Vendreo OpenPay – Same Day Settlement Payment Gateway
Vendreo OpenPay is an easy same day settlement payment gateway used by thousands of online shopping stores, charities, events, online bill pay solutions and mobile apps to receive money from sales. Payments made by your customers from sales on mobile or desktop devices, can transfer almost instantly to your bank account through Open Banking, providing instant settlements. It is the fastest, most secure and most cost-effective online payment method in the UK for both merchant and consumer. A same day settlement payment gateway is an effective method of quickly growing your business and adding convenience for your customers.
Vendreo OpenPay is available for major ecommerce platforms on the web, including WooCommerce and Ecwid.
What is a settlement period?
The time taken between receiving a customer’s payment from sales and receiving the funds as money in businesses bank accounts is called the ‘settlement period’. Three to five working days are typical for most popular payment processing services like Stripe. Banks use this processing time to check for fraudulent transactions and avoid chargebacks as part of the settlement process.
What exactly is a same day settlement payment gateway?
While everyday face-to-face transactions typically involve only two parties, you normally add a third party to the equation using a payment gateway. This can lead to a longer sales settlement process, as gateways have to communicate with payment processors and processors with customers banks before transferring funds. A same day settlement payment gateway works to cut out this time lag by moving funds directly into the merchant account, enabling real-time payments even on bank holidays and weekends.
Vendreo OpenPay gives us control over when we get paid and takes away the uncomfortable conversations about money.
How does a Same Day Settlement Payment Gateway operate?
To understand how these same day services work, it is helpful to look at what happens during payment processing via a payment gateway.
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The customer makes a payment to your business for services or products using a gateway at the point of sale, using one of the available payment methods.
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The gateway pulls these transactions into a daily batch and transfers the batch details to a payment processor, who passes them on to the credit card company or bank.
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The merchant’s acquiring bank deposits the total amount of authorised transactions into the business bank account, deducting applicable fees as a debit.
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The credit card companies debit the customers’ banks for the funds, crediting the merchant’s bank in return.
As you can see, there are several parties involved with this type of system, including separate banks for the customer and merchant as well as a third-party processor. Vendreo makes this easy.
Like any payment gateway, many same day settlement payment gateway services involve transferring funds in a series of batches. The difference is with a normal same day service, transfers are more frequent, which allows for greater efficiency for the merchant.
With Vendreo Pay, settlements are made almost instantly in real-time through the secure technology of open banking, with zero commission paid by you or your customers.
An example of a payment gateway offering instant funding debit card or credit card processing is the popular PayPal. PayPal’s Gateway helps sellers accept credit card payments and integrates with most ecommerce platforms. When a transaction is approved, the funds appear nearly instantly in the merchant’s PayPal account for same day settlement, minus the charges by PayPal.
Another example of a same day settlement payment gateway is Stripe. Stripe has no monthly fee, just a standard transaction commission. Settlement is typically 3-5 days, but if you pay an extra fee you can receive funds the same day.
What are the benefits of same day settlement?
Is it a big deal if your funds take a few days to clear? While larger companies may not need the benefits of a same day settlement, for smaller operators, there are several distinct benefits. Here are a few situations where instant payment processing can help:
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Your business works with downstream partners and needs instant liquidity from customer payments
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You work with freelancers or contractors who need paying in advance
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You work in a business that offers cash awards and needs instant funds, such as online gaming
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You have a high inventory turnover and need a steady cash flow transfer to replace stock
How to choose the best same day payment processor for you
There are several payment service providers, some of whom offer same day settlement payment gateways, fast payouts and transfers, or instant funding credit card processing. Here are a few questions to consider when choosing the best gateway, apart from fast settlement times.
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Pricing – How much does the gateway cost? Compare set-up costs, monthly rates, other charges, and per-transaction costs. Vendreo Pay starts from just £10 per month and a £0.20 transaction fee.
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What types of payments does the gateway accept? While most accept Visa and Mastercard, your customers might prefer additional card types. Vendreo Pay works from your customer’s Online Banking App.
- How easy is the checkout process? For example, can you use a QR Code?
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Does the gateway accept international payments? Are there extra fees for currency exchange?
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Does the platform offer fast customer support to help you if payments become delayed?
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What security measures are in place? Is the provider PCI DSS compliant and Financial Conduct Authority approved?
- How good is the support for merchants and their team?
- Does the process work on any device? How well does it work on mobile devices?
By comparing your options carefully, you can find the best fit for your business and start accepting payments from invoices, purchases, payment links, subscriptions and charity donations immediately.
We can help
Vendreo takes the pain out of getting paid. Payments are confirmed instantly, saving you time and creating a smoother and more secure customer experience.
Frequently Asked Questions
What is a same day settlement payment gateway?
A same day settlement payment gateway is a type of payment gateway that allows merchants to receive payments from customers and have those payments settled into their bank accounts on the same day. This type of payment gateway is especially useful for businesses that need to receive payments quickly, such as those that offer services that need to be paid for in advance or those that offer goods that are in high demand and need to be paid for quickly.
How does a same day settlement payment gateway work?
A same day settlement payment gateway is a type of payment processing system that allows merchants to receive payments from customers and have the funds deposited into their bank account on the same day. This type of system is becoming increasingly popular as it allows merchants to receive payments quickly and efficiently, without having to wait for the funds to be processed and transferred.
The process of using a same day settlement payment gateway begins when a customer makes a purchase from a merchant.
What are the benefits of using a same day settlement payment gateway?
The benefits of using a same day settlement payment gateway are numerous. For starters, it allows businesses to receive payments quickly and securely. This is especially beneficial for businesses that need to make quick payments, such as those in the e-commerce industry.
With a same day settlement payment gateway, businesses can receive payments from customers almost instantly. This eliminates the need to wait for days or weeks for payments to be processed and deposited into their accounts.
What are the drawbacks of using a same day settlement payment gateway?
Some same day settlement payment gateways (NOT Vendreo OpenPay) can be expensive. This is because the payment gateway provider charges a fee for processing the transaction, which can be a significant cost depending on the size of the transaction. Additionally, the payment gateway provider may also charge a fee for each transaction that is processed, which can add up quickly.
How much does a same day settlement payment gateway cost?
The cost of a same day settlement payment gateway can vary greatly depending on the provider and the type of services you need. Generally, you can expect to pay a setup fee, a monthly fee, and a per-transaction fee.
The setup fee can range from a few hundred pounds to a few thousand pounds, depending on the complexity of the setup and the services you need.
How easy is it to use a same day settlement payment gateway?
Using a same day settlement payment gateway is relatively easy, depending on the payment gateway you choose. Generally, most payment gateways offer simple and straightforward setup processes, and you should be able to get up and running in a few minutes.
Once you have chosen a payment gateway, you will need to sign up for an account and provide the necessary information, such as your business name, address, and contact information.
What features does a same day settlement payment gateway offer?
A same day settlement payment gateway offers a wide range of features to help businesses streamline their payment processing. These features include:
1. Instant Settlement: With a same day settlement payment gateway, businesses can receive payments instantly, allowing them to quickly access funds and reduce the risk of fraud.
2. Secure Transactions: Same day settlement payment gateways provide secure transactions, using encryption and tokenisation to protect sensitive customer information.
How secure is a same day settlement payment gateway?
A same day settlement payment gateway is generally considered to be very secure. This is because the payment gateway is designed to provide a secure way for customers to make payments online and to ensure that their personal and financial information is kept safe.
The payment gateway uses a variety of security measures to protect customer data, including encryption, authentication, and authorization. Encryption is used to scramble data so that it cannot be read by anyone other than the intended recipient.
What customer support does a same day settlement payment gateway offer?
A same day settlement payment gateway offers a variety of customer support services to ensure that customers have a positive experience when using their payment gateway.
First, they provide technical support to help customers troubleshoot any technical issues they may encounter when using the payment gateway. This can include assistance with setting up the payment gateway, connecting it to other systems, and troubleshooting any errors or issues that may arise.
Which same day settlement payment gateway is best?
The best same day settlement payment gateway will depend on the specific needs of your business. Some of the most popular same day settlement payment gateways include Vendreo OpenPay, PayPal, Stripe, Square, Braintree, and Authorize.net.
