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.