Wallets, Deferrals and Rebates FAQs for Funding Customers

Wallets, Deferred Pay & Rebates FAQ

Wallets and Withdrawals

What is a wallet?

A wallet is where funds sit within Sonovate before they are paid out. This can include your margin, worker funds and scheduled payments.

Wallets give you more visibility and control over when funds move.

What is the difference between wallet balance and available balance?

Wallet balance is the total amount of money held across your wallets, including funds that may be scheduled for future payment.

Available balance is the amount you can withdraw immediately.

What happens to my margin payments?

Instead of margin payments accumulate in your wallet.

You can then choose when to withdraw funds, how much to withdraw and what payment reference to use.

Can I choose when to withdraw funds?

Yes. You can:

Withdraw available funds immediately
Schedule a future-dated withdrawal
Leave funds in your wallet for longer, where eligible, to support rebate value

Can automatic withdrawals still be used?

In some cases, automatic withdrawals may be enabled. If this is switched on, available wallet funds will be queued for payment to your nominated bank account.

However, using automatic withdrawals may reduce the opportunity to earn rebate value, as funds leave the wallet sooner.

Why can’t I withdraw the amount I expected?

Check the settings and balances that may affect your withdrawal amount or date.

If the amount available to withdraw is lower than you expected, start by checking your wallet balance, pending payments, retained funding and liability limit. If the amount is available but your preferred date is not, check the withdrawal date selector.

1. Check for pending payments

Pending payments reduce what is available to withdraw. Review the pending items in your wallet, including any withdrawals you have already requested.

This can explain why the balance shown against a transaction is higher than your current withdrawal availability.

2. Check retained funding

If your account has a retained reserve, the amount shown as Retained funding is held back from withdrawal availability.

Your available balance already accounts for it. A reserve change can affect availability without creating a new wallet transaction.

3. Check your liability withdrawal limit

If your account has a liability limit, check the percentage in use on your dashboard. As you approach the limit, it may restrict the amount you can withdraw.

The limit is shared across currencies. A withdrawal in one currency can reduce what is available in another, so check whether you have recently requested a withdrawal from a different currency wallet.

4. Check the withdrawal date

If you can enter the amount but cannot select your preferred date, your account’s minimum withdrawal notice period may be the reason.

Open the date selector to see the earliest available date.

Understanding your liability withdrawal limit

Find out how your liability withdrawal limit affects the amount you can withdraw, including when you use more than one currency.

If your account has a liability withdrawal limit, it sets a maximum level of liability you can reach through withdrawals. This can affect how much money is available to withdraw from your wallet.

Your wallet availability already takes this limit into account.

Where can I see my limit?

You can see your liability limit and the percentage currently in use on your dashboard. The percentage shows how much of your overall limit has been used.

For example, 95% utilisation means 95% of your limit is in use. At 100%, there is no remaining capacity for a withdrawal that would increase your liability.

How does the limit work across currencies?

Your limit is set in pounds sterling and applies across all fundable currencies on your account. Balances in other currencies are converted and combined when calculating how much of the limit is in use.

This means withdrawing money in one currency can reduce the amount available to withdraw in another.

You have one shared limit across currencies. The amounts available in your GBP and USD wallets are not separate allowances that you can necessarily withdraw in full at the same time.

For example, if a GBP withdrawal uses all your remaining liability capacity, you will also have no capacity left for a USD withdrawal that would increase your liability.

Is this the same as a funding limit?

No. A funding limit controls the amount of invoices that can be funded. A liability withdrawal limit controls the level of liability you can reach through withdrawals.

Your withdrawal availability may also be affected by retained reserve, pending payments and other account restrictions.

What happens if my limit changes?

A change to your liability withdrawal limit takes effect immediately in your wallet availability. Increasing the limit may make more money available to withdraw, depending on your wallet balance and any other restrictions.

Rebates

What is a rebate?

A rebate is a partial refund on your funding fee. It is designed to reward eligible customers for keeping funds within the Sonovate wallet ecosystem for longer.

Who is eligible for rebates?

Rebates are not available to all customers. Eligibility depends on your commercial agreement and funding model.

Rebates are typically available to customers on purchase fee models. They are not usually available to customers on discount margin models.

How are rebates calculated?

Rebates are calculated daily based on the balance held across eligible wallets. This can include customer wallets, worker wallets and scheduled payments.

The daily amounts are totalled and credited back to your account at month-end.

Are rebates calculated on available balance or total wallet balance?

Rebates are calculated on the total eligible wallet balance, not just the amount available to withdraw.

Does it matter which wallet the money sits in?

No. Rebate calculation is based on eligible funds remaining within the Sonovate wallet ecosystem

Does rebate stop when my client pays the invoice?

No. Client invoice payment does not stop rebate accrual.

Rebates are based on how long eligible funds remain in the wallet, not when the client invoice is paid.

When is the rebate paid?

Rebates are credited back to the customer account on the 28th of each month.

Can I see my rebate accruing during the month?

Yes. You can view accrual, and historic payments by downloading the Rebate report from your Reports page. See how here

Is there a limit to the rebate I can earn?

Yes. Rebate value is limited by the purchase fees applied to your account over a rolling three-month basis.

What is an effective rate?

Your effective rate is the final funding cost after any rebate is applied.

You are still charged your agreed funding fee, but any rebate you earn reduces your overall cost.

Understanding retained funding

Learn what retained funding means and how it affects the amount available to withdraw from your wallet.

Retained funding is an amount held back when calculating what you can withdraw. If it applies to your account, you will see a Retained funding amount alongside your wallet balance.

The amount available to withdraw already reflects this retention. You do not need to deduct it again.

How is retained funding calculated?

Your account may use a percentage reserve, a fixed minimum or a combination of both.

Percentage reserve: a percentage of the funded invoice value covered by your reserve settings is retained.
Fixed minimum: a minimum amount is retained.
Both together: if the percentage calculation is below the fixed minimum, the minimum applies.

Different currencies or groups of invoices may have different retention settings.

Why has my available balance changed without a new transaction?

Retained funding affects withdrawal availability. A change to your reserve can therefore change the amount available to withdraw without adding a new transaction to your wallet history.

Your wallet transaction balance and your withdrawal availability may differ because availability also takes account of pending payments, retained funding and any other applicable restrictions.

Can I withdraw retained funding?

The amount currently retained is excluded from what you can withdraw.