What is Verotel’s holdback or reserve percentage and when does it get paid out?
As is customary in the processing industry, Verotel holds a 10% rolling reserve from the total sales of a given transaction period. Approximately twenty-six (26) weeks following the date of the initial transaction period, the 10% reserve amount is paid out to you (e.g., reserve for week 1 is paid out on week 27, week 2 on week 28, etc.) This reserve is used to protect payment processors from financial losses that may occur if a customer wants their money back and the website is no longer online. Please note: if you choose not to be paid weekly your reserve payments will take place on your next regular pay date after the 26 week period.
