What is a Remittance Delay?
The remittance delay (or 'settlement' delay) refers to the length of time between receipt of payments and their transfer into your account. In the case of most merchants, WorldPay holds payments for 4 weeks. For example:
a) If you have a four week remittance delay you would receive payments as follows:
- Payments made in week 1 are paid into your account in week 5
- Payments made in week 2 are paid to you in week 6
b) If you have an eight week remittance delay you would receive payments as follows:
- Payments made in week 1 are paid into your account in week 9
- Payments made in week 2 are paid to you in week 10
In example (a) above, any payments in week 1 will be calculated and paid to you in week 5. In example (b), any payments that take place in week 1 will be calculated and paid to you in week 9.
What is the minimum Remittance Amount?
The minimum remittance amount is the least amount WorldPay will send to you for remittance. The default remittance amount is GBP10 or GBP100 (or equivalent for other currencies). Please note that this amount can be increased - but not reduced, by going to
http://www.worldpay.com/admin and logging in using your Customer Management System (CMS) username and password. You should then select the configuration options in the live account section.
Why is there a difference between the Total Remittance and the amount deposited in my bank account?
When WorldPay remittance payments are processed the funds may be sent via routing agents (for example national to local branches) before reaching your account. WorldPay applies a Funds Transmission Charge to your remittance. However, different banks might also collect additional costs that are not charged by WorldPay and are beyond WorldPay's control. For further details about this, please contact your bank.
How can I view my full remittance information?
To view remittance information follow these steps:
- Go to www.worldpay.com/admin
- Enter your username and password to gain access to the welcome page
- Click on "Get Statement" in your live account section
- A period defining page will be displayed. Select the period of time you wish to look at
- In the Transaction Type drop-down box, select 'Remittance' and click 'View'
- A list of all the remittances for the period you have selected will be displayed
- Click 'View' (on the left of the page) for the remittance you want to view
- To get another copy of the remittance invoice email, click 'Send Email' (at the bottom of the page).
Or, if you know which remittance you wish to look, at follow these steps:
- Go to www.worldpay.com/admin
- Enter your username and password to gain access to the welcome page
- Enter the Transaction ID in the transaction box of the remittance you wish to look at and click 'View'
- Full remittance information will be displayed. This information will include the full list of transactions including purchases, refunds and charges.
- To get another copy of the remittance invoice email, click 'Send Email' (at the bottom of the page).
What is the timescale for receiving funds once a remittance invoice has been generated?
The timescale for funds to reach your bank account is typically 2-3 days for GBP 5-7 banking days for
non-GBP remittances. This can sometimes be longer, depending on the routing process, which may involve several banks.
When will I receive a remittance invoice by email?
From 19 June 2003, email notifications for currency invoices will be generated every Tuesday morning (GMT). For GBP remittances and non-remittance invoices, email notifications will be generated on Wednesday morning (GMT) each week.
Can I change the frequency of my remittance payments?
The frequency of your remittances cannot be adjusted, but you can change your remittance amount so you only receive remittance payments once a certain limit of funds has been reached. Please see What is the minimum remittance amount? for details on how to make this change.
Can I change the email address to which my remittance and non-remittance emails are sent?
Yes. You can change the remittance email address by logging in to: http://www.worldpay.com/admin using your Customer Management System (CMS) username and password, then clicking on configuration options in the live account section.
Your Remittance Invoice
What are the charges on my invoice?
In return for processing your payments, WorldPay applies certain charges to you that are displayed in your Remittance Invoice. The charges are detailed below. You can also view a list of our latest remittance charges on our website.
| Charge on Remittance Invoice
|
Description |
| Transaction Service Charge |
Charge applied by WorldPay for processing your transactions |
| Guarantee Service Charge |
Only applies to customers with the WorldPay Guarantee. This charge is a percentage of transactions covered by the Guarantee |
| Fraud Screening Charge |
Fixed 6p charge per transaction which covers WorldAlert anti-fraud |
| Funds Transmission Charge |
Charge applied for the funds being remitted into your bank |
The Non Remittance Email
Why am I being sent a Non Remittance Email?
You will receive a Non Remittance Email when WorldPay are not going to pay money to you following a remittance run. You may receive a Non Remittance Email for any of the following reasons*:
- You have a negative balance on your account because of fees that have been charged to you
- The remittance funds in your account may be below the minimum remittance amount
- There may be special debits, charge-backs or refunds on your account
- There may be money due to you but you may not have validated your bank details
* Note: This is not an exhaustive list.
Why has WorldPay decided to introduce Non Remittance Emails?
In the past, if you were no payments were due to you, WorldPay has not informed you. Non Remittance emails have been designed to keep you better informed about your accounts by telling you why no remittance is due to you.
What email address are Non Remittance emails sent to?
Non Remittance emails are sent to the email address entered in the remittance email at account level.
What is the VAT on these charges?
The Remittance Invoice displays the amount of VAT that is applicable to each charge. If you are a UK customer, it is a legal requirement that we show the VAT on your invoice in this way.
How much am I being paid?
The Total Remittance (on your remittance invoice) is the amount you will be paid. This amount is displayed towards the bottom of your invoice and is shown in your remittance currency.
What are the reserves?
The Reserves section of the Remittance Invoice shows the movement of Reserves that has taken place for this remittance.
How can I get a copy of the remittance invoice email?
To get a copy of the remittance invoice email that we sent to you, follow these steps:
- Go to www.worldpay.com/admin
- Enter your username and password to gain access to the welcome page
- Click on "Get Statement" in your live account section
- A period defining page will be displayed. Select the period of time you wish to look at
- In the Transaction Type drop-down box, select 'Remittance' and click 'View'
- A list of all the remittances for the period you have selected will be displayed
- Click 'View' (on the left of the page) for the remittance you want to view
- To get another copy of the remittance invoice email, click 'Send Email' (at the bottom of the page).
Or, if you know which remittance you wish to look at, follow these steps:
- Go to www.worldpay.com/admin
- Enter your username and password to gain access to the welcome page
- Enter the Transaction ID in the transaction box of the remittance you wish to look at and click 'View'
- Full remittance information will be displayed. This information will include the full list of transactions including purchases, refunds and charges.
- To get another copy of the remittance invoice email, click 'Send Email' (at the bottom of the page).
The email sent to you when the remittance amount is below the minimum amount
Why have I been sent this email?
You have received this email because the money due to be remitted to you is below the minimum remittance amount.
What is my minimum remittance amount?
The minimum remittance associated to your account, at the time the remittance was calculated, is visible on this Non Remittance email. To view your current remittance amount please see your account at http://www.worldpay.com/admin.
The email sent to you when your account has a small negative balance
Why have I been sent this email?
You have received this email because your account balance, at the time the remittance calculation was made, was negative. It is possible that transactions have been processed since the remittance was calculated that have cleared the outstanding amount. If so, please ignore this email.
I haven’t processed any transactions, how is my balance negative?
Your account balance may be negative due to fees that have been debited from your account, such as an Annual Fee or Guarantee Fee. Please see your account statement for details http://www.worldpay.com/admin.
The email sent to you when your account has a negative balance that requires action
Why have I been sent this email?
You have received this email because your account balance, at the time the remittance calculation was made, was negative. It is possible that transactions have been processed since the remittance was calculated that have cleared the outstanding amount. If so, please ignore this email.
I haven’t processed any transactions, how is my balance negative?
Your account balance may be negative due to fees that have been debited from your account, such as an Annual Fee or Guarantee Fee. Please see your account statement for details http://www.worldpay.com/admin.
The Validation Process
Why do I need to validate my bank account?
All NEW WorldPay customers
(i.e: customers signing up after 19 June 2003) are required to validate their bank account details. This will speed up the remittance process and ensure that payments reach your account as quickly as possible.
What happens if I validate my bank account and subsequently it is wrong?
WorldPay reserve the right to charge a fee for rejected payments to the account after it has been validated. For this reason you should ensure that your
bank details are correct before ticking the validation box in CMS. Please contact the Global Remittance team at remittancequeries@worldpay.com if you have any further questions.
What is SWIFT or
IBAN?
Like a bank sort code that identifies a branch, your bank will have a code that allows it to be identified in the international banking system. There are two methods of identification, SWIFT (Society for Worldwide Interbank Financial Telecommunication ) and IBAN (International Bank Account Number). Provision of the SWIFT or IBAN information aids the rapid remittance of international payments. If you are unsure of the SWIFT or IBAN code, contact your bank.
What happens if I get a new bank account?
If you get a new bank account, you need to inform us of your new bank details. You should do this as soon as possible after opening your new account, to ensure we make payments into the correct bank account.
How do I validate my bank details?
When you log into the Customer Management System (CMS), select Configuration Options against a selected account. You will be presented with your bank details, and asked to confirm they are correct via a tick box. If they are incorrect, or if you have any questions please contact the Global remittance team at remittancequeries@worldpay.com.
How will I know my bank details have been updated?
You will be sent an email asking you to validate your bank details. You should then go to the Customer Management System (CMS) and confirm your details are correct. For more information see: How do I validate my bank details?
Glossary:
Remittance (Often called SETTLEMENT in the USA):
For WorldDirect customers, transactions are remitted to your bank account each Wednesday, 4 weeks in arrears (1 week in arrears for customers domociled in the USA or Canada). Bank Transfer Charges, Refunds and WorldPay’s Transaction Service Charge
(TSC) are calculated and deducted before remittance occurs. For NatWest Acquired customers: Transactions are remitted to your bank account 3 to 5 working days after the transaction was made. If you are set up to process sterling transactions only, NatWest debits the agreed MSC from your bank account each month. If you are set up for multi-currency processing, NatWest collects the MSC before remittance. For bank acquired customers: transactions are remitted to your bank account 3 to 5 working days after the transaction was made. The acquiring bank debits the agreed MSC from your bank account each month.
-
A tool for WorldPay Customers to manage their WorldPay accounts. You can log in at: http://www.worldpay.com/admin.
Validation
A method of confirming your bank details in the Customer Management System (CMS). If you change your bank account, you should notify us to ensure we make payments into the correct account.
-
Special credit and debit invoices are sent when any payments are due to you (or from you) which fall outside the scope of regular transactions or invoice payments, such as one-off payments. From 19 June 2003, Special Credits and Debits may be subject to your agreed remittance delay period.