In certain markets, such as Nigeria, there are limits on the size of a single payment allowed by the domestic payment network. As an alternative to customers having to create multiple payments less than this limit manually, Verto offers the ability to automatically split large payments into smaller ones, allowing faster delivery of funds, and meaning large payments do not need to be manually split.
This feature is only available in Nigeria (NGN) for our customers on enterprise plans.
To use this feature simply start a wallet withdrawal that is more than Verto’s per payment limit (for NGN is this currently 75m).
2. Select continue, select a beneficiary and a purpose of payment. You will then see the option to split the payment automatically. This will create the number of payments up to this amount.
For example, if the per payment limit is 75m, and you are withdrawing 300m this would create 4x 75m payments.
If the amount is not devisable example by the limit, then an additional payment is created with the excess. For example, if the per payment limit is 75m, and you are withdrawing 400m this would create 5x 75m payments and a single payment of 25m.
Payments are automatically given a unique TO payment ID, but will have a tranche number included in the reference field (S1, S2, S3) to allow you to easily identify each withdrawal.
If a reference is included on the payment then it will be prepended with the tranche ID. For example, if the reference - Invoice 231 was given - then each split payment would be given a reference of S1 Invoice 231, S2 Invoice 231, S3 Invoice 231 ext.
3. Select Send to a bank account, and follow the normal payout process - including entering the OTP code and if required getting the payment approved by another team member.
When initiating is completed it will create the number of payments automatically, each with a unique payment ID in your wallet.
For any questions please reach out to our customer support team support@vertofx.com