Payout to Credit Reserve Sweep: How It Works and Its Impact
Funds may be issued from an Actum Processing merchant to their clients in the form of Credit transactions. For merchants looking for ease of convenience, the Payout to Credit Reserve Sweep option provides a proactive measure toward efficient operations.
This article explains how to find and utilize the Payout to Credit Reserve Sweep option and its impact with an Actum Processing account.
Accessing the Payout to Credit Sweep Page in the Actum Portal
1. Log in to the Actum Portal at https://merchant.actumprocessing.com. Refer to the Multi-Factor Authentication (MFA): How to Use via Actum Portal article for further login instructions.
2. Head to the left side menu, click on Features and Procedures and choose Payout to Credit Sweep.
Processing the Sweep
1. Enter either the Percentage to sweep or Fixed Amount from the Payout Funds Available for Transfer. Ensure there is a positive balance for the Payout Funds Available to Transfer. Additionally, note the time that the sweep may occur.
Additionally, if applicable, select whether it is a Recurring Sweep and the Recurring Sweep Type. For the Recurring Sweeps dropdown option, On instructs the Actum Portal to run the automatic sweep for the current day. Off instructs the Actum Portal to not run the automatic sweep. One Time/Instant instructs the Actum Portal to manually sweep a payout to the Credit Reserve.
Force Sweep can be checked off to ensure the sweep occurs, if funds are available, regardless of the payout being swept earlier for the current day.
2. Then, verify and confirm the Sweep Details to ensure the amount that will be swept from the Payout Funds to the Credit Reserve.
3. Lastly, click on Submit Funds to process the sweep.
The Impact of Sweeping a Payout to the Credit Reserve
1. When a Payout gets swept to the Credit Reserve, it is important to monitor the Credit Reserve balance. If the Credit Reserve and the Payout Funds Available for Transfer dollar amount is insufficient, credits will decline.
2. With this in mind, it may be prudent to send funds, via Wire or ACH, from a bank account in the name of the business with the Actum Processing account. Refer to the Credit Reserve: How to Replenish via Wire, ACH or Reverse Wire Knowledge Base article for further details.
For further information, please review our interactive Scribe entry.