Wallets, Deferrals and Rebates FAQs for Funding Customers

Wallets, Deferred Pay & Rebates FAQ

About Wallets

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.

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?

Not currently. Rebates are calculated daily and credited as a single amount at the end of the month.

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.