Question
What is a Secure Deposit and Settlement Delay on my ZEN Payment Gateway?
Answer
When signing up for ZEN Payment Gateway for your e-commerce store, important aspects of the contract between your company and ZEN are the Secure deposit percentage amount and Settlement delay time for specific payment methods.
- The "eCommerce Secure Deposit" shown in your business account's transaction history is a small portion of each transaction processed through the ZEN Payment Gateway. These deposits are held in a separate account to safeguard against chargebacks. They serve as a security measure to protect both your company and ZEN from fraud and handle transaction disputes.
The specific percentage and duration of the deposit are outlined in the agreement between your company and ZEN, accepted terms and conditions, and the confirmation email received when activating your store on ZEN. These details may vary depending on the payment methods accepted in your store. After the time specified in the contract passes, deposits are returned to your ZEN Business account. - The "eCommerce Settlement Delay" is a measure implemented to safeguard your company and ZEN from potential disputes and processing delays when using certain payment methods. It represents the period between initiating a transaction and the actual transfer of funds from the ZEN Payment Gateway to your company's account.
The specific number of days for the Settlement Delay and the affected payment methods are outlined in the agreement between ZEN and your company, the accepted terms and conditions, and the confirmation email received upon activating your store in ZEN.
If you would like to learn more about the pricing and contract between your company and ZEN, please read this article.