Q: How does ePayments collect their fees?
A: With an ePayment Solutions Merchant account, fees are settled from
the bank to ePayments. We then debit our fees and any retention to be
held. ePayments then forward the settlement to you directly in to the
bank of your choice.
Q: Why are there retentions being held?
A: In the case of an ePayment Solutions Merchant account, as this is an
unlimited trading facility with weekly settlements, we may be liable for
Charge backs. For this reason, we typically hold back 15% of the Merchants
sales. After a period of 6 months, ePS reimburses the merchant for these
funds. This protects against any chargebacks to that particular Merchant.
Q: When do I receive our Merchant report?
A: You would receive your merchant report the Thursday following
the end of the previous week. i.e. the reporting week works from Monday
to Sunday which means you'll receive your merchant report the following
Thursday.
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