Vendreo Pay – Payment Gateway for Same-Day Settlement

Vendreo Pay is a payment gateway that allows for same-day settlement and is utilised by hundreds of online retail sites, charities, events, online bill pay solutions, and mobile apps. Payments made by your clients from sales are transferred practically quickly to your bank account via Open Banking, allowing for immediate settlements. It is the UK's quickest, safest, and most cost-effective online payment option. A same-day settlement payment gateway is an efficient approach to expand your business swiftly.

Vendreo Pay is compatible with all major ecommerce systems, including WooCommerce, Magento, Shopify, and BigCommerce.

https://vendreo.com

What exactly is a settlement period?

The'settlement period' is the time between receiving a customer's payment and getting the monies in the business's bank accounts. Most prominent payment processing providers, such as Stripe, take three to five business days. As part of the settlement process, banks employ this processing time 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 individuals, a payment gateway often adds a third party to the equation. Because gateways must connect with payment processors and processors with banks, the settlement process may take longer. A same-day settlement payment gateway eliminates this time gap by transferring cash straight into the merchant 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?

To understand how these same-day services function, consider what happens during payment processing through a payment gateway.

  • At the moment of sale, the consumer makes a payment to your company via a payment gateway.
  • The gateway collects these transactions into a daily batch and sends the batch information to a payment processor, who forwards it to the credit card company or bank.
  • After subtracting appropriate fees, the merchant's bank transfers the total amount of authorised transactions into the business bank account.
  • Credit card firms debit the monies from the clients' banks and credit the merchant's bank in return.

As you can see, this sort of system involves numerous partners, including different banks for the client and merchant, as well as a third-party processor.

Many same-day settlement payment gateway services, like any other payment gateway, entail transmitting payments in batches. The distinction is that, unlike a standard same-day service, transfers are more frequent, allowing for higher efficiency.

With Vendreo Pay, settlements are done practically instantaneously in real-time using open banking technology, with no commission.

PayPal is an example of a payment gateway that provides immediate credit card processing. PayPal's Gateway facilitates the acceptance of credit card payments and interfaces with the majority of ecommerce systems. When a transaction is authorised, the funds are almost instantaneously deposited into the merchant's PayPal account for same-day settlement, less PayPal fees.

Stripe is another example of a same-day settlement payment gateway. Stripe does not charge a monthly fee, only a normal transaction commission. Settlement takes 3-5 days on average, however if you pay an additional charge, you can receive monies the same day.

What advantages does same-day settlement provide?

Is it a huge concern if your money don't clear for a few days? While bigger organisations may not require the benefits of same-day settlement, there are numerous specific advantages for smaller enterprises. Here are a few examples of when rapid payment processing might be beneficial:

  • Your company deals with downstream partners and requires immediate cash from consumer payments.
  • You work with freelancers or contractors that require advance payment.
  • You operate in a firm that gives cash prizes and requires immediate payments, such as online gambling.
  • You have a high inventory turnover and require consistent cash flow to replenish inventory.

How to Select the Best Same-Day Payment Processor

There are several payment service providers, some of which provide same-day settlement payment gateways, quick payments, or speedy credit card processing. Apart from rapid settlement times, here are a few questions to consider while selecting the ideal gateway.

  • Pricing – What is the cost of the gateway? Compare setup fees, monthly rates, additional fees, and transaction fees. Vendreo Pay costs £10 per month plus a £0.20 transaction charge.
  • What payment methods does the gateway accept? While most accept Visa and Mastercard, your consumers may prefer other payment methods. Vendreo Pay is accessible via your customer's Online Banking App.
  • Is international payment accepted by the gateway? Are there any additional expenses for currency exchange?
  • Is there customer service available to assist you if your payments are delayed?
  • What security precautions are in place? Is the provider PCI DSS compliant and certified by the Financial Conduct Authority?

By carefully weighing your options, you may select the perfect match for your company and begin immediately receiving payments.

We can assist you.

Vendreo makes it easier to be paid. Payments are promptly confirmed, saving you time and providing a better client experience.

https://vendreo.com

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