Current Wallet Balance: This is displayed to merchants on the Payments>Unified Payments Wallet tab. It is the current amount of funds available in the merchant’s Unified Payments Wallet.

Dots: The company that Refersion partners with to help facilitate tax management and direct payments to affiliates.

Eligible Conversions: Conversions that are eligible for payment on a specific funding day. Eligible conversions are conversions that meet the following criteria:

Funding: The process of transferring funds from the merchant’s designated bank account to their Unified Payments Wallet.

Funding Day: The day on which funds are transferred from merchants’ bank accounts into their digital wallets used to pay affiliates. Funding day for Unified Payments is the first Monday of every month.

Insufficient Funds Deposit: These are the funds held in the merchant's Unified Payment Wallet to cover the fee that is charged if funding fails due to insufficient funds in the merchant's bank account on funding day. This $25 USD security deposit is initially transferred upon account setup. If the Insufficient Funds Deposit is used, then the merchant must deposit another $25 USD on the next funding day.

KYB, or “Know Your Business”: In order to send money through Unified Payments, merchants need to go through a KYB (Know Your Business) compliance process, which is required by our partner, Dots, in order to verify your business. These compliance standards are in place to prevent fraud, money laundering and other financial crimes.

KYC, or “Know Your Customer”: In order to receive money through Unified Payments, affiliates need to go through a KYC (Know Your Customer) compliance process, which is required by our partner, Dots, in order to verify your identity before they can transfer money to you.

Maximum Funding Amount: This value is updated in real-time and displayed to merchants on the Payments>Unified Payments Wallet tab. The value is also sent to merchants in a notification email prior to each funding date.

We calculate the maximum funding amount by determining the value of commissions for all Approved or Pending conversions that:

Note: Maximum Funding Amount is for all affiliates, whether they are registered with Unified Payments or not.

Merchants should reference the Maximum Funding Amount to ensure there are sufficient funds in their bank account on funding day. This should be confirmed at least 5 business days in advance of the funding day in order to allow any necessary funds that need to be transferred into the connected bank account to clear.

Payout: The process where affiliates move money out of their Unified Payments Wallet into a non-Refersion account (bank account, Venmo, PayPal, etc). Affiliates can accrue funds in their digital wallet and do pay-outs on the schedule of their choosing. However, if you have a verified payout method connected and if you have funds sitting in your Unified Payments Wallet for 30 days after a merchant sends you a commission payment, then Dots will automatically transfer those funds from your Unified Payments Wallet to your preferred payout method.
​
​Payout method: Affiliates have several payout method options for moving funds from their Unified Payments Wallet to their own, non-Refersion account. The options available will vary depending on the affiliate's region, but some common options are listed below:

Payment Day: The day funds are moved from the merchant’s Unified Payments Wallet to the affiliate’s Unified Payments Wallet and become available to affiliates for pay-out. Payment day for Unified Payments is the second Tuesday of every month.

Ready for Payout: This is displayed to affiliates on the Dashboard tab of their Marketplace account. This is the total commission paid by merchants that is currently available for withdrawal from the affiliate’s Unified Payments Wallet. Clicking on ‘Ready for Payout’ will automatically send the affiliate to their wallet in Dots where they can initiate a withdrawal.

​Transaction Fees: Signing up for Unified Payments is free, but there are some associated transaction fees. The fees differ per merchant and per affiliate. Please click here to read our dedicated help guide that goes over the transaction fees associated with using Unified Payments.
​

UBO or Ultimate Beneficial Owner: ​A UBO or Ultimate Beneficial Owner is the person that is the ultimate beneficiary when an institution initiates a transaction. Generally a UBO is defined as an individual who holds at least 25% ownership of a company. Dots requires merchants to disclose the UBO’s identity as a part of the KYB process in accordance with anti-money laundering regulations.

Unified Payments: A payment feature on Refersion by Pantastic’s platform that provides a way for merchants and affiliates to build stronger relationships through consistent, transparent payment processing. Merchants are able to automate commission payments and tax management for their affiliate program, and affiliates are able to rely on a consistent, monthly payment from all approved commissions.

Unified Payments Wallet: Within Unified Payments (on the Dots platform) both merchants and affiliates have a digital wallet, which is a secure, electronic storage solution for digital currency. Merchants fund their Unified Payment Wallet from their bank account, and the wallet will hold funds from merchants prior to making payments to affiliates. Affiliates can make payouts/withdrawals from their Unified Payment Wallet on the schedule of their choosing.

Upcoming Funding Amount: This number represents all commissions for Approved conversions that occurred at least 30 days prior to the funding date, for all affiliates participating in Unified Payments. This number will change should you approve any conversions for affiliates registered with Unified Payments, or if any existing affiliates join Unified Payments, and have qualified conversions, prior to the funding date.