When you onboard with Regpack, you will be prompted to complete a merchant account application.
Go to –> Project Settings –> Payments to view and edit your merchant account information.
Click the red “Setup Merchant Account” button, which will open a side panel with the application.
What information is required to set up a merchant account?
Select a Deposit Schedule and Payout Currency
Any currency conversions or fees are handled directly by the merchant provider. This is the full list of currencies that can be processed within Regpack. Only one payout currency is allowed per merchant account.
We recommend setting a Refund Reserve in your merchant account if you anticipate needing to issue refunds. The payment team can configure your merchant account so that the reserve amount is held from your payouts until it’s met. All refund requests made when there are not sufficient funds in your merchant account will withdraw from this reserve.
Minimum payout amount:
The minimum balance of your merchant account to trigger a deposit. The default minimum is $35 if this is left blank. If your balance is lower than this amount then it will affect your payout frequency.
Once the Merchant Account Application form is submitted, it will take 1-5 business days to set up your account.
You will receive a notification when your merchant account is approved and ready to accept payments.
The payments tab in Project Settings will show the account as an option to select for that project when approved.
You will be notified if any additional documentation is needed.
It’s possible to create additional merchant accounts. More details here