Prime Trust Instant Settlement Integration

This document describes the steps for setting up Instant Settlement accounts and how that helps facilitate moving money into the Prime Trust ecosystem.

How Instant Settlement works

Instant settlement works very similarly for ACH & Credit/Debit Cards, allowing the integrator the ability to front the funds to their customer prior to the settlement process being completed. This facilitates a better user experience, however the integrator takes on the risk associated with ACH failures and Credit/Debit Card Chargebacks.

A funds-transfer-method (payment method) is created and linked to the end user (contact) either with the help of Plaid or via the Credit Card Authorization Widget.

A deposit is then successfully initiated to the instant settlement ACH account or instant settlement Card account An internal transfer is then made from the respective instant settlement account to the end user's account.

Deposits for Credit/Debit is T+1 business days after which the funds are settled to the instant settlement account. Deposits via ACH by default will And if there is an ACH failure or card chargeback that is done out of the instant settlement account.

How to setup Instant Settlement

If you haven’t already talked to your sales representative about it, bring up Instant Settlement with your sales engineer to get the process started.

  1. Tell your Sales Engineer if you’re looking for instant settlement on ACH, Debit Cards, or both.

  2. The Sales Engineer will test your workflow in sandbox to make sure it adheres to the steps above.

  3. Open an account for your company via the API or UI in production and name the account “{{Company Name}} Instant Settlement”.

  4. Let your Sales Engineer or Account Manager know when you’ve opened up the account so we can get it opened through compliance.

  5. Pass the account number on to your Sales Engineer, and they will work to get the correct policies set.

  6. Account management will get your reserve account setup and get you the wire instructions for funding.

  7. Your Sales Engineer will notify you when the account is setup and ready to use.

Instant Settlement workflow

note

T+1 only includes business days

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