Settlement is the process by which the money paid by your customers is transferred into your bank account after deducting the transaction charges.
To receive the payments in your bank account, you will first have to verify your bank account registered with PayQ and upload the required documents along with signed service agreement. Once website and documents are verified, payments will be automatically transferred to your bank account in cycles of 7-14 working days from the successful transaction date (excluding bank holidays). Payment Cycle and Arrear may vary form 7 Days in arrear to 14 days in Arrear.
You can check the status of your customer’s payments on the settlement section our dashboard. For this: Please 'Login' to your PayQ Dashboard, Click on 'Transactions' You can then 'Filter' the results by Transaction ID, Type, Date, Status & Source.
Kindly drop in a request via our merchant account or email us at firstname.lastname@example.org from your registered email ID
Standby Balance is the reserve kept by PayQ from the settlement amount to secure the merchants from potential chargebacks, and other fines. The amount of Stand by balance varies from merchant to merchant depending on the risk associated with them.
No, there is no minimum withdrawal limit however if the amount of remittance is less than £100 we generally add it in the arrears and send it for the next batch which is more economically sustainable for the merchants.
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