Robust operational and support processes are key to any Payments Programs. With that in mind, we want to highlight a couple items that will help you and us make your program a success!
Support Channels & Triage
Reap is a heavy user of Slack, amongst various systems. We highly encourage that you setup a dedicated Slack channel with us (some clients prefer setting up two, one more strategic/partnership-focused and one more operational focused).
Through Slack and other systems, we also manage a triage process to make sure we are addressing the most pressing and important issues in a timely manner. We will work with you to setup the program expectations and the appropriate systems and protocols to seamlessly communicate about any issues that come up
Understand Payment Timelines
Generally, speaking we try to make payments on a T+0/T+1 timeline. The +1 represents business days, as defined by the Hong Kong calendar.
We still try to honor this timeline when a payment is created in an "Awaiting Funds" state. Once a payment is created in the "Awaiting Funds" state, you have till 5am UTC/1pm HKT the next calendar day to fund it. This means that a payment created at 12:01am HKT or 11:58pm HKT on the same day will have till the next day 1pm HKT to get successfully funded. Once funded, we will try to process it that same day.
Please note that the above guidelines assume a reasonably-sized payment for the payment corridor being used. For particularly large payments, please reach out to us ahead of time so we can plan for the best payment execution.
Handling Payment Issues
There are three types of payment issues that need to be streamlined operationally. Generally speaking, we will pass on costs to you if they are tied to last-minute cancellations or payment information/recipient issues:
- Payment Cancellations:
- We recognize that mistakes happen during the payment creation, especially if your customer has provided incorrect information. This is why we allow you to cancel payments that are in the "Awaiting Funds" status (both through API and dashboard).
- If a payment needs to be cancelled after it has been funded, please reach out to the Reap Team as soon as possible. If the payment has not been paid out, we will try to cancel it.
- Please note that there are potential costs to a cancellation, especially if foreign exchange operations have already taken place as part of payment processing.
- Payment Amendments, Recalls, and Bouncebacks:
- Sometimes a payment gets stuck after it is sent because of an issue in the payment information (e.g. incorrect bank account number). These issues are usually fix-able, but require a manual amendment process with additional costs. We will confirm with you what action to take before submitting an amendment.
- Sometimes during conversations about amendments, the preferred course of action is to recall a payment. Please note that sometimes these recalls have costs associated, and those costs will be taken out of the funds that come back.
- Sometimes, though not usually, a payment simply fails and bounces back. In these situations, there may have been some costs associated, similar to a recall, for the funds to come back.
- Requests for Information (RFIs):
- Sometimes, the Reap compliance team wants to understand more information about a payment before processing it. We will send an RFI to you through a mutually established channel (typically email) laying out the information requested.
- While RFIs may not have extra cost issues, they may delay a payment relative to the expectations set. Speedy resolution and active communication are key to help manage expectations.
Refunds & Withdrawals
Refunds and withdrawals are two different concepts within the Reap platform. A refund is when the funds go back to the Reap wallet (after having been taken as part of processing a payment). This happens pretty quickly and you will be able to use the funds for other payments.
Withdrawals happen when you ask us to remove funds from the Reap platform, specifically your Reap wallet, to a wallet outside the Reap ecosystem. Today this is a manual process with various security and compliance checks, and depending on the situation could take a day or two. We recognize the importance of timely withdrawals, and are working to improve its speed while maintaining the integrity of our checks. If you submit a withdrawal request, we will be in active communication throughout the whole process.