Successful Payments To and From Your EdWallet Account

Helpful tips and requirements for sending and receiving successful payments to avoid processing delays

Here are some helpful, and critical tips to ensure that you receive and send money from and to, your EdWallet account to avoid any unnecessary delays and even payment rejection (funds sent back to the payer).

Outlined below, are some important considerations when requesting and sending payments with EdWallet. 

1. Required Documents & Verification

2. Transfer Processing Times by Region

3. Supporting Countries

1. Required Documents & Verification

Compliance Checks

With every single transaction, at the core, is a compliance check from the global providers. This is to ensure safe and secure transactions and to avoid any cases of fraud. This is extremely important to us at Edvisor.

• Ensure your bank account and digital wallet are verified before initiating transactions
• You may be required to upload proof of identity (passport, national ID, date of birth) before allowing large transactions
• Proof of payment (bank/wire transfers) should always be uploaded to the payment requests created in order for the funds to be properly allocated
• Credit card payments do not require any proof of payment as the compliance check happens immediately when making a card payment
  
  

Wire Transfers

It is important to note that all wire transfer require a copy of proof of payment - this is provided by the payer's bank when a wire transfer is made. Without this document, the transaction will simply be rejected.

Consequences of a failed compliance check

For security reasons, we have a firm policy that funds will be returned to the payer if transactions fail compliance due to these reasons:

• Proof of payment is NOT uploaded (to the Edvisor student payment request link provided by agency) within 24 Hours of the student initiating a bank/wire transfer
• A payment is sent via wire transfer with no registration details (no Edvisor payment request link exists or was not created)
• A payment is made over 24 Hours, after the Edvisor payment request link has expired
• The payment amount does not match the requested amount in the payment request link

In these error cases, the funds are sent back to the payer and a new payment request link must be created by the Agency and sent to the student. Service/exchange rate charges may apply for returned funds to the payer.

Specifically in cases where you are receiving funds from a Student's bank account to your EdWallet account - these points are particularly important to avoid delays!

 

2. Transfer Processing Times by Region

It is important to get familiar with the current processing and transit times, based on the method of payment and country of origin. Transit times begin only when a proof of payment has been confirmed, and/or uploaded to the payment request created by you, the Agency.

All payment requests with a status of 'OPEN' do not trigger the processing times, as it indicates only that the request has been created and waiting for action (ie. uploading a proof of payment).

 

Example payment request page:

What do the processing times mean?

Here are the estimated processing / transit times once a payment has been uploaded (credit card, or proof of payment submitted).

It should be noted that all listed times are using Business Days (ie. 48 hours = 2 business days) of Monday to Friday only, contingent to bank processing times.

For example if a payment is sent on a Friday near the end of day, the processing times would only begin on the following Monday, which would be considered as 'Day 1' or processing. 

Incoming Payments (Funds to EdWallet): Student and Corporate

 

3. Supporting Countries

There are different groups of supported countries depending on the payment type and new countries are always being added. If you find that with your Edwallet account you cannot select the country that you need, first determine what type of payment it is below, and then send in a request to our support team for the country to be added. 

Student Payment Countries - The country from which the Student is making a payment from, into your EdWallet account.

Corporate Payment Countries - The country of a partner-verified School bank account you wish to send payments to, from your EdWallet account.

Payout Countries - The country that you want to make a withdrawal to, from your EdWallet account.

 

New country activations will require approval from our global accounts partners. For approved countries, it may take up to 15 days to configure before use. To send a new country request, contact our Payments Support Team: payments@edvisor.io