Withdrawal is a feature which allows you withdraw the fund available in your Merchant Account. 


Important Notice!

Currently, there are two types of withdrawal in SmoovPay Payment Gateway Services.


Monthly Withdrawal

We process withdrawal on a monthly basis (1st Friday of every month) without additional fees as long as your Withdrawal Balance has 500 dollars in SGD currency or 4,000 dollars in USD currency. The payment will be automatically transferred to your bank account. If your Merchant Account Balance has insufficient fund, we will not include you in the monthly withdrawal list and the amount will be brought forward to next month until it is sufficient for a free monthly withdrawal.


Daily Withdrawal

You may also withdraw your money daily or frequently (we call this early withdrawal). However, please be advised that for every withdrawal, there will be a Service charge of SGD 3.00 if the withdrawal amount is less than 500 dollars in SGD currency and a Service charge of USD 3.00 if the withdrawal amount is less than 4,000 dollars in USD currency.


It will take 3 working days for the bank to process for SGD withdrawal and 5 to 7 working days for USD withdrawal.



To perform a withdrawal in your merchant account, please see the explanation below for better understanding.


    From the screenshot above, you can see there are two types of breakdown.

  • Account Balance - Account Balance is defined as the latest balance that is captured in your Merchant Account. If you have a new payment captured under your Account, making a refund of Transaction, it will be updated accordingly.
  • Withdrawal Amount - Withdrawal Amount would be the latest amount that you are allow to withdraw in your Merchant Account.

Please note:

  1. Minimum withdrawal amount is 10.00 dollars in SGD or USD currency
  2. There will be a difference between both balance due to Banking Process. For more information, please visit our FAQ portal by clicking on the link below:




Below is the complete process on how to successfully trigger withdrawal in your Merchant Account



Fig.1:


    Step 1: Click on the "Withdrawal Request" button as shown in (Fig. 1). 


If you have not added a valid Bank Account, please proceed to click on the "Add Now" button shown in the screenshot.

Here is the reference guide on the things that you need to complete as per our Policy in SmoovPay



Fig.2:


Step 2: Check on the Information before clicking "Confirm this Request" Button

  1. Withdrawal Details - The details of the  particular withdrawal.
  2. Bank Account Details - The Bank Account information of the amount receivable
  3. Reference Id (Optional) - You may insert some comment for your own reference
  4. Confirm this Request - Click on the button once you have confirm the above information is correct.




Fig.3:


Step 3: Tracking of the Withdrawal History.


Once you have trigger "Confirm this Request" button, you can track the status by looking at the Withdrawal History in the Withdrawal feature.

  • ID - SmoovPay Withdrawal ID
  • Date - Date of withdrawal triggered
  • Status - 4 types of status 
    1. pending - By default status when a withdrawal is being triggered. SmoovPay will receive a notification to process.
    2. In process - SmoovPay acknowledge the Withdrawal Request and processing the fund transfer via Banking System
    3. Completed - SmoovPay had completed the Banking Process, Merchant will receive the amount in their Bank Account within 2 to 3 working days
    4. Cancelled - Either SmoovPay or Merchant decided to cancel the withdrawal due to a reason.
  • Bank Account - Your Bank Account Number 
  • Currency - Withdrawal Currency SGD/ USD
  • Amount - Amount withdrawn
  • Deposit - Amount place as deposit (Determined by SmoovPay with merchant being notified via email)
  • Fees - Withdrawal fees (If applicable)
  • Action - To "View" on the particular Withdrawal Detail



Please note:


  • For first withdrawal, we will have a withdrawal assessment for merchant. This assessment will take around 5 to 10 working days. To expedite this please write in to enquiry@smoovpay.com.
  • For subsequent monthly withdrawal, there will be no delay.
  • Please remember to fill in your bank account number so that we can transfer your money to you automatically.
  • The settlement will be in SGD / USD depend on your payment collection.


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