When you select either SEPA, BACS, or iDEAL as your payment method, you will now have a balance that you can spend using this payment method.
You can have multiple SEPA, BACS, and iDEAL accounts linked on Faire, however, they will all use the same balance. Adding more accounts will not increase your total balance.
If you use both SEPA and iDEAL simultaneously, the balance is a combined balance for both of the payment instruments.
To learn how to set up one of these payment methods:
- Visit How do I add a SEPA direct debit account?
- Visit How do I add a BACS direct debit account?
- Visit How do I add an iDEAL direct debit account?
Why is there a balance for SEPA, BACS, and iDEAL?
We are continuously working on ways to increase trust and security on the platform to make it a better experience for you. For this reason, we are implementing a limit on the amount that can be charged through SEPA, BACS, and iDEAL. This balance can continue to change based on how many successful transactions you make on Faire.
How do I view my balance?
Once you have linked a SEPA, BACS, or iDEAL account, you can view your balance on your Account > Settings > Payment Method page in your portal.
How does my balance change when I order on Faire?
When you choose SEPA, BACS, or iDEAL as your payment method, you will see that you have a certain balance to spend using that payment method. Below is an example of how your limit decreases and gets restored with each transaction:
- Retailer chooses SEPA as the payment method: SEPA balance is $1000
- Retailer places $400 order: SEPA balance decreases to $600
- Retailer's payment is successfully processed: Within 5-7 days the SEPA balance is restored to $1000
Can my balance be adjusted?
As you continue to have your payments for your orders on Faire successfully processed, we will periodically review and increase your balance.
What do I do if my order amount is above my balance?
If your order amount is above your available balance please choose another payment method, such as a credit or debit card, to complete the transaction.
Why can’t I choose SEPA, BACS, or iDEAL as my payment method?
When your order amount is above your balance, you will not be able to use SEPA, BACS, or iDEAL as a payment method. Please choose another payment method.
If you recently paid an order using SEPA, BACS, or iDEAL, the payment may still be processing. It can take 5-7 business days for your balance to be restored.
How is the SEPA, BACS, and iDEAL balance different from Payment terms?
Payment terms allow you to purchase new inventory and pay up to 60 days later. The payment terms limit applies to all orders regardless of the payment method used.
Your SEPA, BACS, and iDEAL balance is the maximum amount you can charge using those payment methods. As you place orders, this limit will decrease. Once the orders are paid off, your balance will return to its original limit. If orders are placed on SEPA, BACS, and iDEAL using your payment terms, the balance won’t be returned until the invoice is paid, 60 days later.
While the payment terms apply to all payment methods, the SEPA, BACS, and iDEAL balance specifically pertains to orders placed using those payment methods.