Cash Sales
Cash Payments allow you to issue a VCC from a pre-established cash balance - not against a Consumer’s credit card or bank account (ACH).
In general, there are just a few steps
- Fund your ConnexPay Cash Account
- Process a Cash Sale
- Issue VCC
Funding Your ConnexPay Cash Account
Wire ConnexPay (instructions sent from Customer Success team)
When ConnexPay confirms this wire, we will apply that amount to your Cash Account. You will be able to see that event as a “Deposit” type in the Cash Balance Report located in both the CXP Portal and in Analytics.
Processing a Cash Sale
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When processing a Cash sale, submit a Sale transaction with Tender type = Cash
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the system will verify your Cash Balance is greater than the amount of the Cash Transaction before it creates an ITC
- If your Cash Balance > Cash Transaction amount, then the transaction will be successful and will return an ITC in the response
- If your Cash Balance < Cash Transaction amount, then the transaction will not go through and will return an appropriate error
When a Cash Sale Transaction is processed, your Cash Balance decrements by the amount of the sale. For example, if the Cash Balance is $1,000 and a $600 Cash Sale Transaction is processed, the new Cash Balance will be $400. If a Cash Sale Transaction was then attempted for $500, the Cash Sale Transaction will be declined. Cash Sales can be seen in the Cash Balance report as a “Sale” type.
Processing a Cash Return
When processing a Cash Return, submit a Return transaction with Tender type = Cash
The amount returned from the Cash Sale will be added back into your Available Cash Balance (and can be seen on the "Cash Balance" report)
Issuing a VCC
Issuing a VCC works the same way as it does when the Sale is charged to a consumer’s credit card. Use the ITC that was in the Cash Sale response in your IssueCard request.
Cash Balance Alerts
We do have the option to set up an email alert when the Cash Balance falls below a defined amount. Simply talk to the Customer Success team if you are interested in setting up this alert.
Daily Funding
The calculations for the various Daily Funding payouts work the exact same way with Cash as it does with Credit Cards.
You can choose to have your Daily Funding be applied to your Cash Account in order to eliminate debits and credits back and forth to ConnexPay. Simply talk to the Customer Success team if this is of interest to you.
Daily Margin
Daily Margin will be calculated the same way it does today with Card Sales (which is essentially Sale Amount - Issued Amount) and funded and reported in the same way as Card Sales.
Residual Margin
Residual Margin is calculated the same way it does today with Card Sales which is essentially VCC issued Amount - VCC Settled Amount and funded and reported on the same way as Card Sales.Updated about 1 year ago