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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- fees will be deducted as a part of remittance (note that if you choose Withdrawal funding policy, fees will be withdrawn from the same deposit account or from a specific bank account that was designated for withholding of the fees)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: 10/08/2022 - 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: firstname.lastname@example.org; email@example.com - email addresses of the recipients that receive notifications and merchant statements