WHAT CURRENCIES DOES WABPAY SUPPORTS?
WabPay supports EUR, GBP, USD and many other currencies. Settlement would be in SGD.
Simply request for a currency of your choice if it is not on the list and we will try to make it available.
WHAT ARE THE REQUIREMENTS TO SETUP A MERCHANT ACCOUNT WITH WABPAY?
For the KYC process, the acquiring banks would require the following minimally:
- Working Website
- Company Incorporation Certificate
- Director’s National ID
ARE THERE ANY DEPOSITS INVOLVED?
Our AGGREGATED Merchant Account is FREE and would not require any deposits to be made upfront.
There is however a security deposit that will be collected upfront to setup a dedicated merchant account. The fee ranges from USD 1000 – USD 5000 depending on your transaction requirements and estimates. Your business nature and chargeback volume will also be taken into consideration. For high volume merchants, do send us an enquiry to get a special quote.
WHAT ARE THE COUNTRIES NOT SUPPORTED?
Not subjected to only the following list, the countries below are not supported due to the risk involve:
- Bosnia and Herzegovina
- Democratic People’s Republic of Korea (DPRK)
- Papua New Guinea
HOW DO I SIGN UP?
Simply click here: SIGN UP
HOW DO I CONTACT WABPAY?
You may reach us at +44 1474 556620 or send us an email at email@example.com and we will attend to you shortly.
HOW SOON CAN I START ACCEPTING PAYMENTS UPON SIGNING UP?
Once your application has been approved, you will receive an email with your log in credentials and you can start accepting payments immediately using our Virtual Terminal Feature.
WHAT IS YOUR PAYOUT FREQUENCY?
Payouts are generally bi-monthly for accounts with consistent and healthy transactions.
WHAT ARE THE SOLUTIONS WABPAY PROVIDE FOR INTEGRATION?
We provide various solutions from Virtual Terminal, Payment Button to even Shopping Cart Plugins and Full API documentation.
CAN I RESELL MY MERCHANT ACCOUNT TO OTHERS OR LET THEM USE IT?
No. This will be a breach of our terms and conditions and your account will be suspended immediately.
CAN I BE WABPAY PARTNER?
Yes, we do welcome partners and referrals. Contact us at firstname.lastname@example.org and we will let you know how.
WHAT IS A MERCHANT AGREEMENT?
A merchant agreement is a legally binding contract that needs to be signed and agreed by you prior to having WabPay as your payment processor.
WHAT IS A CHARGEBACK?
A chargeback occurs when a customer disputes a transaction with their banks for an unauthorised use of the charge on the card.
IF I DO NOT HAVE A WEBSITE, WHAT ARE THE CHANCES OF MY APPLICATION BEING APPROVED?
A working website is a mandatory requirement for approval.
HOW LONG DO I HAVE TO WAIT FOR THE FUNDS TO REACH ME?
All transactions from the 1st to the 15th are paid on the 30th of the same month. Transactions from the 16th to the end of the month are paid on the 15th of the following month after clearing the chargeback report by the issuing bank for all the transactions.
HOW DO I WITHDRAW MY FUNDS?
Funds will be sent to you via International Telegraphic Transfer straight to your local bank account.
DO YOU HAVE ANY HOLDBACK OR ROLLING RESERVE?
Yes, the acquiring banks require a 10-20% holdback from your monthly sales as a collateral to safeguard any chargeback or disputes occurrence. However, it would decrease overtime as your transaction volume increases with little or no chargebacks.
WHEN WILL I GET PAID?
Payout dates would be clearly displayed on the merchant center under “Payouts”.
WHY IS MY ACCOUNT SUSPENDED?
Your account will be suspended or even terminated if there are too many occurrence of disputes, chargeback or refunds. We follow very strictly to our policy with regards to disputes and chargebacks and strongly do not condone any acts of fraud.