As a financially responsible service, Keap Pay protects businesses and consumers by evaluating the risk of businesses seeking to process payments through Keap Pay. Keap Pay abides by the various laws and regulations set by the Financial Crimes Enforcement Network (FinCEN) that require financial institutions to validate, assess and monitor the businesses they connect with.
By holding high standards, Keap Pay is able to service customers to the best of its ability, have the opportunities to expand, add in new features, and all while staying federally compliant.
Why are Payment Volumes Important?
The payment volumes that are entered on your application is what’s used to monitor the transactions that are processed. As a financially responsible service, Keap Pay is subjected to monitoring transactions in order to stay in compliance with AML and CTF laws (Anti-Money Laundering & Counter-Terrorism Financing).
What are my Payment Volumes?
When applying for Keap Pay, it is required to provide three different volumes that are essential for our financial partners to monitor the transactions that are processed. On the application it asks for,
Average Payment Amount
Maximum Payment Amount
Total Monthly Payments Amount
Average Payment Amount
The average amount of money charged per transaction. In other words, the cost of your most popular product/ service.
Maximum Payment Amount
The highest amount of money charged in a single transaction. In other words, the cost of your most expensive product/ service.
Total Monthly Payments Amount
The total amount of money transacted per month. Essentially the average amount your business transacts with Keap Pay per month.
*Note: if you’re unsure on your current payment volumes now that your Keap Pay account is active, please contact support*
How do Payment Volumes affect me as a customer
As your business grows and offers higher priced items or process more money on average/ per month. There may come a time when your volumes will need to be updated to better reflect your current cash flow.
If you’re expecting to process payments that are higher than your maximum payment amount or expect to go over your total monthly amount. Please reach out to the payments team using [email protected] so that they can notify their financial partners.
As stated previously, your payment volumes are able to be adjusted as you process more or higher transactions.
FAQ’s
Q - What if what I hope to make this year is much higher than what I have made in the past?
A - We recommend including estimated revenue amounts that reflect what you’ve actually made in the past. As your business grows and processes more or higher priced transactions, the payments team will reach out to help get your volumes updated.
Q - What happens if one of my payments is higher than my maximum payment amount?
A - That payment will be put on hold for review by our financial partners and a member of the payment team will reach out to get more information on that specific transaction. All other payments and deposits will proceed as normal.
Q - Do my estimated payments volumes require me to send in documentation?
A - It depends on the volumes that are submitted. Typically if you process $100K a month or more, the payments team will reach out to gather supporting financial documentation. The financial documentation will serve to validate that the estimated amounts are roughly in line with past activity.