Credit Reserve: How to Replenish via Wire, ACH or Reverse Wire
An Actum Processing merchant account’s credit reserve can be funded by sending a notice of inbound wire funds to firstname.lastname@example.org. After sending the wire or ACH, please indicate “Wire Sent for (Name of Business) – (Actum ParentID)” or “ACH Sent for (Name of Business) – (Actum ParentID).” Also, inform the Funding and Support teams how the funds, sent via ACH or wire, is for the Credit Reserve. Additionally, ask the Funding and Support teams about the availability of the funds.
Moreover, Actum only accepts funds sent from a bank account held by the company listed on the Client Services Application and Agreement. On that note, funds sent from another company will be returned or rejected. In addition, a per occurrence fee of $35.00 will be charged. In the meantime, for further information about how to send a wire or ACH to Actum Processing, contact email@example.com.
A normal wire results in a $35.00 Normal Wire Fee. However, merchants can avail the reverse wire option. In short, this allows merchants to fund their credit reserve account into the Actum Portal. Accordingly, this initiates a reverse wire or drawdown request from the portal.
Once this is initiated, the credit reserve funding process is fully automated. In turn, this decreases the likelihood of delays and possible inaccuracies with manually handling a wire. In this case, a Wells Fargo API service fee of $12.50 has been added to the current inbound wire fee of $12.50 resulting in a $25.00 Reverse Wire Fee.
Please contact firstname.lastname@example.org to obtain the Reverse Wire Instructions and Authorizations Form. Once the form has been completed, signed, and returned to Actum, Reverse Wires are available for use with the account.
For merchants who prefer the ACH funding method, a $22.50 Inbound ACH Credit Fee will be assessed.