1. Fees and charges
Below is the list of transactions of which charges may apply:
- Merchant discount rate (MDR) – Per transaction
- Transaction Fee – Per transaction (transaction cost being the sum of the authorization cost and settlement cost. A declined transaction will only be charged the authorization cost)
- Fraud scrubbing costs – per transaction
- Refund – Incurred fee, where applicable
- Chargeback – Incurred fee, where applicable
- Statement and Wire fee – per payout
- Setup fee – Lump Sum (will be deducted from the merchant’s first payout)
2. Minimum payout
For low risk online merchants, each case will be handled separately based on the discretion of your AWEPay account manager. For client’s deemed high risk by our partnering banks, the minimum payout will be USD2000. If, at any week, the payout volume is lower than USD2000, the amount will be carried forward to the next payment week. Regular e-commerce merchants do not have a limit to their payouts.
3. What are AWEPay’s payout terms?
Typically, an initial payment will be transferred 14 days after the close of the statement week. All subsequent payments will be paid weekly. Should any irregularities or suspicious activity arise from a merchant account without prior notification, AWEPay reserves the right to put such merchants on a monitored payment schedule.
4. What does a 10% rollover reserve for 6 months mean?
For every transaction performed, 10% of the amount will be held with a secure third party partner as a deposit which will be refunded after 6 months. This is done to ensure AWEPay is protected from any unforeseen circumstances taking place which may jeopardize the integrity of AWEPay, such as cases of bankruptcy or fraud.
5. Why was my payment delayed?
Below are several common reasons which cause a payment to be delayed:
- Your bank account number is not in the IBAN format
- Your account is suspected of irregular or fraudulent activity
- There exists a routing delay between your bank and ours
- A high amount of fluctuation in sales causing irregular payments
- Additional security measures are required due to the nature of your business
Should you still experience delay in payments after rectifying the above problems, please contact our Payments Department for follow up.