Preface:
Our platform offers comprehensive financial services featuring major fiat currencies such as USD and EUR. We facilitate seamless on/off ramp transactions, efficient settlements through card processors, and provide operational accounts to manage your business finances effectively. Our services are designed to support your diverse financial needs, ensuring smooth and secure transactions. This guide will help you understand the different types of fiat accounts available and assist you in selecting the right one for your business.
Types of Fiat Accounts
1. Default Account
Purpose: The Default Account is primarily used for on/off ramp transactions and currency exchanges.
Functionality:
Facilitates the movement of funds into and out of the platform.
Exclusively allows transactions with accounts bearing the same name as the merchant, ensuring secure and compliant fund transfers.
Ideal For: Merchants who need a straightforward account for managing basic financial operations related to the platform's services.
2. Settlement Account
Purpose: Automatically opened when a merchant activates card payment services. This account is dedicated to the settlement of funds received through card transactions and e-wallet payments.
Functionality:
Manages the settlement of funds from card and e-wallet transactions.
Handles rolling reserves, ensuring that a portion of funds is withheld to cover potential chargebacks or refunds.
Permits transfers solely to the merchant’s Default Account and registered Bank Account, maintaining a streamlined fund management process.
Ideal For: Merchants who engage in receiving payments through cards or e-wallets and require efficient settlement processes.
3. Bank Account
Purpose: This account must be applied for separately and is used for operational activities involving the settlement of funds with customers and suppliers.
Functionality:
Provides a comprehensive solution for managing all operational financial transactions.
Facilitates direct settlements with both clients and vendors, enhancing business operations.
Ideal For: Merchants who require a dedicated account for broader financial management outside the platform, especially when dealing with customer and supplier payments.
Conclusion
Merchants should assess their specific business needs to determine if they require a separate Bank Account. While the Default and Settlement Accounts cover the primary financial interactions on the platform, the Bank Account offers expanded capabilities for comprehensive operational management. If your business involves extensive dealings with external parties, applying for a Bank Account is advisable to ensure seamless financial operations.