The Settlement Report shows the withdrawals from your payment account at WePay and all the transactions that are included in that withdrawal. This is sometimes referred to as a deposit report, however, since not all settlements are deposits we use WePay's terminology and call it the Settlement Report.
How does WePay settle funds?
WePay will instruct the Bank to settle funds to the Merchant's bank account or other payment instrument according to the schedule the Merchant selects (daily, weekly, or monthly). Merchants may request ad-hoc settlement at any time.
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.
Does WePay have any liability for funds refunded or escheated?
Neither the Bank, WePay, Platform, nor the Purchaser will have any liability to Merchant for funds so refunded or escheated. Settlements to a bank account or other payment instrument may be limited or delayed based on your perceived risk and history with WePay.
What are WePay’s terms of service?
All transactions are subject to WePay terms of service and exclusions therein, including risk assessment and fraud monitoring, which may result in delays. Before a payment can be included in a settlement, the following requirements must be met:
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.
What is a settlement deposit?
Key Takeaways. A settlement bank refers to a customer's bank where payments or transactions finally settle and clear for customer use. Often times, the payer of a transaction will be a customer of a different bank from the receiver, and so an interbank settlement process must occur.
What does settlement pending mean on a credit card payment?
Once authorized the processor sends the confirmation to the merchant bank who notifies the merchant and begins the deposit settlement process in the merchant's account. Once the transaction has been confirmed by the issuing bank and merchant bank it is considered authorized and will post as pending.
How much does WePay charge per transaction?
If the Platform does not set transaction processing fees otherwise, then WePay charges the Platform's Merchants 2.9% + $0.30 for transaction processing; $15.00 per chargeback (in addition to the amount of the chargeback); $15.00 per ACH return (in addition to the amount of the return); and a $25.00 research fee (if an ...
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.
Where do settlement funds go?
Where the Money Goes. Attorneys general usually keep some settlement money to cover the costs of cases and to help finance future litigation. But distribution of damage recoveries or awards can be set by law, such as reimbursing Medicaid for fraud.
How do I clear my credit card settlement?
What is the credit card settlement processVisit the issuer or a debt settlement agency.Explain your inability to make payments via a credit card settlement letter and mention that you're open to negotiating other repayment terms.Offer a lump sum or inform the issuer of your plans to file for bankruptcy.
How long does a transaction take to settle?
For most stock trades, settlement occurs two business days after the day the order executes, or T+2 (trade date plus two days). For example, if you were to execute an order on Monday, it would typically settle on Wednesday.
What is pending settlement mean?
Related Definitions Pending Settlement means the agreement between the Company and its shippers in the Company's FERC tariff rate case filed on July 1, 2013 (Docket Number RP13-1031), which agreement has received certification from the presiding administrative law judge and is awaiting final approval from the FERC.
How safe is WePay?
Is WePay secure? WePay uses tokenization and encryption technology for security, and is PCI Level 1 compliant. Additionally, WePay holds user funds in FDIC-protected banks. You can also set your custom risk preferences to protect yourself from fraud.
How does WePay earn?
WePay makes money through transaction fees on credit cards and other payments like ACH payments. It also charges a research fee and chargeback fee. The number of medium and small business customers is high. It is the reason behind WePay's success and growth.
What companies use WePay?
Who uses WePay?CompanyWebsiteCompany SizeLaunch Academylaunchacademy.com200-500UPMC Health Plan Incupmchealthplan.com1000-5000University of Pittsburghpitt.edu>10000Rakuten Group, Incrakuten.co.jp>100001 more row
What should I do with settlement money?
Here is a list of steps to take once you receive a settlement.Take a Deep Breath and Wait. ... Understand and Address the Tax Implications. ... Create a Plan. ... Take Care of Your Financial Musts. ... Consider Income-Producing Assets. ... Pay Off Debts. ... Life Insurance. ... Education.More items...
How long does it take for settlement money to clear?
Two months is the most common duration in all states except New South Wales, where six weeks is the preferred time.
How long does it take for a $30000 check to clear?
Most checks take two business days to clear. Checks may take longer to clear based on the amount of the check, your relationship with the bank, or if it's not a regular deposit. A receipt from the teller or ATM tells you when the funds become available.
Can my lawyer cash my settlement check?
While your lawyer cannot release your settlement check until they resolve liens and bills associated with your case, it's usually best to be patient so you don't end up paying more than necessary.
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.
Which payment forms have the highest processing costs?
The table below shows payment trends in the United States. The forms of payment growing the fastest (credit and debit cards) have the highest processing costs. The forms of payment that move the most payment volume are the cheapest: ACH and wire transfers. Many of the newer payment forms, such as Apple Pay, are really fronts for one of the other forms of payment whether it is credit card, debit card, or an ACH transaction. The smartphone or other device is simply passing the data for the particular form of payment in a secure manner.
How does the payer/purchaser start the process?
The payer/purchaser starts the process by initiating a transaction. They provide one of the forms of payment accepted by the seller or merchant.
What is payment in banking?
In most instances, a payment is a simple transaction that is one half of a trade of money for a good or service. In return for the payment the payer receives their goods or services. The most common scenario in the United States is payment via a card, either credit or debit.
What are the factors to consider besides the payer and the payee?
The factors to consider besides the payer and the payee are the type of transaction, the flow of approvals and the movement of the actual money, the other players involved, regulation and compliance to the law, and criminal activity and fraud. The payer/purchaser starts the process by initiating a transaction.
What happens if you return a payment?
If items are returned, then the merchant may lose some of the transaction fees that were charged along the way. If there is a dispute about the payment that results in a reversal, merchants not only have to return the money, but they often pay a penalty fee and also lose the goods.
How many players are involved in a payment process?
Both these viewpoints only look at a slice of a complex system of payment processes. Every payment transaction involves at least three players and most involve more: as many as five or six other entities can be involved. This complex sequence is intended to protect all parties and make sure that funds are properly transferred for real and valid transactions and to identify and block fraudulent transactions.
Can a merchant lose money if a dispute is resolved?
From the consumer point of view, this is irritating, handled by the bank, and in most cases they won’t lose any money and the only inconvenience is a delay in performing the transaction. For merchants it is critical because of the costs of processing, including accepting certain forms of payment (and the associated fees), and additional costs if customers return items or complain. If items are returned, then the merchant may lose some of the transaction fees that were charged along the way. If there is a dispute about the payment that results in a reversal, merchants not only have to return the money, but they often pay a penalty fee and also lose the goods. If disputes happen too frequently, merchants even risk losing their ability to accept credit cards.
What is WePay?
WePay collects, analyzes and relays information generated in connection with payments between Purchasers and Merchants. You authorize WePay to provide this information to the Bank in order for the Bank to facilitate payments from Purchasers to Merchants through the Card Networks, or the ACH, as applicable. The Bank - and not WePay - actually conducts the settlement of card transactions and ACH transactions to Merchants.
How does WePay work?
WePay will instruct the Bank to settle funds to the Merchant's bank account or other payment instrument according to the schedule the Merchant selects (daily, weekly, or monthly). Merchants may request ad-hoc settlement at any time. If the Bank cannot transfer the funds to the Merchant's bank account or other payment instrument (due to inaccurate or obsolete bank account information entered by the Merchant, or for any other reason), WePay may instruct the Bank to refund the funds to the Purchaser or escheat them pursuant to Section 22 below. Neither the Bank, WePay, Platform, nor the Purchaser will have any liability to Merchant for funds so refunded or escheated.
What is reserve in WePay?
A "Reserve" is funds the Bank may withhold from you or require you to pay or obtain from any bank account or other funding source associated with any Account you hold with WePay and which the Bank maintains to protect WePay and the Bank against a risk that we or the Bank reasonably anticipate. We or the Platform will notify you of the amount of any required Reserve, which we and the Bank will determine in good faith. WePay may (but is not required to) apply funds in the Reserve toward, and set off any funds that would otherwise be payable to WePay to you against, the satisfaction of any amounts due from you pursuant to this Agreement. The Bank will hold and control any required Reserve. The Reserve will not bear interest, and the Bank can commingle the Reserve with other funds. You have no interest in any Reserve other than a contingent right to receive any unused funds. WePay may periodically instruct the Bank to increase your required Reserve, or return Reserve funds no longer needed to manage your risk. When we and the Bank decide a Reserve is no longer needed, the Bank will return all unused Reserve funds to you. The right to require a Reserve will survive termination of this Agreement. This means that this Section 13 will remain in force even if you or we terminate the Agreement.
How long does it take to get a copy of a WePay email?
If, after you consent to receive Communications electronically, you would like a paper copy of a Communication previously sent to you, you may request a copy within 180 days of the date the Communication was provided to you by contacting Customer Support as described above. We or the Platform will send a paper copy to you by U.S. mail to the street address on file in your Account. You understand and agree that WePay or the Platform may charge you an exceptions fee for each paper copy of a Communication.
What is WePay service?
WePay provides the Service to users ("Merchants") to facilitate receipt by Merchants of payments for goods or services or donations by card and bank transfer. These transactions are between Merchants and persons who pay them ("Purchasers"). Neither WePay, nor any Chase subsidiary or affiliate, is a party to these transactions.
How to resolve a claim against American Express?
Merchant or American Express may elect to resolve any Claim by binding individual arbitration. Claims will be decided by a neutral arbitrator. If arbitration is elected by any party, neither Merchant nor WePay nor American Express will have the right to litigate or have a jury trial on that Claim in court. Further, Merchant, WePay, and American Express will not have the right to participate in a class action or in a representative capacity or in a group of persons alleged to be similarly situated pertaining to any Claim subject to arbitration under this Arbitration Agreement. Arbitration procedures are generally simpler than the rules in court. An arbitrator's decisions are final and binding, and the arbitrator's final decision on a Claim generally is enforceable as a court order with very limited review by a court. Other rights Merchant, WePay, or American Express would have in court may also not be available in arbitration.
Does WePay provide a report?
WePay or the Platform will provide a report of activities, including transactions and fees, relating to the Service ("Statement"), which is available for you to examine when it is available online. Neither WePay nor the Platform is responsible for you relying on balance, transaction or related information that is updated or corrected, or the accuracy or timeliness of information supplied by any third party. You agree that the Statements are sufficient for you to inspect and review activity and to identify errors and unauthorized or altered transactions. You will promptly examine your entire Statement once it is available. You will promptly, and no later than 60 calendar days after the Statement date, reconcile your Statement with your bank statements and other receipts from the same period, and notify WePay or the Platform of any: (a) unauthorized transactions, including any claims of such activity or requested adjustments, (b) alterations, errors, discrepancies and irregularities, or (c) discrepancies you identify when reconciling with your bank statements and other receipts. If you do not act in the timeframes above, you agree that you cannot: (i) assert you exercised reasonable care and promptness in reviewing your Statement and identifying errors, (ii) be reimbursed for a "Claim" (as defined in Section 34 below) refused as a result, and (iii) make a Claim or otherwise act against us for a subsequent loss that was preventable or caused by the same wrongdoer's repeated act. You should make archival copies of your Statement data regularly. Except as required by law, you are solely responsible for (a) compiling and retaining permanent records of all transactions and other data, and (b) reconciling all transaction information that is associated with your Account.
