How does the direct sale service work?

Placing a direct sale through Medopay is very simple, select “Send money now” when entering your profile on the platform and choose from the options we have for you, the one that suits your needs. In this case, select the option “Send Remittance (direct sale).

What does instant direct sale (remittance) mean?

Through this service you will be able to place instant remittances for up to a maximum amount of USD 150 a day, for which you will receive the funds in Bolívares within a period that will not exceed 6 hours bank. The transactions that have Banesco, Banplus, Banco Mercantil and Provincial funds as receivers of funds, will be executed in less time than the transactions that place receiving accounts in the rest of the banking institutions.

How is the movement of funds managed in instant direct purchase and sale (remittance) operations through the platform Medopay?

When you create a direct sale, you are authorizing Lite Fintech to automatically request your bank to debit the full amount of your quote (this includes the amount of USD you want to sell, the service fee, plus the ACH fee) .

This direct sale is automatically assigned to the authorized buyer, who must pay for it within 6 bank business hours and once the seller receives the funds, he is obliged to confirm receipt thereof in accordance with the established deadlines. in the Terms and Conditions and at your choice when creating the offer.

If the seller does not confirm that he has received payment for his direct sale or, failing that, does not create a dispute in the corresponding periods, the system will automatically initiate the process of payment of the USD purchased from the buyer, from which it will be deducted the service fee.

What does next day sale (remittance) mean?

Through this service you will be able to place sales whose publication is made in a period of 24 continuous hours and whose payment is executed in a period of no more than 6 bank hours after its allocation to the authorized buyer. The current rate will be applied the following day. That is why we put at your disposal the option of being able to cancel it at any time before it is published on the market.

How is the movement of funds in the direct purchase and sale (remittance) operations managed the next day through the platform Medopay?

When you create a direct sale, you are authorizing Lite Fintech to debit the funds from the offer plus the service commission in a period of 24 continuous hours from the date of creation.

The payment is executed in a period not exceeding 6 banking hours after its assignment to the authorized buyer. Once the seller receives the funds is obliged to confirm receipt thereof in accordance with the deadlines established in the Terms and Conditions.

If the seller does not confirm that he has received payment for his offer or, failing that, he does not create a dispute in the corresponding periods indicated in the Terms and Conditions.

At what time does the authorized buyer make payments for direct sales / remittances (snapshots and next day)?

Payments for direct sales will be made by the authorized buyer during the following hours: Monday through Friday from 9:00 am to 7:00 pm (EST), Saturdays from 9:00 am to 2:00 pm (EST).  Direct sales created after 2:00 pm (EST) on Saturdays and those created on Sundays are paid the following business day.

What happens if I do not receive the funds from the direct sale within the established period?

At Medopay we care about the security of your money and that is why if you do not receive the funds of the offer created, you will have at your disposal the option to cancel the transaction, in which case the refund includes the service fee. We also have the dispute mechanism available to you according to the parameters established in the Terms and Conditions.

At what rate does Medopay pay for direct sales?

Direct sale operations have an exchange rate assigned by the Authorized Buyer, which will be visible at the time of direct sale creation.

How long will it take for the funds to be credited to the fund recipient account that is placed when creating the direct sale?

If the direct sale is of an instantaneous type, you will receive the funds in a period of no more than 6 bank hours counted from the moment of its creation.

If the direct sale is of the following day type, it will be active 24 continuous hours after its creation, in this sense, you will receive the funds in a period not exceeding 6 bank hours after being assigned to the authorized buyer.

Can I change the recipient of the direct sale?

Once the sale is created and validated, it is not possible to edit any registered data.

What is the difference between an instant sale and a next day sale?

INSTANT	SALES NEXT DAY SALES
You can create transactions that will be published and / or placed to the authorized buyer instantly for up to $150 per day	You will be able to create transactions according to the daily limits established for regular and premium users You
will receive the funds in a period not exceeding 6 hours bank once the transaction is created	Once the offer is active 24 hours continuous  counted from the moment of its creation You will receive the funds in a period of no more than 6 banking hours after being assigned to the authorized buyer

 

What is the commission for the service?

Regular Users:

Transaction Type	Transaction Amount	Service	Fee Instant transaction fee for amounts between $ 20 and $ 66	Instant transaction fee for amounts between $ 67 and $ 150
Buy	Less than or equal to $ 50	$ 2	Does not apply	Does not apply
	More than $ 50 up to $ 750	4%
	More than $ 750 up to $ 3000	$ 30
Sale	Minor and / or equal to $ 125	$ 5	$ 2	3%
	More than $ 125 up to $ 300	4%
	More than $ 300 up to $ 750	4%	Does not apply	Does not apply
	More than $ 750 up to $ 3000	$ 30	Does not apply	Does not apply
Add funds to the wallet	Free		$ 2	3%
Payment requests	Free		Does not apply	Does not apply
P to P Transfer	Free		Does not apply	Does not apply
P to B Transfer	Bet 1 and 2%		Does not apply	Does not apply
B to B Transfer	Bet 0.5 and 2%		Does not apply	Does not apply

 

Premium Users:

Transaction Type Transaction	Amount	Service Commission
Purchase	Less than or equal to $ 3,000	Regular Customer commissions apply
	More than $ 3,000 up to $ 5,000	$ 35
	Greater than $ 5,000	1%
Sale	Less than or equal to $ 3000	Regular Client commissions apply
	More than $ 3000 up to $ 5000	$ 35
	Greater than $ 5000	1%
P to P Transfer	Free
P to B Transfer	Bet 1 and 2%
B to B Transfer	Bet 0.5 and 2%
Payment requests	Free
Add funds	Free
MAINTENANCE FEE: In case of being a Premium User, Lite Fintech will charge you a monthly maintenance fee of $ 10. This value will be automatically discounted from the Wallet, within the first three days of the month, if there are no funds available in the Wallet, it will be discounted from the bank account in the United States that is registered on the Platform. If there are insufficient funds in this, a $ 2 penalty will apply.

 

DIRECT SALE

Transaction Type	Transaction Amount	Service	Commission for instant transaction for amounts between $ 10 and $ 66	Commission for instant transaction for amounts between $ 67 and $ 150
Direct Sale	Less than or equal to $ 125	$ 5	$ 2	3%
	More than $ 125 up to $ 300	4%
	More than $ 300 up to $ 750	4%	Does not apply	Does not apply
	More than $ 750 up to $ 3000	$ 30	Does not apply	Does not apply
	Greater than $ 3000 up to $ 5000	$ 35	Does not apply	Does not apply
	Greater than $ 5000	1%	Does not apply	Does not apply

 

Special Services:

SPECIAL SERVICES	COMMISSION
For the modification of bank details Buyer and / or Seller	USD $ 2.00
For breach of the Terms and Conditions regarding the terms established to execute payments	USD $ 2.00
For breach of the established Terms and Conditions of payment by the Seller.	USD $ 2.00
For breach of the General Terms and Conditions, which directly affect the development of the processes and the correct execution of transactions	USD $ 2.00
For proven breach of the Terms and Conditions, by the Seller and / or the Buyer , this will assume the amount corresponding to the commission that has generated the transaction to the affected party, an amount that will be returned to the latter as compensation for the delay in the execution of the operation	Commission applied + USD $ 2.00 of special services commission
For non-compliance in the payment of the maintenance fee for Premium Users	USD $ 2.00

 

All commissions and special services are regulated in our Terms and Conditions, for more information you can go to the section /terms-and- conditions / or contact us at the email servicio@medopay.com.

 

ESCROW SERVICE

Bank customers in the US

Amount in $	% Service Commission
5,000 up to 9,999	2.5
10,000 up to 14,999	2
15,000 up	1
to 99,999100,000 up to 204,999	0.7
205,000 up to 499,999.00	0.6
500,000 up to 1,000,000.00	0.5

 

Unbanked Clients in the US

Amount in $	% Commission Service
5,000 up to 9,999	3
10,000 up to 14,999	2
15,000 up	1
to 99,999100,000 up to 204,999	0.7
205,000 up to 499,999.00	0.6
500,000 to 1,000,000.00	0.5

 

PAYROLL SERVICE

Monthly Fee: from 1% to 2%

Note: It varies depending on the number of employees and the total amount of the monthly payroll.

 

TRANSFERS (WIRE TRANSFER)

Concept	National (USA)	International
Wire Transfer Outgoing	25	45
Wire Transfer Incoming	12	12