How to Set Up Your Merchant Account
7 min
https //help regpack com/how payment processing works in regpack when you onboard with regpack, you will be prompted to complete a merchant account application go to → project settings → payments to view and edit your merchant account information click the red "setup merchant account" button, which will open a side panel with the application project settings payments setup merchant account new merchant account applications require https //help regpack com/commonly asked questions select a deposit schedule and payout currency payout currency only one payout currency is allowed per merchant account any currency conversions or fees are handled directly by the merchant provider refunds the payment team can configure your merchant account so that an optional reserve amount is held from your payouts until the refund reserve is met refund reserves allow you to issue refunds when there are not sufficient funds in your merchant account to cover the refund when additional payments are made, the reserve is replenished, and at the end of your registration season the refund reserve can be paid out minimum payout amount the minimum balance of your merchant account to trigger a deposit defaults to $35, but is your choice if your balance is lower than this amount then it will affect your payout frequency after the merchant account application is submitted it takes 1 5 business days to set up the merchant account you will receive a notification when your merchant account is approved and ready to accept payments or if additional documentation is required do not invite users to register until you receive confirmation that the merchant account is set up! the payments tab in project settings will show the account as an option for selection once approved additional merchant accounts you can have multiple merchant accounts in new projects, but only one per project when creating a new project, you'll be prompted to select an existing merchant account or add a new one click the button to set up an additional merchant account, and a sidebar will appear to complete another merchant account application additional merchant account setup once approved, you will be able to select any merchant account approved on your account we recommend setting up additional merchant accounts when you would like the option to process in another currency, or you would like deposits to go into a different bank account
