We’re excited to introduce USD Bank Transfers as a new payment method for our users. This method offers a cost-effective and efficient way to make payments. Below are the frequently asked questions regarding USD Bank Transfers.
1. What is the USD Bank Transfer Payment Method?
The USD Bank Transfer is a new payment method that allows you to transfer funds directly to your Plivo account without incurring the 3% Payment Gateway Fee (PGF) associated with credit card payments. The transfer can be made via Domestic Wire Transfer (same-day settlement) or ACH Transfer (next-day settlement).
2. Why should I use USD Bank Transfers?
- No 3% Payment Gateway Fee: Avoid the 3% PGF that applies to credit card payments.
- Faster Settlement: Same-day settlement via Domestic Wire Transfer or next-day settlement via ACH Transfer.
- Cost-Effective: ACH transfers generally have no fee, and wire transfers have a small flat fee charged by your bank (usually around $30).
3. How do I make a payment using USD Bank Transfer?
Follow these simple steps to make a payment:
Step 1: Log in to your Plivo Console
Go to the Payment Methods section in your console.
OR
Follow this link: https://console.plivo.com/payments/bank-transfer/
Step 2: View Your Virtual Bank Details
Click on the USD Bank Transfer option to view your unique virtual bank account details (account number, routing number, and bank name).
Step 3: Initiate the Transfer
Use your bank’s online portal or mobile app to initiate the transfer.
For Domestic Wire Transfer: Select wire transfer and enter the provided bank details for same-day settlement.
For ACH Transfer: Select ACH transfer for next-day settlement.
Step 4: Confirm the Transfer
Once the transfer is completed, the payment will be automatically recorded in your Plivo account when the funds are received.
Note: ACH transfers settle in 1-2 business days while Domestic Wire Transfers settle on the same day.
4. Are there any fees for USD Bank Transfers?
- USD Bank Transfers (Wire & ACH): No additional PGF fees. However, a flat fee (typically around $30) may be charged by your bank for wire transfers. ACH transfers typically have no fee.
- Credit Card Payments: Subject to the 3% PGF fee.
5. How long does it take for my payment to settle?
- Domestic Wire Transfer: Same-day settlement (once funds are received).
- ACH Transfer: Typically settles the next business day after transfer.
6. Can I continue using my credit card for payments?
Yes, you can still use your credit card for payments, but please note that the 3% PGF will apply. If you prefer to avoid this fee, we recommend using USD Bank Transfers instead.