Because every participant has different support arrangements, who deposits the money can be a bit confusing. We aim to clear up your questions in this article.
Participant's can deposit the money directly to their own SpendAble wallet
The simplest and easiest process for service providers and participants is for the participant to deposit their money directly to their own SpendAble wallet. This reduces admin for a provider and keeps the custody of money really clear for the participant.
Simply provide the participant with the wallet and bank details to deposit to their wallet and they can set up regular deposits to accommodate their needs.
Provider gets the money and deposits it directly to the participant wallet
We understand some participants might not have the capacity to change current arrangements with the service provider and so they want to continue sending money to a provider and have them top up their wallet.
This is still simple enough, you can simply deposit directly to their wallet using the wallet details and bank details provided.
Provider deposits a bulk amount of money to SpendAble and then distributes it internally
Some providers find it easier to send a bulk amount of money to their master wallet and they transfer it internally to the wallets of the participants.
To do this, the provider transfers the money using the details of the main wallet of their organisation. Once deposited there, you can transfer the funds from your main wallet to the desired participant wallet.
Am I stuck with 1 way of depositing?
No, you can choose a combination of ways to deposit based on the requirements and preferences of the participant. Some participants will want to deposit themselves while some cases may mean you need to use the master account and transfer internally between wallets.
If you're not too sure on the best way, please get in touch with our support team who will be able to recommend the best approach for your situation.