Learn how to transfer funds to your favorite partners through EdWallet
In EdWallet, there are two types of outgoing payments: withdrawals and payouts.
- Withdrawals involve transferring funds from your EdWallet to your own bank account.
- Payouts, on the other hand, allow you to transfer funds from your EdWallet to a provider, in other words, you can also pay your providers directly from EdWallet.
In this article, we'll guide you on how to make payouts from your EdWallet account.
First, it's important to understand the two categories of providers you can pay from EdWallet:
- Verified Providers: These providers are pre-listed in EdWallet after being validated by Edvisor. They go through a thorough legal verification to ensure they fulfill all the necessary requirements for receiving payments. These providers use an Edvisor Payments account, which means their bank account details are automatically integrated and do not need to be entered separately.
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Custom Providers: These are educational institutions that are not yet verified by Edvisor, so you need to add them manually to EdWallet. You will also need to manually input their bank account information.
💡Once entered, these details are saved for future transactions.
How to transfer funds to your providers
🔹 Go to EdWallet > Settings > Providers
If you're transferring funds to a verified provider, you can skip steps 1 and 2, as the school will already be listed here. Move ahead to step 3!
- Add the School Provider Account: For custom providers, begin by adding the account details of the educational institution to which you need to make a payment. Click on 'Add custom provider' and follow the steps.
2. Account Validation by Edvisor: After adding the account, allow Edvisor 24 hours to validate the account information.
3. Initiate Payout: Once the account is validated, navigate back to the providers section (Settings > Providers) and click on the 3 dots icon next to the respective school provider. Then, select 'Send payment.
4. Follow the steps: Choose the currency account from which you want to transfer funds. Then, enter the amount to be transferred, input the security code, and click 'Send payout'.
⚠️ Once the payment is sent, it can't be undone. Double-check all the details to ensure accuracy before proceeding with the payout!
Once entered, the funds will be sent to the designated school provider's bank account, with processing times varying from 24 to 72 hours on business days.