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Configuring remittance settings

Version: V3.2.7662
Added on: 01/11/16
Difficulty:
Time: 30 min
Category: Tutorials

Useful Terms

Remittance     Remitter    

Configuring remittance settings

  1. Are you ready?

    In this tutorial we will learn how to configure funding for a merchant/merchant account.

    We will use the following parameters:
    Remitter: Remitter - name of a remitter that will process funding
    Remittance mode: Retail And Batch - remittance occurs for both realtime and batch transactions
    Remittance basis: Response Date - remittance is done based of response date, meaning fixed number of days after you receive approval and transactions were settled
    Currency: USD - currency used by a merchant for remittance
    Merchant Funding Policy: Deduction - fees will be deducted as a part of remittance (note that if you choose Withdrawal funding policy, fees will be withdrawn from the same deposit account or from a specific bank account that was designated for withholding of the fees)
    Reccurring Fees Begin Date: 12/24/2024 - the date when the remittance starts
    Statement Review: Merchant - manual review will be required for merchant statements

    Deposit Period: 1 - time period from the moment when a remittance file is sent to the bank and a physical deposit reaches merchant's bank account (the time it takes for bank transactions to transfer).
    Direct Debit Deposit date: 3 -     wait period in days starting from response date before direct debit funds are remitted back to the merchant
    CC Deposit date: 3 -     wait period in days starting from response date before CC funds are remitted back to the merchant.
    Amex Deposit date: 3 - wait period in days starting from response date before Amex funds are remitted back to the merchant

    Note that the minimum appropriate value for the Direct Debit Deposit date/CC Deposit date/Amex Deposit date to indicate is '2', which means that the funds will be transferred to the bank the next day after being processed, not in two days after being processed. And in two days after being processed, the funds will be available on the merchant's account.

    Cutoff Period: 12:00 AM - time of the day that marks the end of a business day

    Merchant Statement settings:
    Deposit Grouping: Business Day - funding will be made on business days only
    Statement Policy: Positive Balance - a statement will be generated for positive balance only
    Mailing Policy: Notification and statement details - notification will be sent to the specified email address with statement details
    Recipients: john.smith@email.com; joanna.smith@email.com - email addresses of the recipients that receive notifications and merchant statements
  2. Log in to the system using your Username and Password and switch to the Management => Merchant Perspective.

    Note: To learn how to log in and select perspectives, use the prerequisite tutorial Logging in and navigating the application.
  3. Select appropriate Merchant or Merchant Account in the top left section of the screen.

    Note: Funding settings can be set up according to your merchant configuration.
  4. Click   Detailsbutton in the top section of the screen.
  5. Locate     Funding  menu item and select Settings menu item from the list.
  6. Locate   Settings  groupbox
  7. Select Remitter in Remitterdropdown
  8. Select Retail And Batch in Modedropdown
  9. Select Response Date in Basisdropdown
  10. Locate   Statement Review  groupbox
  11. Locate   Merchant  checkbox and check it off.
  12. Locate   Period  groupbox
  13. Enter 1 into the Deposittextbox
  14. Enter 3 into the Direct Debittextbox
  15. Enter 3 into the CCtextbox
  16. Enter 3 into the Amextextbox
  17. Select 12:00 AM in Cutoffdropdown
  18. Locate   Merchant Statement  groupbox
  19. Select Business Day in Deposit Groupingdropdown
  20. Select Positive Balance in Generation Policydropdown
  21. Select Notification and statement details in Emailing Policydropdown
  22. Enter john.smith@email.com;joanna.smith@mail.com into the Recipient Listtextbox
  23. Locate   Funding  groupbox
  24. Select Deduction in Merchant Funding Policydropdown
  25. Choose Merchant or Reseller     to appoint who will be responsible for calculating fees by choosing between Merchant and Reseller in Responsible for Fees label
  26. Select 12/24/2024 in Recurring Fees begin ondatebox
  27. Locate   Remittance Currency  groupbox
  28. Select USD in Currency Codedropdown
  29. Click   Savebutton
  30. Congratulations, you are done!

    You have learned how to configure funding. Now you can do this by yourself.

Related Tutorials

Name Added On Difficulty Time Required Description
How to enable emailing of merchant statements 05/27/14 15 mins This tutorial is aimed to teach you how to enable emailing of Merchant Statements as well as to help you to choose the emailing option which corresponds to your needs.
How to check remittance deposits 03/25/15 15 mins This tutorial will help you to check whether a merchant's deposit has been sent to the bank.

Tags

Merchant perspective   Remittance  
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