Working Day 1:
Cardholders made payment of $1,000 via Smoovpay. This will be reflected in "Account Balance" as $970.75. Assuming fees of 2.9% + $0.25.
Working Day 2:
Bank Processing to debit the amount from the credit card company of the cardholder and credit into SmoovPay Acquiring Bank Account
Working Day 3
This amount will be converted to your "Withdrawable Balance" of the amount $970.75. You will be able to see the amount is ready for withdrawal, just simply click on the withdraw button and SmoovPay will proceed with the rest of the banking
Working Day 4
Depending on your bank, the withdrawn amount of $970.75 will be deposited in your bank either this day or the following day.
To help you have a better understanding, allow us to provide an example for better understanding.
Kindly view on the trend below and study the pattern on how are the fund adjusted and when you are able to withdraw the money.
A) Day 1: Total Payment Today = $1000
B) Day 1: Account Balance = $1000
C) Day 1: Withdrawable Amount = $0
A) Day 2: Total Payment Today = $2
B) Day 2: Account Balance = $1002
C) Day 2: Withdrawable Amount = $0
A) Day 3: Total Payment Today = $3
B) Day 3: Account Balance = $1005
C) Day 3: Withdrawable Amount = $1000
A) Day 4: Total Payment Today = $4
B) Day 4: Account Balance = $1009
C) Day 4: Withdrawable Amount = $1002
We hope this clarified.
Thank you.