As the COVID-19 situation continues to evolve, WePay is committed to protecting our merchants. During this time of uncertainty WePay may hold Jumpstart Reserves on your account. Jumpstart Reserves protect both our merchants and WePay from the financial impact of losses due to refunds and chargebacks if there is a disruption to the scheduled event.
How this impacts your account:
- Jumpstart Reserves will be held in your WePay account
- The funds will be released within 15 business days after the event has taken place
- Typically the Jumpstart Reserve is 20-30% of all ticket sales for the full event
- Funds may be held longer if there are high refunds or chargebacks
- Our system is unable to split payments. Due to this product constraint we are unable to hold a portion of a single payment in reserve. In practice, this can mean that while we are holding a Jumpstart Reserve of $100.00, and you receive a $500.00 payment, we would need to hold the full $500.00. Please note that balance is subject to change as more payments are received and our system’s automated logic will attempt to hold as close to (but not less than) $100.00 as possible.
After our Trust and Safety Team evaluates your account, we will let you know your Jumpstart Reserve. WePay will hold all funds until your account has reached the 20-30% threshold. As soon as your WePay account reaches that total, the remaining 70-80% of ticket sales will be released to your linked bank account on file. Once your event is finished, we will release the remaining funds within 15 days in almost all cases. For further questions on Jumpstart Reserves, or anything else about your WePay account, please contact support at https://support.wepay.com/hc/en-us/requests/new.