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.
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 banks. 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.
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.
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.
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.
The merchant’s acquiring bank deposits the total amount of authorised transactions into the business bank account, deducting applicable fees as a debit.
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.
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:
Your business works with downstream partners and needs instant liquidity from customer payments
You work with freelancers or contractors who need paying in advance
You work in a business that offers cash awards and needs instant funds, such as online gaming
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.
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.
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?
Does the gateway accept international payments? Are there extra fees for currency exchange?
Does the platform offer fast customer support to help you if payments become delayed?
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.