Effective Date: 11/6/2020; Next Review Date: ????
This article describes the details involved in adding a DebtPayGateway (DPG) Reserve Account. This article is broken down into the following sections:
- What is a Reserve Account?
- How does a reserve account work?
- How to make an initial deposit
- How do you set up a Reserve Account?
What is a Reserve Account?
A DPG reserve account is a separate dedicated account that may be used to pay for consumer refunds, chargebacks, advances on consumer NSF accounts, etc. Reserve accounts are highly recommended as a mechanism to pay for unexpected business expenses and other funding shortfalls. The reserve account can be funded by depositing funds directly with DPG or they can be pulled from available earned fees.
How does a reserve account work?
Reserve accounts are “rolling balance” accounts and can be used up to the available balance. If funds are drawn down to advance a settlement payment or refund a consumer, the transfer is immediate and the account available balance is updated. The account is replenished daily from the earned fees you collect back to the preset reserve amount you set up.
How to make an initial deposit
For new companies who may not have sufficient earned fees to deposit, it is suggested to wire funds or mail in a check to DPG. To wire funds directly, please contact DPG at email@example.com. The recommended minimum deposit is $500.00. For checks, please make it payable to Debt Pay Gateway Inc. and send it to the following address: Debt Pay Gateway Inc. 1900 E Golf Rd, Suite 550,
Schaumburg, IL 60173
The alternative method is to wait for funds to build up in the account to meet the reserve limit. Note: during this time, any earnings will not be paid until the reserve limit is met. Any NSF accounts or fees that are due will need to be immediately funded and wired to DPG for payment.
How do you set up a Reserve Account?
The following steps illustrate the basics for setting up a reserve account in DPG.
Navigate to the Accounting tab and select the Fee Accounts button.
Select the Account to Client Transfer link.
Select the payee account you wish to set up. If you don't have see the payee account you wish to use or need to set up a new payee account, please contact Settlements@debtpaygateway.com for further assistance.
Once you have selected the payee account, click the link - Reserve Limit and a pop up window will appear. Enter the amount and hit the save button. Note: The reserve limit can be changed at any time by your firm's authorized user(s).