Set up Genstore Payments

Genstore Payments connects your store to local and international payment channels, reducing payment redirection issues and improving order conversion rates. This guide will walk you through how to apply for and set up Genstore Payments.

Qualification requirements

Genstore Payments is an integrated payment gateway provided by Genstore, enabling eligible merchants to accept payments. You must meet the following requirements to use Genstore Payments:

• Your business must be registered in one of the supported countries or regions:
  • Hong Kong SAR
  • United States
• Your business and products must comply with regulations.
• You must adhere to the laws and regulations of your country/region, as well as the terms and conditions of Genstore Payments.

If you are unable to meet these conditions, we recommend using a third-party payment service provider.

Set up your Genstore Payments

Setting up Genstore Payments is easy. Once your application is approved, you will receive a notification. After approval, you can use your Genstore Payments account to collect and make payments.

Steps to set up

1. Go to your store’s backend and find the Payments menu under Settings.
2. Click to activate Genstore Payments, follow the guided steps to fill in your information, and submit documents. Once approved, you’ll get access to your Genstore Payments account.
3. Use the Manage button in Genstore Payments to configure supported payment methods and account settings.

Manage your payment account

Once your application is successful, you’ll need to set up basic attributes of your Payment account, including the time zone and settlement currency.

Payment account time zone

The settlement and payments of your Payment account will be processed according to the time zone you set. For example, if your Payment account is set to Eastern Time (ET), all incoming and outgoing payments will occur during that time zone.

Settlement currency

The settlement currency for your Payment account will match the currency of your business’s registered country/region. Supported settlement currencies are:

Country/Region	Settlement currency
United States	USD
Hong Kong	HKD

• The settlement currency cannot be changed.
• The bank account linked to your Payment Account must support the same settlement currency.

Account closing time

You can configure your sales day to end later if your user's business closes after midnight. For example, a restaurant owner that operates from noon to 3:00 AM can set the sales day closing to 3:00 AM. This means that the sales day of that business starts at 3:01 AM and ends at 3:00 AM on the next day. You can delay closing times until 6:00 AM.

Settlement delay

After a transaction is processed, Genstore Payments applies a regionally specific waiting period for any adjustments before settlement. You can increase or decrease this period on a specific balance account by configuring a settlement delay.

The settlement delay specifies after how many business days the funds in a settlement batch are made available. For example, with a settlement delay of two business days, sales that happened on a Monday are made available the following Wednesday.

We default the settlement delay to 2 days, but we will dynamically adjust your settlement delay based on changes in your fulfillment duration. The maximum adjustment could extend the delay by up to 10 days.

The following table shows examples of how settlement delay works.

Day and time of capture	Sales day closing time	Settlement delay	Day and time of settlement
Monday at 14:00 EDT	00:00 EDT	Two days	Wednesday at 00:00 EDT
Tuesday at 02:00 EDT	05:00 EDT	Two days	Wednesday at 05:00 EDT
Thursday at 05:00 EDT	00:00 EDT	Two days	Monday at 00:00 EDT
Friday, Saturday, or Sunday	00:00 EDT	Two days	Tuesday at 00:00 EDT
Monday at 17:00 EDT	00:00 EDT	Five days	Friday at 00:00 EDT
Public holidays also impact when your funds are settled. The settlement delay increases when a sales day falls on a bank holiday.

The following table shows examples of how settlement delay works when considering bank holidays.

Day and time of capture	Sales day closing time	Settlement delay	Bank holiday	Day and time of settlement
Monday at 14:00 EDT	00:00 EDT	Two days	Tuesday and Wednesday	Friday at 00:00 EDT
Thursday at 05:00 EDT	00:00 EDT	Two days	Monday	Tuesday at 00:00 EDT
Friday, Saturday, or Sunday	00:00 EDT	Two days	Monday	Wednesday at 00:00 EDT

Set up bank reconciliation

Change payment description name

The payment description name (also called the payment statement descriptor) is the text that appears on your bank statement to help you identify payments made via Genstore Payments. By default, Genstore Payments uses GP + store name for identification, such as GP0293845. Note: If the payment description name exceeds the allowed character limit or if the store name is incompatible with the system, we will use your store ID instead of the store name.

If you require a customized payment description name, you can modify it in the Genstore backend.

Steps to modify payment description name

1. Go to your store’s backend and find the Payments menu under Settings.
2. Click the Manage button for Genstore Payments, then under the Payment Account tab, find the Payment Description Name field, and update it.
3. For U.S. payment description names: Supports uppercase [A-Z], lowercase [a-z], numbers [0-9], and the following symbols: / - ? : ( ) . , ' and space, with a limit of 10 characters.

Edit customer statement description

When shoppers check their bank statements, they need to be able to easily identify the charges they see. The text that describes charges is known as a transaction description, statement descriptor, shopper statement, or billing descriptor. If shoppers do not recognize a transaction by its description:

• There is a higher chance your shopper issues a chargeback.
• You can get a fine from the relevant card scheme related to your chargeback rate.

To prevent these issues, ensure that your transaction description contains your brand or the (chain) merchant name that is most recognizable to the cardholder (as required by the card schemes), and optionally customize your transaction description.

When you configure the transaction description, take into account that the description can be a maximum of 22 characters including spaces for the Doing Business As. Anything exceeding that is truncated and left out. What remains is then sent along with the city and country/region.

Allowed characters:

• Lowercase and uppercase characters: [a-z] [A-Z]
• Numbers: [0-9]
• Special characters: ., ,, ', _, -, ?, +, *, and space.

Operation steps:

1. Go to your store’s backend and find the Payments menu under Settings.
2. Click to activate Genstore Payments, then under the Payment Account tab, find the Customer Statement Description field, and update your customer statement description.
3. Click Save.