How do you withdraw funds from the project balance?

Each project in our system has its balance. It reflects the movement of funds and transactions within a specific client's project. This balance may have multiple currency accounts to represent various operational currencies.

• Projects can have distinct balances with separate currency accounts for operations in different currencies.
• The project balance stores a history of all transactions related to the project, allowing for filtering and searching.
• Business clients can check the project balance and withdraw funds to a bank balance or an external bank account.
• If necessary, the system automatically converts currencies at the current exchange rate if the project's currency is unavailable on the client's bank balance.

To settle funds from the project balance, navigate to the "Settlement" section on the Merchant dashboard. Funds can be withdrawn to:

1. The client's bank balance within the PayDo system.
2. An external bank account.

1. How do you withdraw funds to the bank balance? 

Step 1. Log into your PayDo Business Account.

Step 2. Navigate to your account's "Merchant" dashboard.

Step 3. Go to the "Projects" section. Select the project from which you must transfer funds to the bank.     

Step 4. Choose the "To account balance" tab in the "Settlement" section.

Step 5. Select the project balance "Transfer FROM." It is the one from which the funds need to be withdrawn to the bank balance.

Step 6. Select the "Transfer TO Account balance." It's where the funds from the project balance will go.

Step 7. Enter the "You send" (transfer amount) to be transferred to the bank balance. The system converts currencies at the current exchange rate. It does this if the project's currency is off your bank balance.

Step 8. Click "Review & Proceed" to go to the verification page of the entered data and confirm the transfer.

Step 9. Check the chosen balances and the entered transfer amount. Confirm the transfer by pressing the "Confirm transfer" button.

Step 10. Wait for the transfer to be processed. This may take a few minutes.

Step 11. After the transfer is added to your bank balance, you will get confirmation that the project balance was credited. Next, you can download the transfer details or go to the general list of transfers.

2. How do you withdraw funds to the external bank account? 

Step 1. Log into your PayDo Business Account.

Step 2. Navigate to your account's "Merchant" dashboard. Go to the "Projects" section. Select the relevant project for fund transfer.

Step 3. Go to the "Projects" section. Select the relevant project balance for fund transfer to the external bank account.

Step 4. Choose the "To external bank account" tab in the "Settlement" section.

Step 5. Select from verified recipient templates for the external transfer or add a new one with "Add New +."

Step 6. When creating a new template, fill in the recipient's details. These include the following:

• Recipient bank country
• Currency
• Recipient IBAN
• SWIFT/BIC
• Bank Country / Bank name / Bank address
• Account type (own account or pooled account)

If data doesn't autofill after entering IBAN or SWIFT/BIC, manually complete the rest of the fields.

Step 7. Please provide a document confirming the account belongs to you. It should include the financial institution info, company name, address, and IBAN/account number. Both scanned copies and digital documents from your bank are acceptable. Keep in mind that only one of the provided documents is required. After uploading the supporting documents, click the "Save&Continue."

Step 8. Please wait while the request to add a new recipient template processes your entered data. This may take a few seconds; do not close the page during this time.

Step 9. We will send the recipient's data for verification. Our specialists will review it. We will inform you of the results within 1-3 business days. You can check the verification status under the "Verified"/"In review"/"Rejected" tabs in the "Settlement" section.

Step 10. Select one of the verified recipient templates for the transfer to an external bank account. 

Step 11. Select the project balance "Transfer FROM." Enter the transfer amount and proceed to verification and confirmation.

Step 12. Enter the "You send" (transfer amount) to be transferred to an external bank account. The system will automatically convert funds from one currency to another at the current exchange rate only if the currency of the selected external account differs from the currency of the chosen project balance.

Step 13. Click "Continue" to proceed to the verification page of the entered data and confirm the transfer, or click "Back" to select a different recipient.

Step 14. Check the recipient details and the transfer data to the external bank account. To confirm the transfer, click "Send code". Then, enter the code sent to the email on your account.

Step 15. Click the "Confirm" button. This will confirm the start of the transfer from the project balance to the external bank account.

Step 16. Wait for the transfer to be processed. This may take a few minutes.

Step 17. After we process the payment, you can view its status in the withdrawal details. If needed, we may request additional information while processing the payment to the external bank account.