One key part of a successful gateway is to manage your finance most conveniently.
The system supports two both direct accounts and Payment Facilitator modals.
Direct accounts –means that the acquiring bank is paying the merchant directly for his processing, and you as PSP act as an ISO and the bank is paying you your referral commissions.
The “Payment facilitator” modal - will handle the full financial aspect of the transaction, from Buy rate to Sell rates and splits to your partners.
Manage payment cycles and fee calculation automatically
Once you configure the merchant’s settings, the system does it all. From calculating margin to setting splits to affiliates – in case your bank supports automatic transfers the system will handle the wire transfers as well.
Settlements are created from transactions that the system processed (such as Credit card processing and Wire transfers) into payment instructions for different merchants or affiliates.
You can create a settlement by predefining the payment schedule or you can set a specific date range while creating the settlement.
The settlement process involves three steps: Settlement configuration, Settlement creation, and wire transfer.
You first configure the settlement setting under the merchant and under the terminal – set the processing fees, payout fees, settlement schedule and rolling reserve (if applicable).
Later on, create the settlement. While creating the settlement, you can always change the dates, include specific transactions or exclude some fees.
The final step of the settlement cycle will be the Wire transfer. Once creating settlement in the system, the system will also create wire transfer for the net settlement amount to the merchant.
This wire transfer must be approved by 2 teammates, one from the High Management team and the other from the Finance team just to make sure that at least 2 teammates went over the wires orders.
Once the wire approved and processed, add the confirmation number and wire confirmation. The merchants will be able to easily find the confirmation in their Merchant’s interface and download it.
The system now enables you to settle one time for a whole group of merchants.
all you have to do is to create a group with all of the merchants that you wish to settle and choose one merchant account to be the “primary” merchant. Instead of configuring each merchant, configure the Primary merchant one time and those configurations will apply for the entire group.
Friendly finance tools is one of the most important things to look for while searching for a gateway provider.
Our clients use those features to fully manage the financial aspects of their merchants, banks, and third party affiliates.
Reach out today for further information regarding Finance features for your next gateway.