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Withdrawals

Introduction​

Withdrawal operation allows customers of Paysafe Embedded Wallet to draw funds from their embedded wallet accounts to an external bank account or credit card.

The prerequisites of the operation requires for the user to be KYC verified and the bank account must be verified and in their name.

The supported deposit methods are:

  • Debit to Credit card
  • Bank transfer to an external bank account
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It is required, that the owner of the withdrawal instrument and wallet account are the same.

For more information check:

Bank Account Withdrawal​

Customers can withdraw funds to their bank account. For the user to initiate withdrawals it requires to have a KYC verfied wallet account and a bank instrument in status VERIFIED. Verification process of bank instruments varies depending on the country of registration of the account.

For more information check Bank Account verification

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  • The withdrawal amount cannot exceed the balance of the user.
  • Merchant fees are substracted from the withdrawal amount.
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Paysafe will also make sure any returned withdrawals are processed by crediting the returned amount back to the customer’s wallet. The Merchant will receive a notification for such returned withdrawals.

Cutoffs and processing times​

Paysafe processes Bank Withdrawals as soon as possible. The processing times depend on the banking system and the time of day. Cutoffs and processing times vary between currencies and target bank account types. Once the withdrawal is processeda webhook is send containing information for the status of the payment.

For more information check Webhooks section