Withdrawal assessments is conducted upon the first withdrawal from SmoovPay account to merchant's bank account. This is our standard operating procedures for verification and withdrawal approvals.
As part of the banking regulations together with the merchant terms and conditions, we need to acquire some additional information on the following:
- What is the nature of the products and services provided to your customers (cardholders) at the point of transaction?
- Is the product or service delivered upon purchase or voucher based future redemption? If voucher based redemption, please state the redemption duration.
- How long is the warranty period or valid period of the mentioned product and services?
- What is the refund policy with regards to the products and services provided to your customers (cardholders)? Please provide contracts, documents or other terms and conditions agreed by customers.
Once the merchant passed the assessment, we will proceed to transfer the money from SmoovPay account to merchant's bank account.