Introduction

These screens allow you to control how and when you are paid by SWREG. Once a month we move money from sales into your SWREG bank account. This works pretty much like a 'real' bank account. You can take this money out in full or in part any time you like. If you have several vendor accounts you can move money between them - you can also pay other SWREG account holders if you know their details.

When was I paid?

You can determine the date a payment was processed by looking at the most recent payment.

• Automatic Payments

  If you have automatic payments and a balance over $50, your payment was processed on the 15th, or the next business day if the 15th falls on a Saturday or Sunday.

• Manual or Third Party Payments

  If you utilize the manual payment or third party payment functionality, then you need to look at the date you uploaded the payment and whether the payment shows as paid with a Batch number. The date assigned to your payment entry is not necessarily the payment date. Any manual or third party payments are processed on the next payment date, if uploaded before the cutoff. The cutoff is the night before a payment date at 6pm Central Standard Time. At this time the system automatically batches everything for payment.

  Our payment dates are every Tuesday and the 15th of the month. If your payment date shows as paid with a date of a Thursday, then the payment was actually processed by our system on the following Tuesday or the 15th if that falls sooner.

What is the timeframe to receive my payment?

You need to base the number of business days to receive your payment off the SWREG payment processing days of Tuesday or the 15th, note the date associated with the payment is not accurate (unless on automatic payments). You need to determine the actual payment day and then allow the proper business days designated below for receipt.

• Paypal: Immediate
• BACS: 3-5 business days
• ACH: 3-5 business days
• Wire Transfer: 5-7 business days
• Check: 1 month for receipt

View Transactions

This is the top area of the Bank entry screen, it allows you to look at all transactions on your bank account during the date range that you select. As with the Sales Reports interface you can view these in HTML, Tab and Comma-delimited format. You can also select to view them in your web browser, or have them sent to yourself or a colleague as an email attachment. When you run the report each column has the following meaning:

• ID#: The SWREG Reference for this transaction. If you ever need to query a transaction with us, please quote this number. 
  
• Status: Cleared = Available for withdrawal / Pending = Not yet available. Whenever a payment is made to you from SWREG, it is assigned a clearance date. This is the date from which you are allowed to withdraw or transfer the money. For normal payment cycles, the money for each month's sales is placed into your account on the 1'st of the following month, with a clearance date of the 15'th (2 weeks later). Note that for new vendor accounts the clearance date may be set back until you have a trading history (see here for details).
• Creditor: Who the payment was made FROM. If SWREG have paid you, this will hold the value 'SWREG'. If you have paid SWREG (for example for a refund or a charge for services) or you have made a transfer to another SWREG store account, this will contain your OWN store number. If payment has been made by another store INTO your account, this will be the number of the other store.
  
• Payee: Who payment was made TO. As with the Creditor field, this will contain either SWREG, your own store number or another store number. If money has been paid into your account, it will hold your OWN store number. If you have paid SWREG, it will say 'SWREG'. If you have paid another Store, this will contain THEIR store number.
  
  If BOTH Payee and Creditor are your OWN store number, this means you have made a withdrawal from the account (i.e. you have paid yourself).
  
• Debit / Credit: Amount withdrawn from / credited to your account. If money has been REMOVED from your account, it will appear in the DEBIT column. If money has been PAID into your account, it will be in the CREDIT column. Both of these are totaled at the bottom of the report.
  
• Balance: The starting figure is the total funds in the account from the period when the account was first opened, to the beginning date of the report. For example if between opening the account, and 1 Feb, you made $500 sales (and they have been paid to you!) then running a report with the start date of 2 Feb means the balance will begin at $500 (unless you have withdrawn money before 1 Feb in which case it will of course be less).
  
  The balance changes with each transaction as you move down the report - debits are subtracted and credits are added. If your account ever holds a negative amount your balance will be highlighted in red.
  
  The balance is totaled at the bottom giving the total funds in the account as it was ON THE 'TO' DATE of the report. If you have set the range of the report back in time (say 1 Jan 2002 - 1 May 2002) then you will see the account balances as they were  on 1 May 2002, not the current balance.
  
  Next to the final balance total is a second figure listed as 'Funds available'. This is the actual sum 'Cleared' transactions - ie.. the total amount that can be withdrawn from the account at that time.

Comments

In this fields are added any notes about the transaction, as made by the Creditor at the time of payment.

Preferences

Automatic mode means that all funds account will be automatically withdrawn on the 14'th of each month (this being first time that funds become available on a normal payment cycle.) and the money sent to you. Manual means that you control the account yourself.

Send Money

This is the second data entry area on the Bank screen. (Note: it is only visible if your account is in manual mode as immediately above.) Here you can perform two actions:

1. Pay yourself (Withdraw money). This will use the payment method you have set in your 'Author Details' screen in your SWREG account (at the bottom). You can withdraw any amount up to the maximum cleared funds in your account. (For your convenience, this figure is displayed at the right of the 'Send Money' screen.) To make a withdrawal, fill in the amount in the 'Amount' box, make sure your login name remain filled in the login name box, and make any notes you wish to make about the transaction in the 'Comments' box. Then press 'Send Now'. On the next SWREG payment run your money will be sent to you.

   These runs are currently each tuesday morning (at around 5.am GMT) with an additional payment run being done (at 5.am GMT again) on the 15'th of each month (after the monthly automatic withdrawals).

2. Pay another Store. To do this you need to know the Store Login Name. The Login Name is known only to the account holder (This is a basic security precuation to make sure that you are in contact with the storeholder). You do not need to know their store password.
    
   Enter these into the box labeled Login name (the value already filled in when you enter this screen was your own store login - hence the default action is to pay yourself). Otherwise the procedure as if you are withdrawing money - you enter an amount up to your available credit, and any comments.
    
   Inter-store transfers are real-time, ie the money will instantly be moved between the two accounts.

Charges

These are as follows:

1. Withdrawals. These vary depending on what store plan you are on, and your chosen payment method. The breakdown is as follows:
   • If you are on a plan which has a monthly $20 charge of $20 (£14 on the GBP, €20 on the EURO system) then the first transfer in a calendar month is free. Otherwise charges apply as below:
   • In all other cases the charges are $20 for a bank wire (£14 on the GBP, €20 on the EURO system) and $4 (£3 on the GBP, €4 on the EURO system), for a cheque payment.
   
   
2. Inter-store transfers. If both stores are your own, no charge will be made (please ask SWREG to set this up as we need to manually link the two accounts).

   If you want to transfer money to another SWREG vendor, the charge is 3% of the transaction (paid by the receiving party).