Processing Volt Payments

Note that this guide is for customers accepting transfers directly on their own bank accounts. In case you use Volt Connect, please refer to the guides in the section Connect.

3 aspects are important here.

1. Having a bank account which can receive Volt payments (bank transfers),
2. matching the incoming Volt payments (bank transfers) with the orders in your system (reconciliation) and
3. payouts and refunds have to be handled by your system entirely.

Note that Volt payments are regular bank transfers. If you already receive bank transfers as a means to pay, talk to the respective team in your company, typically finance or the payment team. They can assist with the mentioned aspects.

Receiving Volt payments (bank transfers)

Your bank account should

– for EUR: accept SEPA and SEPA Instant
– for SEK, DKK, NOK, BRL, AUD: be a domestic bank account in each of the respective countries.
– for any other: reach out to Volt.

SEPA and SEPA Instant

Volt typically initiates transfers as SEPA Instant whenever possible. This means your bank account needs to be able to receive those transfers as otherwise those would fail, often immediately but without any indication that the problem is the transfer type.

In case your bank account does not support SEPA Instant or you are not sure, please contact Volt. We can still work with you.

Reconciling Volt payments (bank transfers)

Bank transfers have 4 aspects which are typically used for reconciliation. That is (listed based on priority)

1. the reference appearing on the beneficiary’s bank statement,
2. the transfer amount,
3. the date of the payment or a date range to allow for delayed payments, and
4. remitter details, e.g. remitter name and accounts details such as IBAN.

You can access this data either via your online banking, via an API* from your bank or, in case you already have existing reconciliation systems, your treasury or similar system.

In order to match the payments arriving on your account, we recommend fetching a report from Volt about which payments where made with Volt. You can get all relevant data from Volt Reporter.

Matching of data points from Volt and beneficiary’s bank
Volt Beneficiary’s bank Matching
uniqueReference Reference as shown on the bank statement Loose match, e.g. fuzzy logic
amount amount as received on the bank account Exact match
createdAt booked or processed immediately Check a reasonable enough date range, e.g. 14 days.
shopper.iban (not always) Remitter/originator IBAN Exact match (not always) Remitter/originator name Loose match, e.g. fuzzy logic
merchantInternalReference Not available Shown in the Volt report.

Note that the shopper / remitter details are not always shared by Volt while they are always available on your (beneficiary’s) bank.

Transacting in high frequency

If you expect multiple payments from the same shopper to arrive on your bank account within the same day or even shorter time periods OR if you generally have a lot of payments arriving, then it becomes important of how often you get updates from your bank about the incoming Volt payments. Say your bank credits your account immediately but only shares the report of that processed payment an hour or even a couple of hours later. That impacts your ability to process the orders in time.

Please contact your bank about that. It is unfortunately outside of our control but has in other cases led to issues for some of our customer which is why we want you to know about it.

Payouts and refunds without Volt Connect

When you receive Volt payments (bank transfers) directly to your bank account, Volt has no access to those bank accounts. That means Volt can’t initiate payouts or refunds for you. You have to initiate those yourself from your own systems or with your bank.

Payouts and refunds are bank transfers from your bank account to the shopper’s bank account. For that, you need access to your bank account and permission to initiate transfers. You can initiate transfers from your bank account either via your online banking, via an API* from your bank or via internal tools, in case you already have existing systems accessing your bank accounts, e.g. treasury or finance systems.

Identifying the associated shopper or order

Before a payout or a refund can be issued, you have to identify the respective shopper or order related to it. This process is the same as for reconciliation, so following our recommendation allows you to do that.

Issuing payouts and refunds

Online banking typically allows you to either
1. initiate individual transfers manually
2. initiate batches of transfers, e.g. via file upload for PAIN* or CSV files.

Please reach out to your bank which options are available to you.

Volt Reporter provide relevant details to generate the respective files

*Payment Initiation (PAIN) – PAIN.001 is a payments initiation message by ISO 20022. It depicts a Credit Transfer message in an XML format.