How long do payouts take

Once the payment has been reviewed and accepted by our risk engine, it will be released. The payment will be counted towards the balance of the WePay account. If the payment is not held in reserve, it will be withdrawn at the next scheduled withdrawal time.

WePay has a unique and sophisticated reserves system that tries to balance getting merchants their money as soon as possible while also protecting against fraud. Every merchant has their own reserves threshold.

This threshold determines the amount that can be immediately withdrawn every week. Any amount over this threshold will be available 7 days after first being received. The first two payments will be immediately available for withdrawal, but the 3rd payment will not be available until one week after that payment was first made. Any additional payments that week will also not be available until 7 days after they were made.

When setting the thresholds for each merchant, we try to balance making sure that the merchant receives almost all of their average weekly payment volume immediately, while also protecting against fraud and riskier merchants. If part of a payment would go over a threshold, the entire payment will be held for the standard 7 days before clearing.

WePay is required by law to verify the identity of every merchant that collects money. Each account is reviewed with a combination of automated and manual review. You can read about how we collect this information in the embedded withdrawals guide. Merchants do not need to verify their identity or link their bank account before collecting their first payment. However, they must complete this step before they can withdraw any funds.

Additionally, if merchants do not complete this step within 30 days of receiving their first payment, we are required by law to refund their payments. Please make sure your merchants are completing this step in a timely manner! Information that we ask the merchant depends on what type of merchant they are. Here is the full list:. Learn more Sign Up. The payments transformation allows for instant transactions.

Contact sales. Skip to content Open site navigation sidebar. Why GoCardless? For use case Subscription payments Recurring payments built for subscriptions Invoice payments Collect and reconcile invoice payments automatically. Our customers Customer stories Hear from our customers Customer success Our customer first approach Customer Hub Training resources, documentation, and more. For small business Overview Improve your cashflow Keep track of payments Reduce costs Reduce failed payments Increase conversions.

For enterprise Overview Reduce churn Reduce international barriers Reduce operational costs Reduce time to get paid Reduce conversion risk. Breadcrumb Resources Alternative Payment Options. The acquiring bank is the bank where the merchant has an account. The acquiring bank will then issue an authorization request to the card issuing bank. Once authorization is confirmed, the approval code is sent back to the point of sale. For most transactions, this happens within seconds so the payment can be taken for goods and services.

Under normal circumstances, the beneficiary branches are expected to receive the funds in real time as soon as funds are transferred by the remitting bank. The beneficiary bank must credit the beneficiary's account within 30 minutes of receiving the funds transfer message. RTGS is a credit-push system i. Can an RTGS transaction be tracked? Would the remitting customer receive an acknowledgement of money credited to the beneficiary's account?

While the customers do not have the facility to track the transaction, the RBI has implemented the feature of positive confirmation in an RTGS transaction. Would the remitting customer get back the money if it is not credited to the beneficiary's account?

Is there any time frame prescribed for it? Once the money is received back by the remitting bank, the original debit entry in the customer's account needs to be reversed. Whom can a customer contact, in case of non-credit or delay in credit to the beneficiary account?

If the issue is not resolved satisfactorily, complaint may be lodged at email or by post at following address giving UTR number and details of the issue -. The Legal Entity Identifier LEI is a digit number used to uniquely identify parties to financial transactions worldwide. It has been implemented to improve the quality and accuracy of financial data reporting systems for better risk management.

It is used to create a global reference data system that uniquely identifies every legal entity in any jurisdiction that is party to a financial transaction. No, LEI is not required for customer transactions where both remitter and beneficiary are individuals.