What does 'Insufficient Wallet' mean?
Insufficient Wallet happens when a merchant's ledger/Rave wallet balance is not sufficiently funded to allow settlement take place. This is often caused by chargebacks/refunds that have been depleted from a merchant's wallet just before settlement is due. It mostly affects merchants whose settlement destination is a bank account even though there can be cases of such with merchants that have chosen wallet as settlement destination. To resolve this, a reconciliation of merchant's wallet will have to be done. ETA is usually between 24 and 48 hours depending of transaction volume.
What is the transfer threshold for international settlements?
Transfer threshold is the term used to explain the minimum amount that a merchant should accumulate before due settlement(s) can be remitted to merchant's account. There are different thresholds for different currencies.
Can one merchant have 2 accounts?
Yes, this is possible.
Why is my settlement stuck on 'Pending'?
Pending settlement means the settlement has not been reviewed and approved by the settlement team. A settlement will usually display when it is not due for settlement. Where the due date is past and still shows as pending, settlement team should be informed immediately.
Why did my settlement fail?
Settlement can fail due to several reasons. These reasons can be operational, technical or purely error on the part of merchant at the point of onboarding. Failed settlement should be escalated to the settlement team for prompt attention
What rate was used in converting the settlement I received?
Flutterwave use a globally accepted benchmark such as Bloomberg or xe.com (with mark up to cover FX liquidity risk). The rate is usually updated daily.
What is the settlement cycle?
The settlement cycle defines when collections by a merchant will be due for settlement. Generally, the settlement cycle for local & international transactions are T+1 and T+5 respectively. However, there are a few exceptions based on certain criteria and agreement with merchant.
What do we need to do to get settled?
For a new merchant, settlement happens automatically but there might be need for them to provide certain documents that would be required by our compliance team depending on certain conditions that have been defined. These defined conditions may also vary by merchant's location, line of business etc
Why was my settlement flagged?
Flagged is a term used to represent settlement that might not processed as and when due. This can be due to various reasons and these reasons can be operational, technical, compliance or purely error on the part of merchant at the point of onboarding. Flagged settlement should be escalated to the appropriate team for prompt attention
Can I settle to a dorm account?
Yes, this is possible.
How do I edit or update my account details?
This functionality is available on the merchant dashboard. Merchant can do this without recourse to Flutterwave. At the moment however, any update by merchant will also affect subsequent collections and not already pending settlement record
Can I settle to more than one account?
Yes, this is available to merchants with more than one account. Each account is expected to have its own separate account
How to I change from wallet settlement to bank account settlement and vice versa?
This functionality is available on the merchant dashboard. Merchant can choose/change to either option.
How long do refunds take?
Refunds take 3-15 working days to reflect in your bank account
How long do I have to reply to a chargeback?
For NGN merchants, you have 24hrs, while international merchants have 48hrs