What does payment frequency mean?

Payment frequency refers to how often the client will receive funds from processed transactions. While creating an application, you can choose the frequency at which these payments will be made to the merchant’s iCard Business account, based on what best suits your client’s needs. The available options are:

• Daily: payouts are processed on the next business day for all successful transactions completed by the end of the previous day. Please note that transactions processed on Friday, Saturday, and Sunday will be paid out on Monday.
• Twice a week: payouts will be made every Monday for successful transactions from the preceding Thursday to Sunday, and every Thursday for transactions from the preceding Monday to Wednesday.
• Weekly: every Monday all funds from the previous week’s transactions will be consolidated and paid out to the client’s account.

If the settlement day is an official holiday, the payment will be executed on the next working day following the holiday, which applies to all frequency options. 

The payment frequency can be changed later if the client wishes to update their initial setup. To do this, simply send a request via e-mail to partners.portal@icard.com, specifying the client and the new preferred payout frequency. Please note that the update will be applied directly in the iCard system, but it will not be reflected in the already-approved application visible on your dashboard.