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[AU] How to Transfer funds between your accounts
[AU] How to Transfer funds between your accounts

This article will help you understand how you can transfer funds to and from your accounts added to Zepto

Updated over a week ago

Note: This article is relevant to merchants integrating with Zepto in Australia.

All the bank accounts added to your Zepto dashboard can be visible under the Bank Accounts section. This article will help you understand how you can transfer funds to and from your bank account to your float account and vice versa.

Every transfer method has an associated clearance time which describes the amount of time from transfer creation to when the funds are settled into your account float and ready to use for your transactions.

We have 5 different funding methods described in this document:

Funding Method 1 - From Your Bank Account initiated via the Zepto Dashboard and vice versa

Using your Zepto Payments dashboard, you can initiate a transfer of funds to/from the Bank Account associated with your Zepto Account.

  1. Login to your Zepto account and visit Settings > Bank accounts

  2. Click on the button on the top right corner Transfer Funds

  3. Select the following:
    ​From account: The bank account to transfer funds from
    ​To account: The funds account to transfer funds to
    ​Amount: Amount you wish to transfer
    ​Description: Custom description, can be a reference to aid your reconciliation
    ​Maturation date: Leave this as the default value to process immediately, or schedule a future time.

  4. Click on Transfer Funds

Clearance Time

Please be mindful that some transfers may take time to clear depending on the account you have selected for these transfers:

  • Transfers from a Float account to Float account will take a few seconds to settle

  • Transfer from a Float account to a Bank account can differ, considering your bank account accepts NPP transactions. If NPP transactions are available for the receiving bank account it should take a few seconds to settle. If not it may take up to 12 hrs to settle via the normal BECS channel.

  • Transfer from Bank account to Float account will take at least 2 days to settle via the BECS channel.

Funding Method 2 - Transferring between accounts via API

You can also transfer funds between your accounts using our API. This can be done by using our POST / transfers API endpoint. You can find more details about this endpoint in our API documentation here.

This endpoint lets you Transfer funds between all bank and float accounts registered under your Zepto account:

  • From: Bank Account -> To: Float Account (Topping up a float account)

  • From: Float Account -> To: Bank Account (Withdrawing from a float account)

  • From: Float Account -> To: Float Account (Transfer between two float accounts).

This endpoint requires the following mandatory fields:

  • Sending bank accounts ID

  • Receiving bank accounts ID

  • Amount

  • Description

  • Maturation date

Request Payload:

{ 
 "from_bank_account_id": "a79423b2-3827-4cf5-9eda-dc02a298d005", 
 "to_bank_account_id": "0921a719-c79d-4ffb-91b6-1b30ab77d14d",
 "amount": 100000,
 "description": "Float account balance adjustment", 
 "matures_at": "2021-06-06T00:00:00Z" 
}

Response [201]:

{ 
   "data": { 
  "ref": "T.11ub", 
  "initiator_id": "c0272er9-9b10-40de-aa45-386853f3efb5", 
  "from_bank_account_id": "a79423b2-3827-4cf5-9eda-dc02a298d005", 
  "to_bank_account_id": "0921a719-c79d-4ffb-91b6-1b30ab77d14d", 
  "amount": 100000, 
  "description": "Float account balance adjustment", 
  "matures_at": "2021-06-06T00:00:00Z" 
  } 
}

Please be mindful that some transfers may take time to clear depending on the account you have selected for these transfers:

  • Transfers from a Float account to Float account will take a few seconds to settle

  • Transfer from a Float account to a Bank account can differ, considering your bank account accepts NPP transactions. If NPP transactions are available for the receiving bank account it should take a few seconds to settle. If not it may take up to 12 hrs to settle via the normal BECS channel.

  • Transfer from Bank account to Float account will take at least 2 days to settle via the BECS channel.

Funding Method 3 - Auto Top-Up from your Bank Account

You can optionally configure your Account Float to be topped up automatically from your bank account. When the system tops up your float, it tops it up to a target balance that you set.

There are two top-up methods available.

  • Lower Threshold Top-Up

When you set a lower threshold, your account float will be automatically topped up to the target balance when the balance drops below the set threshold amount.

  • Daily Top-Up

Daily top-up applies when you have not specified a lower threshold amount (leave your threshold blank). We run a check once every day that will determine if your current balance has dropped below the target balance, if this is the case, your account float will automatically be replenished to the target balance.

Turning on Auto Top-Up

  1. Login to your Zepto account and visit Settings > Bank accounts

  2. Click on the Account Float you would like to configure for an auto top-up.

  3. Click on Activate Top-ups

Clearance Time

Transfers created this way are sent via the traditional BECS network and will take roughly 48 hours to settle into your account float. At the end of each day, when the top-up amount is calculated, we take pending transfers into consideration and factor this into the amount of money that is required to complete the top-up.

Keep in mind these timeframes only include banking hours, 9 am-5 pm Monday - Friday and you should exclude weekends and public holidays when calculating your expected fund arrival time.

Funding Method 4 - Manual Transfer

You can choose to fund your account by direct crediting your Float from your online banking.

Each Float account is allocated its own BSB and Account number, any payments made to that BSB and Account # will be automatically applied to your float.

You can choose to send payments to your float via NPP which will be applied 24/7/365 or via Direct Entry, which typically takes 2-3 hours to clear during business banking hours.

Retrieving your Float BSB and Account number

  • Click on Your Name in the top left-hand corner

  • Click on Settings

  • Click on Bank Accounts

  • Select and Click on your Float Account

  • The BSB and Account # will be displayed in the account information section.

Note: Each of your floats will have a different account #

Funding Method 5 - Transfer Between Float Accounts

You can also transfer funds between your float accounts using the Zepto Payments dashboard. To do so,

  1. Sign in to your Zepto Payments account.

  2. Click on Settings > Bank Accounts

  3. Add the Relevant fields

  4. From account: The bank account to transfer funds from

  5. To account: The funds account to transfer funds to

  6. Amount: Amount you wish to transfer

  7. Description: Custom description, can be a reference to aid your reconciliation

  8. Maturation date: Leave this as the default value to process immediately, or schedule a future time.

  9. Click on Transfer Funds

Note: The transfer from one float account to another will take only a couple of minutes to process

This Figure Represents The Transfer Funds Screen On The Zepto Payments Dashboard

Feel free to reach out if you have any more questions for us, by clicking on the blue bubble icon or emailing us at support@zepto.com.au.

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