of 5, based on over 152 reviews left anonymously by employees. 39% of employees would recommend working at WePay to a friend and 32% have a positive outlook for the business.
Is WePay legit?
WePay is a reasonable online payment solution for software platforms, crowdfunding sites and online marketplaces that want a customizable, built-in payment gateway and processing service. But these companies don't commonly fall into the small-business category.
Is WePay the same as PayPal?
PayPal is an online payment company that enables a user to transfer money in just a couple of seconds, serving as the best alternative for paper money, whereas 'WePay' is an online payment system company that provides integrated payment solutions to crowdfunding SaaS platforms.
How long does payment take to process?
Credit card transactions typically take 48 hours to settle. An authorization is issued immediately; however, it takes 48 hours for the money to be moved.
How long does it take for money to be processed?
Deposit Types It can take over 24 hours for your bank to process the transactions and for the deposit process to be completed. Banks often refer to instant deposits as memo posts or pending transactions. This information is recorded in your account as a deposit or payment and is pending until funds are secured.
What does settlement mean in banking?
Settlement involves the delivery of securities or cash from one party to another following a trade. Payments are final and irrevocable once the settlement process is complete. Physically settled derivatives, such as some equity derivatives, require securities to be delivered to central securities depositories.
What does it mean to settle a transaction?
Transaction settlement is the process of moving funds from the cardholder's account to the merchant's account following a credit or debit card purchase. The issuer will route funds to the acquirer via the card network.
What is settlement in credit card processing?
As stated above, a credit card settlement is when a credit card company forgives a portion of the amount you owe in exchange for you repaying the remaining amount. The remaining amount can be repaid in one single payment or as a series of payments, as determined through the specific agreement.
How to download settlement report from WePay?
You can download your settlement reports (deposits to your bank) through your WePay dashboard by following the steps below:#N#(1) Log in to your account (steps above)#N#(2) Click Reporting on the left#N#(3) Click Settlements on top#N#(4) Find the settlement you want the report for#N#(5) Click the Download CSV button on the right
What time does WePay chat?
WePay offers chat support (9am-9pm EST M-F) from within your Merchant Center (bottom right of your Home screen when logged in to your wepay.com account). We suggest trying this avenue first when you have any questions related to your WePay account.
OAuth2
The purpose of OAuth2 is to get an access_token for a user, so you can create and manage their account.
Get an access token
Set up your redirect_uri to listen for this code parameter, which you can exchange for an access_token using the /oauth2/token call. The response to the call will be sent to the redirect_uri provided in the call as a POST request.
Create a WePay account
To create a WePay account for one of your users, use the /account/create call with that user's access_token.
Tokenization
WePay provides a JavaScript Library for tokenization of settlement information such that no sensitive information is transmitted through a partner’s server.
Loading the JavaScript Library
You must load the WePay JavaScript Library ( kyc.1.latest.js ). See the example at right. You must set the endpoint to production when you make your app live.
