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Pay-in and pay-out

The system provides the ability to fill up and payout of funds using various payment systems.

In order for the user to perform such an operation, it is necessary that the rules of the virtual wallet have the appropriate setting. Thus, wallet filling up or payout of funds from it is available only if the administrator of the system has made such configuration.

Since,the virtual wallets are not actually electronic wallets and have nothing to do with storing users' real money, Fill up /Payout operations should be considered in this context. The platform maintains an automated information record of transfers, and the financial transactions between the company and the payment instrument are the subject of a direct contract between the company and the relevant provider.

The operation of "input" or fill up of the virtual wallet,essentially means the user making advance payments in favor of the company, as a result of future purchases. If the user made a prepayment, the company opens a debit obligation to this user. The balance of the virtual wallet reflects the size of this obligation.For example, if user has added to a virtual purse $ 100, this means that the company has an obligation to this user for $ 100. Depending on the settings and business process of the company, the company can,for example, return this obligation with money (refund of prepayment), or provide goods worth $ 100, or set off against a partial payment for the goods.

The operation of "payout", that is, writing off funds from a virtual wallet, means in this case the repayment of the company's debit obligation to the user. For example, based on the calculation of the commission, $ 100 is added to the virtual wallet. This means that the company owes the user $ 100. The withdrawal operation in this case means that the company in one way or another paid the real money to this user, and accordingly the obligation is repaid, which is reflected in the balance of the virtual wallet.

The actual payment operations for input and output are performed automatically or in manual mode, depending on the payment instruments used.

Payment instruments can be:

  • electronic payment gateways, for example, a banking acquiring gateway

  • bank transfer

  • electronic payment systems

  • cash payments

Fill up of funds to users' wallets is available to the system administrator (see manual transfer), and directly to users in their personal account (see Fill up module).

The charging conditions (for example, the commission, or the amount of the minimum / maximum amount of the transaction) are specified in the relevant rules.

The cash payout is always performed by the system administrator (see  Payouts). All payments are made on the basis of pre-formed applications. Applications are generated by the administrator himself on the basis of mass sampling (for example, to generate applications for payments to all users who have a wallet balance> $ 100) or by the users in their personal account (see Payout module).

Execution of applications means their sending to the payment system. Since not all payment systems can be integrated for automatic operation,sometimes the sending of orders for execution takes place in the export / import mode: the requisite applications are exported to a file, which is then used for making payments (for example, loaded into the accounting program or bank-client).

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  1. Daria T.

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