Keep Banking: Payment Guide

At Keep, we understand how crucial it is to make payments quickly and confidently. Whether you're paying vendors, contractors, or receiving funds from clients worldwide, our platform is designed to handle your transactions with efficiency and precision.

This guide covers how payments are processed, what might cause delays, and how to use the new payment method options effectively.

In This Article

1. How to Pay Someone Using Keep
2. Types of Payments Offered
3. How Payments Are Processed
4. Currency-Specific Payment Details
5. Understanding Payment Delays
6. Frequently Asked Questions 

Our Supported currencies are:

1. CAD 
2. USD
3. EUR
4. MXN
5. GBP

How to Pay Someone Using Keep

Making a payment through Keep’s Banking is straightforward. Here’s how you can do it:

1. Log in and Go to Keep’s Banking Section
2. Click on “Move Money” and Select “Pay Someone”
3. Choose the Recipient You Want to Pay, and Add Their Information
   Input the recipient's name, account details, and other necessary information.
4. Select the payment method
   Select the payment method (e.g., EFT, SWIFT, FedWire) from the options available. Each method will have its own cost and estimated arrival date.

5. Enter the Amount and Review

   You'll see a summary of your payment details, including:

   • Banking Network Fee
   • Your Total
   • Estimated Arrival Date (Note: This is an estimated date based on the payment method selected.)

   Take a moment to review the amount and details, and confirm everything before clicking Send.

Types of Payments Offered

Keep leverages CurrencyCloud to process payments across different currencies, with each currency having unique payment rail options and rules. It’s important to understand that:

• Beneficiary Payment Options: The available payment methods for a recipient may vary depending on their details and the currency. For example:
  • A recipient accepting CAD may display both EFT and SWIFT as payment options, or only one of these options might be available.
  • Keep displays the available payment options for each recipient, and any associated fees will depend on the selected payment type.

Within the most used payment options, you can find:

• SWIFT: Fast, international payments with competitive fees, available for a range of countries.
• EFT (Electronic Funds Transfer): A more economical option for domestic payments, typically free.
• FedWire: Suitable for U.S.-based transfers, offering fast processing times.
• ACH (Automated Clearing House): A low-cost option for U.S. domestic payments, ideal for batch processing and recurring transactions.

To learn more about specific payment methods and their details, visit CurrencyCloud Payment Guides.

How Payments Are Processed

Most payments are initiated within the same or next business day when submitted before cutoff times. Keep works closely with  CurrencyCloud to minimize delays and keep your funds moving quickly. If any issues arise, our team is here to resolve them promptly.

Currency-Specific Payment Details

Keep uses CurrencyCloud to process payments across different currencies and countries. Each currency has its own set of rules, cutoff times, and maximum payment limits, which can impact when your funds are received. Knowing this information helps you plan your payments and set accurate expectations for when they will be completed.

The table below provides details on payment processing for CAD, USD, EUR, MXN, and GBP:

For more information on other currencies, refer to the CurrencyCloud Documentation or reach out to us at support@trykeep.com.

Understanding Payment Delays

Several factors can delay payments, including:

• Compliance Reviews: Payments flagged for manual review may take longer to process.
• Cutoff Times: Payments made after cutoff times will be processed the next business day.
• Banking Hours: Payments initiated outside of business hours may be delayed until the next working day.
• External Factors: Holidays and weekends can also cause delays in receiving funds.

Frequently Asked Questions

• 1. How can I ensure my payment is processed quickly?
     Make payments before cutoff times and ensure all recipient details are correct.

  2. What happens if I submit a payment after business hours?
     Payments made after business hours are generally processed the next business day. However, we strive to initiate them as quickly as possible.

  3. Why do some payments undergo compliance checks?
     Compliance checks are part of our security measures to ensure that transactions meet regulatory standards and keep your funds safe.

Need more help? 

For additional help, visit our support page or contact us at support@trykeep.com. We're here to assist you every step of the way!