Purchase and sale

How is the movement of funds managed in indirect purchase and sale operations through the platform Medopay?

When you create an offer, you are authorizing Lite Fintech to automatically request your bank to debit the total amount of your quote (this includes the amount of USD you want to sell, the commission for the service and if it is of the type “Instant ACH transaction includes the commission for using this service).

If you make a purchase, take into account that you must notify the seller of the payment within two (2) hours, in accordance with the provisions of our “Terms and Conditions”. Keep in mind that if you do not comply with this step, the offer will be republished automatically in the market, and may cause inconvenience to the buyer due to its omission in the mandatory process established for purchases.

When the offer payment is notified, the seller is obliged to confirm the receipt of the funds once it is received in your bank account, in accordance with the terms established in the Terms and Conditions and at your choice when creating the offer.

If the seller does not confirm having received the payment of his offer or, they do not create a dispute in the corresponding periods, the system will automatically initiate the payment process for the USD acquired from the buyer, from which the service fee will be discounted.

What is an instant ACH transaction?

It is a transaction which is executed immediately on the Medopay platform, without the need to wait for the period corresponding to operations via ACH established by the banks. These types of transactions cannot be carried out on weekends.

How many instant ACH transactions can be done weekly?

Up to three instant ACH transactions can be made per week.

Can Next Day transactions be carried out on weekends?

The next day transactions that take place on weekends will be active on Monday.

What is the daily limit for instant transactions?

You will be able to carry out instant transactions for up to $150 cumulative daily in operations related to: Add funds and create offers / remittances.

Can I add funds to my wallet instantly?

Yes, you can do it via “instant ACH transaction”, which will generate additional established charges in thesection “Commissions” , according to the selected amount. These transactions are subject to the limits established by Lite Fintech.

At what rate does Medopay pay currencies?

On the Medopay platform we provide a dynamic and secure market in which our clients can post currency offers for sale at the rate of their preference in a margin established between 30% above or below the weighted average rate of sale on the platform.

Lite Fintech does not set a benchmark foreign exchange sales rate in the market, we do not buy or sell any currency. If you want information on the official price of currencies, we recommend you visit the corresponding official media.

What is the minimum and maximum amount that I can sell, buy, transfer or request?

If you wish to carry out purchase-sale operations, transfers or payment requests through the platform, you must take into account that the amounts established are as follows:

Regular Users:

LIMIT	AMOUNT (USD)
Daily minimum	$20.00
Instant daily minimum	$10
Daily maximum	$1,000.00
Maximum amount per transaction	$1,000.00
Monthly maximum	$4,000.00
Annual maximum	$30,000.00

 

Premium Users:

Limit	amount (USD)
Daily minimum	$20.00
Daily maximum	$20,000.00
Maximum amount per transaction	$20,000.00
Monthly maximum	$100,000.00
Annual maximum	$ 1,000,000.00

 

Note: For operations to “Request for Payment and / or transfer”, THESE DO NOT HAVE A MINIMUM DAILY AMOUNT, YOU SHOULD ONLY TAKE INTO CONSIDERATION THE MAXIMUM LIMITS PREVIOUSLY INDICATED. Keep in mind that, regardless of the number of accounts you have registered in your profile, you can carry out the transactions you want as long as they do not exceed the limits established for each type of client.

If you wish to carry out transactions for an amount greater than those established and / or make use of our escrow service, contact us through our email: servicio@medopay.com

How is it reflected in my bank account registered on the Medopay platform, the credit or debit to a person or an institution?

The debits or credits of your account to a person or an institution will be reflected in the name of Medopay.

Should I be the holder of the account receiving the funds corresponding to the sale I make?

Not necessarily, you can include any account as recipient of the funds, whether it is a natural or legal person and that it is preferably current.

Can I make the payment of an offer through several transfers?

Yes, as long as you respect the payment condition established by the seller of the offer “Accept payments only from the same bank” or “Accept payments from other banks“, you can fulfill the entire payment through one (1), two (2), or more transfers, which you must notify on the platform within the period of two hours granted for notification.

In case of making the payment through several transfers, you must make use of the button identified with the + symbol and the system will display the necessary fields to notify other transfers made.

What do I do if the transfer I made to pay for a USD purchase is returned by the bank?

You must notify this situation immediately to the email: servicio@medopay.com indicating your locator, attach support for the transfer(s) made where the transaction data is evident (recipient of the amount in Bolívares / identity card or rif / account number) and your account statement, where the return of the funds is displayed, this, in order to contact the seller to report what happened and validate if you made an error loading the account data recipient of the Bolívares.

How long does it take to receive my dollars?

If you set the payment option as USD from your wallet, you will receive it once the seller has confirmed receipt of the funds, but if you have set the payment option as USD from your bank account, you will receive it within a maximum period of 48 business hours for US bank, counted upon the confirmation of receipt of funds by seller.

What happens if the buyer doesn’t complete the deposit?

Lite Fintech will not proceed to release the USD in the buyer’s account, who may also be subject to suspension, penalty or expulsion from the system. You will have the option to initiate a dispute in the system, to republish your offer or withdraw it from the market, in the latter case, the refund of the amount offered, in addition to the refund of the commission by the buyer, as established in our Terms and Conditions.

What is the publication of an offer on a recurring basis?

On the Medopay platform we offer a novel system of automatic payments, through the “Recurring Offers” option. With this service, you will be able to periodically publish, according to your preference, offers for a specific amount, indicating the percentage to increase over the reference market rate for the day you want your transaction to be quoted. You can also choose where you want the money to be debited (balance from your wallet or from your bank account (s) registered on the platform), as the case may be.

If you are a client who regularly makes offers to the same person, you can schedule the shipment, thus saving time by not having to create a new offer every time you need it.

Are offers/remittances published instantly?

If you create the offer from your Medopay wallet, it will be automatically published once it is processed by the system, for this, we recommend you keep a balance in it, thus saving time and you will have immediate availability of funds, while if you create a remittance Snapshot will be immediately assigned to the Authorized Buyer.

When creating offers / remittances from your bank account, the former may be published instantly using the “Instant ACH Transaction” service and the latter will be immediately assigned to the Authorized Buyer.

At the time of making use of this service, you will be able to find it identified as “Instant”, plus the name of the bank from which you want to create the offer / remittance followed by the last 4 digits of the bank account so that you can differentiate them. In this case, additional charges apply depending on the amount of the offer / remittance. Such charges are established in the “Commissions” section of the Frequently Asked Questions.

When creating offers / remittances from your bank account, you must wait for the periods established for the processing of ACH transactions, for this, consult our “Terms and Conditions”.

Are high-volume transactions processed in the same way as the rest?

To guarantee the security of transactions that exceed 10 thousand dollars, we have provided the wire transfer service and for this, once you create an operation for this amount, you will be contacted by an agent from the Operations Department who will guide you during the process.

What are wire transfers?

It refers to a transfer of funds made electronically through different methods, to local or worldwide financial institutions.

What is the duration of a wire transfer?

A wire transfer can take up to 10 business days.

How do I add balance to my Medopay Wallet?

To add balance to your Medopay Wallet we offer you the following options:

• Transfer funds from the account bank in the USA that you associated with your profile.
• Buy offers in the market and select the Wallet as the destination of the funds.
• Receive funds from another Medopay user, sending them a “Payment Request”

Coming soon, through our exchange partners:

• Currency exchange in hotels, airports and authorized points
• Electronic deposits through ATMs
• Payment booths in shopping centers, supermarkets and convenience stores

Can I transfer money to my Medopay Wallet from other electronic wallets?

At Medopay we are working to offer you as many alternatives as possible to carry out transactions. However, at the moment we do not offer  the possibility of carrying out this type of operation. Soon we will have news about this service for you.

Can I make transfers through my Medopay Wallet?

Yes, with your Medopay Wallet you can make transfers to and from the US bank account (s) that you have registered in your profile. You can also buy, sell, receive and make transfers to the wallets of other Medopay users.

For your security, when making a transfer from your wallet to your bank account you will receive an email, through which you must approve the transaction made, until you confirm it, the operation will not advance in the system. I’ll do as follows:

1. You will received and email from our financial ally Prime Trust – immediately after the Medopay mail called “Request to send money processed”
2. You must enter your email and locate an email sent by Prime Trust -our financial ally-, called: Action Required – Disbursement Confirmation
3. Subsequently, you must click on the green button called “Confirm Disbursement”
4. You must do so within 24 hours of receiving the email.

What does the multiple transfer service mean?

It is a service through which you can simultaneously make several transfers whose funds come from your Medopay wallet to the Medopay wallet of clients or not from the platform. You will only need to enter the following data:

• Name
• Email
• Amount
• Concept

You can do it manually or by filling out a file that we make available to you in excel format (.xls). You can identify these transfers individually in your “Transaction History” with a locator number.

Will the money in the Medopay Wallet earn interest?

No, under no circumstances will the money accumulated in your Medopay Wallet generate interest.

How can I see the balance of my transactions made through the wallet?

The balance will be available in your profile from the 15th of the following month. You can access it in the following way:

1. In “Medopay Balance”, you select the option where “Account Status” is indicated.
2. Choose the month and year for which you want to obtain the balance.
3. Finally you select the “Download” option.

It is important to note that you will only be able to obtain the balance if you have made transactions during the month in which you are requesting the Account Statement.