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What is a Paynode Member Reserve?
A Paynode Member Reserve contains funds that are provided by the member and held by Paynode to act as security for members who expect to:
- Process card transactions greater than 100,000 USD (or currency equivalents
- Process card volumes greater than 500,000 USD (or currency equivalents) per month (6 million annually).
These funds are held by Paynode in a non-interest-bearing account.
Why are Paynode Member Reserves needed?
Our industry is deemed to be high risk by credit card schemes and with that, any transaction carries an elevated risk for a chargeback. By establishing a reserve we help to ensure that funds are available to cover any future refunds or disputes in the event a Paynode member is unable to cover the cost themselves.
How to establish a Paynode Member Reserve
- Work with your Customer Success Manager to determine if you are eligible to establish a reserve.
- Your Customer Success Manager will provide you with an Instant Payment request for you to pay.
- Upon receipt of the reserve funds, Paynode will provide a statement showing the funds are held on behalf of the member.
How to cancel a Paynode Member Reserve
Please contact your Customer Success Manager or Paynode Support at email@example.com.
If a Paynode Member Reserve was established to allow a member to exceed the default monthly volume limit, then Paynode will make funds in reserve available to the member 90 calendar days after the last month that exceeded the default monthly limit. This delay is to ensure the risk of potential chargebacks has sufficiently passed.