Reconciling thousands of payments on a daily basis can be a hassle, so we use different account types to simplify and control the flow of funds.
When a payment is made, funds are received into a settlement account attached to your Merchant account. A settlement account is an e-money account held in your name which is set up and managed by Vyne.
Settlement accounts sit alongside your destination account - this is your business or corporate account into which you want funds settled. We use settlement accounts to handle the flow of funds including payments, refunds, payouts, and fees. As well as providing an itemised history of each transaction type, you can also use a settlement account statement to understand the flows of funds in and out of your account at any time.
Every 24 hours, the net funds from your settlement account are transferred to your destination account. Read more about how to set up and use a settlement account here.
Depending on the configuration of your account, you may be using monthly billing or net settlement billing.
If you're on monthly billing, we will charge an account of your choosing your total monthly fees using Direct Debit. You'll receive an invoice by email from our accounts team around the start of the following month.
If you're on net settlement billing, fees will be deducted at the point of taking payment. A breakdown of your fees can be found in the Billing page in the Merchant Portal and you'll be able to track the total amount billed for the current and previous calendar months. You'll also see fees displayed against single payments and refunds in the Merchant Portal pages and reports.
Helpful to know
Updated 22 days ago