With a Payza Business Account, you have full control over the customers you choose to serve and how best to receive their online payments. Payza’s Payment Preferences let you set up your account exactly the way you want it.
Here we explain the various settings–available in all Payza Business Accounts–and why you may want to adjust the default settings so that they best suit the needs of your business.
At Payza, we understand that your business may be constantly growing so you may want to update your preferences often. Whatever the reason, if you need to make occasional changes to your payment preferences you can do it yourself within your account. Feel free to optimize your payment preferences and set up the system that works best for you.
How to Change Your Payment Preferences
- In your Payza account, click the “Account” Tab in the navigation bar to the left, then click “Payment Preferences”.
- Review the various preferences and make changes as necessary. Most Payment Preferences give you a choice between two options, simply check the one that make sense for your needs.
- Click “Save Settings” to save your updated Payment Preferences.
Now that you know how to update your Payza Payment Preferences, here is a look at the options available to you.
Foreign Currency Payments
You have two options when it comes to accepting foreign currency payments:
- Accept payment and open that currency balance
- Accept payment and convert it to [local currency] balance
The default setting for your account is to open a new currency balance when you receive foreign currency payments.
Given the international scope of e-commerce today, your business will likely have a global customer base that prefers to pay you using their local currency. When receiving payments in foreign currencies, you have the option to keep that payment as is or convert it instantly to the primary currency of your account. If you choose to convert the payment, currency exchange fees may apply.
If you choose not to convert foreign currency payments, Payza will automatically open a new currency balance in your account when you receive funds in a new currency.
Accept Payments from Unverified Accounts (Non-verified Members)
You have two options for accepting payments from unverified accounts:
- Yes, accept payments
- No, block payments
We’ve set the default setting to accept payments from unverified members so you can receive payments from the biggest possible market.
Your business can receive payments from both verified and unverified Payza members. Payza employs a strict screening process to verify our Business and Personal account holders in terms of their identity and place of residence. For security reasons, you may prefer to receive payments only from verified members and block payments from unverified accounts.
Customers Can Make Payments Using the “Send Funds” Feature
You have two options for accepting payments through the “Send Funds” feature:
- Yes, accept payments
- No, block payments
We’ve set the default setting to accept payments to your e-wallet using the Send Funds feature to give your customers more ways to make payments. If you only wish to receive payments directly through your website or through the email invoices you send, we suggest blocking this payment option.
Payza members can send money to each other directly, from one e-wallet to another, using Payza’s Send Funds feature. This transaction is practical for payments because you can allow your customers to pay you using just your email address, there’s no need for them to complete the purchase flow on your website.
The downside of this payment method is that because these payments do not originate from your website, they can be more difficult to track. This can make things confusing when you are trying to fulfill a large amount of orders if payments were made using “Send Funds” instead of on your website.
Control Which Countries Can Make Payments to Your Business
There are two Payment Preferences that give you control over which countries can make payments to your business:
- Would you like to accept payments from members located outside [your country]? Yes or No.
- Block or allow payments by country
By default, we set your account to accept payments from all countries so you can do business with the biggest possible market.
Do you limit the shipping of your goods to specific geographical regions? Does your business serve a local market exclusively? If that is the case, you may want to limit which customers can make purchases from your business based on their location.
Payza’s Payment Preferences give you the option to block payments from specific countries, or even block all payments from outside your country if you only sell domestically.
If you would like to accept payments from a select few countries, we recommend that you first set all countries to the “Block Payment” setting, then choose the countries you wish to accept payments from by moving those countries back to the “Allow Payment” setting.
Accept Direct Credit Card Payments and Balance Top Up Payments
This option lets you allow or block direct credit card payments and Balance Top Up payments. Note that you will need to accept direct credit card payments to be able to accept payments from non-members.
- Yes (accept)
- No (block)
Our default setting for your account is to accept direct credit card payments so all payments options are available to your customers.
Your business has the option to accept or block credit card payments made directly from your website. By accepting direct credit card payments, you will incur all fees related to this transaction.
If you block credit card payments, your customers will need to add funds to their accounts by credit card and then complete payment to your business. In this situation, the customer incurs fees for the credit card transaction to add funds to their e-wallet while your business will incur fees only for receiving the payment.
With the Balance Top Up option, a customer can make a purchase using combined funds from their e-wallet and credit card. The payment will first use funds from the customer’s e-wallet and then their credit card will automatically top-up their payment to pay the full balance.
Reattempt Failed Subscription Payments
This setting lets you reattempt payment if a subscription payment fails, or cancel the subscription automatically.
- Yes, try two more times
- No, cancel subscription on failure
By default, Payza will make two more attempts to complete the subscription payment before canceling the subscription.
Some businesses bill their customers on a regular basis, monthly memberships for example. On rare occasions, an automated subscription payment may fail because the customer has insufficient funds in their account. If you do not want our system to reattempt the subscription charge after a short delay, you can set your payment preferences to automatically cancel a subscription following a failed payment.
For a fast, simple step-by-step guide on how to set up or change your payment preferences, see our merchant setup guide.