How To Correctly Set Security Deposit Amount, Minimum & Maximum Amount On Peerwallet As A Merchant

 

 

 

 

The security deposit is required for Sellers who want to receive reversible payment methods, so what this means is that, if you are integrating a payment method that the customer can later chargeback, you need to require the security deposit when creating the offer so that when this happens, the Seller would have enough balance to cover for the chargeback

 

 

The security deposit amount from the dashboard is in EUR, so take note when setting this up. Based on existing data and working methods, we recommend the following procedures;

 

 

 

 

 

 

Currency: The sample min & max amount is in USD, if you are selling in another currency you should consider using the equivalent.

 

 

 

 

Terms: Requiring security deposit for reversible payment methods becomes important to protect you from chargebacks, but this doesn't fully protect you. When there are numerous chargebacks recorded by the seller's customers and the whole security deposits are exhausted, you can lose your funds, this is rare but possible!

 

 

We advise you also use the rating check; this further protects you from Sellers with very poor rating and high chargeback rates.