After a Merchant’s daily transaction batch is Settled, the funds appear in their Payrix Pro available balance. To disburse the funds from their Payrix Pro balance to their bank account, use the withdrawal function. You can create a customized withdrawal schedule, which can be configured as a one-time, daily, weekly, bi-weekly, or monthly disbursement to the Merchant’s bank account depending on their preferred timeline.
Additionally, you can specify a dollar amount or percentage of a Merchant’s Available Balance to disburse. The most common setup for merchants is to have a 100% Daily Withdrawal Schedule, which Payrix Pro can also automate as part of a workflow. This ensures that all your clients have a standard Withdrawal Schedule created when they are onboarded. As a Partner, you will also need to create a withdrawal schedule to receive the funds for fees you collected from your Merchants.
The frequency that Merchants receive payouts will depend on their custom Withdrawal Schedule, but at a maximum, they can receive one disbursement to their bank account per business day. Furthermore, Withdrawals do not process on the weekend or bank holidays. Withdrawals that are Requested over the weekend will remain in Processing status and update to Processed until the next business day.
In order to facilitate faster funding for your Merchants, we offer two payout or disbursement options. We recommend you discuss both options with your Partner Experience Manager to get an understanding of funding considerations and the costs associated each:
An entity that can process transactions and has been onboarded through a Payrix Pro Partner.
The movement of funds between a customer (cardholder or eCheck account holder) and a Merchant to purchase a good or service.
A group of captured transactions that are processed collectively by the acquiring bank for streamlined clearing and settlement of funds.
A PayFac-as-a-service platform. Software companies can act as payment facilitators without taking on the associated risks, compliance burdens, and investment.
The balance of an entity account recorded on the Payrix Pro platform identifying the total balance of the entity’s platform-hosted FBO account.
The process of creating a disbursement of FBO account funds to an entity’s registered deposit account. This process is also known as a payout.
The configuration that determines when balances from any entity’s FBO account (available balance) will be withdrawn to their registered deposit or operating account and how much. It can be either one-time or recurring. Also known as payout flow.
The process when the Payrix Pro platform sends an ACH transfer to an entity’s (Merchant or Partner) bank account. A disbursement happens when an entity schedules a withdrawal (payout) from its Available Balance.
The process of a captured Merchant transaction being settled and the amount of the settled transaction being deposited into the Merchant’s FBO account (minus fees and profit shares).
The process of creating a disbursement of FBO account funds to an entity’s registered deposit account. This process is also known as a withdrawal.