In 2014, we at WePay made the latest improvements to our product.
The improvements in this release are focused on two themes:
- New API features: new features as a direct result of top requests from our users
- Regulatory requirements: changes to keep us—and you—100% compliant with regulatory requirements, which is a key part of the value we provide to you
Summary: New API Features
Full Payments Reconciliation: now, you are able to get details and exact understanding of which transactions were tied to which withdrawals. We no longer split settlement of a payment across multiple withdrawals. Each payment will be completely settled in a single withdrawal and there will be a new report that allows partners and merchants to easily look up which payments are included in a given withdrawal.
Beneficiary Payments (applies to fundraising-oriented partners): now, you are able to identify both the fundraiser and the end beneficiary of a campaign, so that funds and taxes are correctly attributed and sent to the right person. Special rules allow an organizer to do an initial setup of a WePay merchant account and begin accepting payments while still requiring the ultimate beneficiary to complete KYC and settlement info within the same 30 days from first payment rule described below.
Eliminating Fixed Limits: we eliminated fixed limits on how much a new merchant can accept before completing the Trust Center requirements and setting up a way to settle funds—this provides more flexibility for you and your merchants.
Summary: Regulatory Compliance-Related Changes
To comply with money-handling regulations, we require now for payments to be settled within 30 days to the person or business that was set up in the Trust Center (KYC). This way, WePay can continue to offer streamlined setup and rapid disbursements to merchants while maintaining a flexible API to platforms.
Settling Balances Within 30 Days: New merchants must complete Basic Account Verification in the Trust Center and provide settlement information within 30 days of their first payment. If WePay discovers a problem with the Trust Center info, or becomes unable to settle the balance, merchants must resolve this within 30 days of notice. If we do not have Trust Center or settlement info, then after 30 days:
- New payments will not be accepted
- Existing payments will be refunded
Check Withdrawal Changes:
- Withdrawals must be sent to the merchant (defined by the individual or business that completed Trust Center)—merchants will not be able to send money to a third party
- Withdrawals will be for the full available balance
- Merchants that choose to receive withdrawals via paper check will automatically receive a monthly settlement by check
Action required: Partners need to proactively encourage merchants to complete Basic Account Verification in the Trust Center and provide settlement information within 30 days of their first payment and respond to any notice from WePay if settlement fails. Details on ways WePay will make information available to partners is in the next section.