The Payment System allows you to control how and when you are paid by SWREG. Once a month we move money from sales into your SWREG bank account. This works pretty much like a 'real' bank account. You can take this money out in full or in part any time you like. If you have several vendor accounts you can move money between them, you can also pay other SWREG account holders if you know their details.
Automatic Payments: Payments will be sent to you on the first business day after the 14th of the month. In most months, this means you will be paid on the 15th, however, on months where the 15th lands on a weekend or holiday, the payment will be sent on the first business day after the 15th.
Manual Payments: Examine the date you entered the payment and whether the payment shows as 'Paid'. The date assigned to your payment entry is not necessarily the payment date. Manual payments are processed on the next payment date if the transaction was entered before the cutoff time. The cutoff time is the night before the payment date at 6 PM Central Time (Chicago). At this time the system automatically prepares the payments; anything after the cutoff time will be delayed until the following payment run.
Payments are processed each Tuesday and the 15th of the month. If your manual payment date shows a status of 'Paid' on a Thursday (for example), then the payment was actually processed by our system on the following Tuesday (or the 15th if that falls sooner).
Third Party Payments: Examine the date you entered the payment and whether the payment shows as 'Paid' with a Batch number assignment. The date assigned to your payment entry is not necessarily the payment date. Third party payments are processed on the next payment date if the transaction was entered before the cutoff time. The cutoff time is the night before the payment date at 6 PM Central Time (Chicago). At this time the system automatically prepares the payments; anything after the cutoff time will be delayed until the following payment run.
Payments are processed each Tuesday and the 15th of the month. If your third party payment date shows a status of 'Paid' on a Thursday (for example), then the payment was actually processed by our system on the following Tuesday (or the 15th if that falls sooner).ction 'Settings' (below) for more information about Automatic and Manual payments.
What is the time frame to receive my payment?
From the time we send the payment, general guidelines for the various payment types are below. Please note that these are estimates only and we are unable to guarantee delivery time as they are dependent upon the bank or payment processor.
- Paypal: Immediate
- BACS: 3-5 business days
- ACH: 3-5 business days
- Wire Transfer: 5-7 business days
- Check: Up to one month, depending on your location
This is the first tab in the SWREG bank and allows you to look at all transactions on your bank account during a date range that you select. As with the Sales Reports interface you can view these in HTML, Tab and Comma- delimited format. You can also select to view them in your web browser, or have them sent to an email address you provide as an email attachment. When you run the report, each column has the following meaning:
- ID: The SWREG Reference for this transaction. If you ever need to inquire about transaction with us, please provide this number.
Status: Whenever a payment is made to you from SWREG, it is assigned a clearance date. This is the date from which you are allowed to withdraw or transfer the money. For normal payment cycles, the money for each month's sales is placed into your account on the first of the following month, with a clearance date of the 15th (approximately two weeks later).
- "Cleared" means available for withdrawal.
- "Pending" means not yet available for withdrawal. Hover mouse over "Cleared" to see clearance date.
- "Paid" means funds have been transfered. See "What is the time frame to receive my payment?" for more details.
- "Processing" means we are working on transfering funds. Hover mouse over "Processing" to see payment date. If date is today, it means we are processing the payment and status will change to "Paid" by end of day.
- "Reviewing" means SWREG is reviewing your account and will not send payment on next processing date (click here for details).
- "Hold" means SWREG will not send payment on next processing date. Please contact us for more information.
- "Not Yet Paid" means SWREG will send payment on next processing date.
- From: Who the payment was made FROM. If SWREG has paid you, this will hold the value 'SWREG'. If you have paid SWREG (for example for a refund or a fee for services) or if you have made a transfer to another SWREG account, this will contain your OWN store number. If payment has been made by another store INTO your account, this will be the number of the other store.
To: Who payment was made TO. As with the FROM field, this will contain either SWREG, your own store number or another store number. If money has been paid into your account, it will hold your OWN store number. If you have paid SWREG, it will say 'SWREG'. If you have paid another store, this will contain the store number of the store you paid.
If BOTH the To and From fields are display your OWN store number, this means you have made a withdrawal from the account (i.e. you sent a payment to yourself).
- Amount: Amount added to or removed from your account. Positive amounts represent money added to your account; negative amounts represent money removed from your account.
Balance: Represents your account balance upon completion of the respective transaction.
The balance changes with each transaction as you move down the report - debits are subtracted and credits are added. If your account ever holds a negative amount your balance will be highlighted in red.
The balance is totaled and displayed at the top of the page as 'Cleared Balance', and represents the total funds in the account at the time the report is run.
- Comments: Any notes about the transaction, as made by the party that originated the transaction.
The second tab in the SWREG Bank allows you to configure payees. Besides sending payments to you, SWREG can make payments to others on your behalf. You can make payments to other SWREG clients ('SWREG Store Transfer'), or any other person or organization ('Third Party') that can receive payment by a method SWREG supports.
To set up a payee to receive payment from you, select 'New Payee' in the upper right. Select the type (Third Party Payee or SWREG Store Transfer) and fill out the required information. To make payment via SWREG Store Transfer, you must provide the Store ID, which can be obtained by the owner of the account.
To view or edit a Payee, click on the Payee Name.
To send payments to payee(s), click on the checkbox next to the Payee Name and click 'Send Payment'. You will be taken to a page where you can enter provide amounts and enter comments for each payment. Each payment or group of payments is assigned to a "batch", and each batch requires a small flat fee. To minimize batch fees, group multiple payments into a single batch. There are different fees associated with each payment type to each payee, upon completion of setting up a payment batch, your account balance will be reduced by the total payment amounts, the payment fees for each payment and the batch fee.
After you submit your batch, you will be taken to a screen that displays your pending upcoming payments. You can delete any payment batch before the cutoff time (see Payment Timing above). You can also navigate to this page from the SWREG Bank main page by clicking on "View Pending Payments".
The third tab of the SWREG bank allows you to select rules regarding how payments are made to you.
- Mode: 'Automatic' indicates that all funds account will be automatically sent to you on the 14th of each month (this being first time that funds become available on a normal payment cycle). Manual indicates that you control the account yourself; payments will only be sent to you when you login to the SWREG bank and select to make a payment to yourself in the amount you specify.
- Minimum Payment: Allows you to specify the smallest payment you wish to receive. If you have selected 'Automatic' as your payment mode, you are allowed to specify an amount below which you will not be paid. For example, if you enter $200 as the minimum payment amount and your account balance on the payment date is $190, your payment will not be processed and will be held until the following payment date.
Payments. These vary depending on what store plan you are on,
and your chosen payment method. The breakdown is as follows:
- If you are on a plan which has a monthly charge of $20 (£14 on the GBP, €20 on the EURO system) then the first transfer in a calendar month is free. Otherwise charges apply as below:
- In all other cases the charges are $20 for a bank wire (£14 on the GBP, €20 on the EURO system) and $4 (£3 on the GBP, €4 on the EURO system), for payment by check.
- Transfers. If you want to transfer money to another SWREG vendor, the charge is 3% of the transaction (paid by the receiving party). If both stores are your own, no charge will be made (please ask SWREG to link the accounts that you own so the fee exemption will be applied).