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Locked Funds: Ensuring Trust and Security

Locked funds, also known as Security Fees, play a crucial role in upholding the trust, safety, and integrity of transactions within our platform ecosystem.

For Merchants: As a merchant or vendor on Payfaci, allocating a portion of your funds to be locked is a necessary step. These security fees are vital for facilitating smooth transactions. When customers make payments through your payment gateway, the funds are settled to you by the payment processor you utilize. However, to ensure that vendors relying on your payment solution receive their rightful payments, these security fees enable us to settle any transactions efficiently.

For Vendors: Locked funds provide a safety net against potential disputes or chargebacks. In the event of a customer dispute or refund request, having sufficient funds available is essential. By maintaining a security balance, you can easily handle refund requests or settle chargebacks without disrupting your business operations.

Ultimately, locked funds are critical for fostering trust and confidence among all parties involved in transactions on our platform. They ensure that transactions are conducted smoothly, disputes are resolved efficiently, and both merchants and vendors can operate with peace of mind, knowing that their interests are protected.

The amount you are required to lock depends on the number of transactions you want to process weekly. The minimum amount to lock is £500.
You can access your locked funds from 90-180 days after your last transaction on the Payfaci platform.
Security fees may be calculated based on various factors, such as transaction volume, risk assessment, or specific services utilized.
After 90 – 180 days of your last transaction on the Payfaci platform, you can withdraw your locked funds/security deposit. We recommend reviewing our terms and conditions for more information.
Security fees can typically be deposited using various payment methods accepted on our platform, such as credit/debit cards, crypto, electronic funds transfer, or deposited from first earnings on the platform.
Third-party gateways are gateways integrated by external service providers known as merchants that facilitate payment processing on our platform.
Third-party gateways may impact transaction processing times, fees, or available payment methods. We strive to integrate reliable and secure third-party gateways to enhance your user experience.
Yes, we carefully vet and select third-party gateways based on their security standards and reputation within the industry. We also ensure that they have locked funds/security deposits on the platform to protect vendors.
Withdrawal and deposit fees are 1.5% with a fixed fee of £0.30 respectively. Fees for transactions depend on the gateway you are using on the platform. As a new vendor, you are given one-month zero-fee in-app transfers.
Transaction fees may vary depending on factors such as transaction volume, currency conversion, or the specific services utilized.
Transaction fees are typically standardized and may not be subject to negotiation. However, users can have access to lower rates by earning and redeeming vouchers on the platform.
Transaction fees are usually transparent and displayed either during the transaction process or in your notification email for reference.
A voucher is a redeemable code that can be used to access lower transaction fees, to earn the Faci token, or purchase goods and services, on our platform.
As a new vendor, you are given a free voucher which earns you a 30-day zero-fee in-app transfer. Aside from that, vouchers may be obtained through promotions, referral programs, or other special offers. Additionally, they may be purchased directly from our platform.
To redeem a voucher, simply enter the voucher code or follow the redemption instructions provided. The credited amount will then be applied to your account balance.
Voucher expiration dates vary depending on the terms and conditions associated with each voucher. We recommend reviewing the details provided with your voucher for more information.
Expedited payout options may be available for certain transactions or services, depending on the circumstances. Please contact our support team for assistance with expedited payouts. Still need help? Contact us.

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