- 25 Jan 2024
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Remittance
- Updated on 25 Jan 2024
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By default, Evolve schedules the initial remittance one working day after the first successful payment. Afterwards, merchants receive remittance of funds every working weekday.
Alternatively, Evolve's Flexible Remittance allows ISVs to control the frequency of fund remittance to merchants.
By default, payments will be made through BACS unless you specifically request Faster Payments at the time of boarding. Please refer to the Remittance Types section below for further information.
Merchants can see details of remittances, along with expected dates of deposits into their bank account through Merchant Portal’s Payout tab.
ISVs can see details of Remittance, along with expected dates by integrating with Remittance API.
Remittance Types
Two types of transfers are available to merchants in Evolve:
BACS
Faster Payments
For BACS transfers, funds will arrive in the merchant’s account in around three working days after the remittance transfer process is completed.
With Faster Payments, the arrival of funds is quicker, and merchants will receive the funds on the same day as the remittance transfer process is completed.
If you want to switch to Faster Payments, please get in touch with your Account Manager.
Additional Bank Account
Merchants can add a new bank account by accessing the Bank Account settings in the Merchant Portal. To activate the bank account, Evolve may ask for further account details. Once the bank account is activated, merchants can set it as the new default account by using the Bank Account settings.
ISVs can add a new bank account for the merchant through Create Bank Account Endpoint
Negative Remittance
Merchants will receive remittance based on the available balance after the deduction of platform fees. It is possible that in some cases, there may not be a positive balance. For instance, if you receive £1000 in payments but issue refunds worth £1100, your account balance will become -£100. If there are no further payments that can offset the negative balance, Evolve will generate an invoice that needs to be paid by the merchant.