Settlements and payouts

Our mass payout solution using PayDo eWallet method allows you to make hundreds of payments simultaneously and automate payments to employees, users or partners in just a few clicks. The recipients just need to register a PayDo account and complete a short verification procedure. Once the funds are credited to the PayDo account, the user may: 

• spend these funds to pay for goods/services on the websites via the PayDo eWallet method;
• withdraw on other bank accounts;
• request PayDo Visa/Mastercard card and use it for all the purchases.

You can find more detailed information about the withdrawal flow and what data is required in our Documentation.

Please find the short video guide by following the link.

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Scheduled settlements are the option that allows you to automate the withdrawal process by setting up certain conditions, like frequency, amount, and method for a planned payment.

There are two settlement types:

– of a specific amount – if you want to withdraw only a certain amount from one of your Available balances;

– of the total amount – when all available funds will be withdrawn to a specified recipient.

Possible settlements frequency:

– Bi-weekly – such withdrawals will be initiated twice a week, on Monday and Wednesday;

– Weekly – when the settlement is automatically created on a fixed day of the week (Monday-Friday);

– Monthly – the withdrawal is initiated once a month.

How to create scheduled settlements?

1.In the Withdrawals section of your merchant panel, select the Scheduled settlements option and click the Add new button.

2.Select the payment method and the verified recipient (or template).

If you do not yet have the verified recipient, please create one and submit the required information. Our team will review your request as soon as possible, and if the recipient is verified, you will be able to proceed with the scheduled settlements.

3.Choose Custom amount or All amount and payment frequency.

4.Specify the balance you want to withdraw from, indicate the required amount (if you’ve chosen the Custom amount option), and transfer currency.

Please consider the selected method’s minimum and maximum limits when indicating the payment amount.

5.Press Next.

6.Review the settlement details and edit if needed.

7.Click Save settings to save the planned settlement.

Please check the video instruction by following the link.

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1.Go to the Request payout page.

2.Select one of the withdrawal methods.

3.Create a new recipient or select one from the list. A newly created recipient will be automatically saved after confirming the withdrawal.

4.On the Amount tab specify the following information:

– Transfer from: the balance from which you want to withdraw funds.

– Transfer amount.

– Withdrawal currency.

– You can see the withdrawal fee amount and the total amount withdrawn from the balance, including the fee and currency exchange rate if the balance currency differs from the withdrawal currency.

– Payment reference (required field).

5.Then click the Next button.

6.Check and, if necessary, edit the withdrawal information on the Confirmation tab.

7.Сonfirm the withdrawal by clicking the Create withdrawal button.

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If the recipient fails verification, we will send you an email indicating the reason. You can then make the necessary changes to your application or submit a new one.

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Go to the Request settlement page. Select one of the withdrawal methods. You will be then redirected to the Recipient tab, where you can find the lists of recipients divided by status:

• Verified: the recipient details are verified and can be used for withdrawals.
• In review: the recipient is in the process of verification.
• Rejected: the recipient details have not been verified and cannot be used for withdrawals.

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You can edit the recipient information by clicking on the edit icon . If you have changed the recipient details, they will be resubmitted for verification.

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1. Go to the Request settlement page;
2. Choose a payment method from the list of available ones: PayDo, Volet, Payoneer, or other;
3. On the Recipient tab, click the Add New button. You will then be redirected to the recipient creation form, which may differ depending on the selected payment method;
4. On the Recipient information tab, you must specify the following information: Template name and Recipient’s details;
5. Then click the Next button;
6. On the Documents tab, you must provide documents confirming that the specified recipient details belong to your company. The type of document depends on the selected payment method;
7. You can view and edit all information previously specified on the Confirmation tab;
8. To send the recipient’s details for verification, click the Send for verification button. You will then receive an email confirming that your application is under review.

The recipient’s details depend on the selected payment method:

1. For PayDo: The PayDo user ID or email to which your PayDo business account is registered, and proof of account ownership. To get the proof:
   1. Sign in to your PayDo account;
   2. Navigate to the “Account details” tab;
   3. Click on the “All available Account details” section;
   4. Choose any desired account;
   5. Click on “Download PDF”.
2. For Payoneer: Confirmation of your Payoneer receiving account that shows the account holder’s name and address.
3. For Volet: A screenshot from your Volet profile that shows the business account name and the registered email.

Please note that the Recipient company name is filled in automatically.

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You must provide one of the following documents:

Bank statement: You can usually get a bank statement via Internet banking or by making an individual request to your bank. The Bank statement must provide the following information:

• For Own accounts: the merchant company’s name, address, IBAN/account number, and the bank name/logo.
• For Pooled accounts: the account holder’s name, address, IBAN/account number, merchant company’s name as the originator of the transaction, and the details of the financial institution (the company’s letterhead).

Bank Confirmation Letter is a certified bank letter issued by the bank to prove your ownership of the account. The letter can be requested in person at a bank branch, by email or phone, or, depending on the financial institution, through its online platform. It must meet the following requirements:

• For Own accounts: be signed or stamped by the bank, contain the name or logo of the bank, and confirm the merchant company’s name, address, and IBAN/account number.
• For Pooled accounts: be signed or stamped by the bank, contain the name or logo of the bank, and confirm the account holder’s name, address, IBAN/account number, as well as your company’s name as the originator of the transaction.

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1.Go to the Request settlement page.

2.Select the Bank Transfer method.

3.On the Recipient tab, click the Add New button. You will then be redirected to the recipient creation form.

4.On the Recipient information tab, you must specify the following information: Recipient bank country, Recipient currency, Recipient IBAN or Account number, Bank name, Bank address, and Type of account.

5.Then click the Next button.

6.On the Recipient address tab, you need to specify the following information: Country of business incorporation, Province/District/Country of business incorporation, City of business incorporation, Address of business incorporation, and ZIP code. If the Pooled account type is selected at the Recipient information stage, it is necessary to specify the Recipient company name.

7.Then click the Next button.

8.On the Documents tab, you must provide one of the following documents confirming that the specified details belong to your company: Bank statement or Bank Confirmation Letter.

9.Then click the Next button.

10.You can view and edit all information previously specified on the Confirmation tab. You can also provide additional information for Payment reference if necessary.

11.To send the recipient’s details for verification, click the Send for verification button. You will then receive an email confirming that your application is under review.

Please note that you cannot specify a country that Payop does not co-operate with. You can see the list of prohibited countries, regions, and SWIFT codes by clicking the Prohibited jurisdictions button.

Type of account:

– Own account – a direct and exclusive bank account established under the name and governance of your entity.

– Pooled account – a shared account managed by a third party that holds multiple entities’ funds, with separate accounting records defining each entity’s balance sheet.

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You need to go to the Request settlement page and select one of the available withdrawal methods from the list. The information required for the recipient verification depends on the selected method.

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1.Go to the Request settlement page.

2.Select one of the withdrawal methods.

3.Choose a verified recipient from the list on the Recipient tab.

4.On the Amount tab, specify the following information:

– Transfer from: the balance from which you want to withdraw funds.

-Transfer amount.

-Withdrawal currency (for withdrawal via Bank Transfer, the currency specified during recipient verification is displayed).

-You can see the withdrawal fee amount and the total amount withdrawn from the balance, including the fee and currency exchange rate if the balance currency differs from the withdrawal currency.

5.Then click the Next button.

6.Check and, if necessary, edit the withdrawal information on the Confirmation tab.

7.Сonfirm the withdrawal by clicking the Create withdrawal button.

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Withdrawal methods fall into two categories:

Settlements: The payment methods that allow you to withdraw funds to accounts registered under your business name or your company’s pooled accounts. Settlements require prior verification of the recipients’ details (documents confirming that the accounts belong to your company).

Payouts: The payment methods that allow you to withdraw funds to external accounts not registered under your business name. They enable single and bulk operations through the API and do not require the prior verification of the recipient’s details to confirm account ownership.

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