Vendreo Pay – Payment Gateway for Same-Day Settlement
Vendreo Pay is a payment gateway that supports same-day settlement and is used by hundreds of online retailers, charities, events, online bill payment solutions, and mobile apps. Payments made by your customers from sales are transmitted to your bank account almost instantly via Open Banking, allowing for prompt settlements. It is the quickest, safest, and most cost-effective online payment method in the UK. A same-day settlement payment gateway is an economical method to quickly develop your organization.
Vendreo Pay works with all major ecommerce platforms, such as WooCommerce, Magento, Shopify, and BigCommerce.
What exactly is a settlement period?
The ‘settlement period' is the time between receiving a payment from a client and receiving the funds in the business's bank accounts. Most well-known payment processors, such as Stripe, need three to five business days. Banks use this processing time as part of the settlement process to check for fraudulent transactions and avoid chargebacks.
What precisely is a payment gateway for same-day settlement?
While most face-to-face transactions include only two people, a payment gateway frequently involves a third party. The settlement procedure may take longer since gateways must communicate with payment processors and processors with banks. A same-day settlement payment gateway bridges this time gap by depositing funds directly into the merchant's account, allowing for real-time payments even on bank holidays and weekends.
“Vendreo Pay offers us control over when we are paid and eliminates awkward money talks.”
What is the operation of a Same Day Settlement Payment Gateway?
Consider what happens during payment processing through a payment gateway to understanding how these same-day services work.
The consumer pays your firm using a payment gateway at the point of sale.
The gateway aggregates these transactions into a daily batch and transmits it to a payment processor, who passes it to the credit card company or bank.
The merchant's bank sends the whole amount of authorized transactions into the business bank account after deducting relevant fees.
Credit card companies deduct funds from their clients' banks and credit the merchant's bank in exchange.
As you can see, this system requires many partners, including banks for the customer and merchant and a third-party processor.
Many same-day settlement payment gateway services, like any other payment gateway, need funds to be transmitted in batches. Transfers are more frequent than in a regular same-day service, allowing for more efficiency.
Settlements with Vendreo Pay are done almost instantly in real-time utilizing open banking technology, with no commission.
PayPal is an example of a payment gateway that accepts credit cards immediately. PayPal's Gateway supports credit card payment acceptance and integrates with most eCommerce platforms. When a transaction is approved, the money is nearly instantly placed into the merchant's PayPal account, less PayPal fees, for same-day settlement.
Another example of a same-day settlement payment channel is Stripe. Stripe does not charge a monthly fee; instead, it charges a standard transaction commission. Settlement typically takes 3-5 days, however, if you pay an extra fee, you can receive funds the same day.
What advantages does same-day settlement provide?
Is it a big deal if your money takes a few days to clear? While larger businesses may not require the benefits of same-day settlement, there are various advantages for smaller businesses. Here are a few instances when quick payment processing may be advantageous:
Your business has downstream partners and needs rapid cash from consumer payments.
You work with freelancers or contractors that need money in advance.
You work for a company that offers financial awards and expects fast payment, such as online gambling.
You have a high inventory turnover and a steady cash flow to restock inventory.
How to Select the Best Same-Day Payment Processor
There are a variety of payment service providers, some of which offer same-day settlement payment gateways, rapid payments, or quick credit card processing. Aside from quick settlement times, here are a few questions to consider while choosing the best gateway.
Pricing – How much does the gateway cost? Setup costs, monthly rates, supplementary and transaction fees should be compared. Vendreo Pay costs £10 per month plus a transaction fee of £0.20.
What methods of payment does the gateway accept? While most accept Visa and Mastercard, your customers may prefer alternative ways of payment. Vendreo Pay may be accessed through your customer's Online Banking App.
Is the gateway accepting foreign payments? Is there any extra cost for currency exchange?
Is customer support accessible to help you if your payments are late?
What security measures are in place? Is the provider PCI DSS compliant and Financial Conduct Authority certified?
By carefully considering your alternatives, you may find the ideal match for your firm and begin earning income immediately.
We can assist you.
Vendreo makes it easier to be paid. Payments are promptly confirmed, saving you time and providing a better client experience.
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