Payouts in BGN end Friday 22nd September 2023 at 12:00 GMT+1
The bank that provides payouts to Bulgarian bank accounts in BGN has announced that they will end their service. Settle is working to replace the payment partner.
What is the consequence for my business?
After the deadline, Settle will not be able to perform merchant settlements in BGN to your Bulgarian bank account. On Friday 22nd September 2023 at 12:00 GMT+1 Merchant Settlements for your business will be halted until we have found a new payout partner.
Can I continue to accept Settle payments?
Yes, you can. Settle customers may continue to use Settle to pay to Bulgarian Merchants as before. The payments are processed as before, but the funds will be stored with us, until we have found a new payout partner so that we can enable automatic settlements in BGN again.
What if I do not want to keep funds with Settle for an unknown period of time?
We fully understand that you may depend on the liquidity our automated and rapid settlements have provided for you so far. Unfortunately, we are not able to give you a clear date for when a new payot route will be available. But we are working day and night to make it happen. If you are uncomfortable keeping unsettled funds with us you have two alternatives;
- Stop accepting payment with Settle until we have found a new payout route
- Contact us to arrange for a manual settlement agreement
What does a manual Settlement agreement entail?
Assuming you have sufficient payment volume on Settle, we may approve you for manual settlements. This requires that you have a bank account that can receive EUR. If you do, we can offer to convert your settlements from BGN into EUR and perform payouts of said EUR amount to any EU bank account, in the name of your business, that supports EUR.
We are also working on an automated multi currency merchant settlement option, where you can configure your settlements with us, so that they are converted from BGN to any other supported EU currency, and paid out to any EU bank account in the selected currency. Giving our merchants the option of transacting in local currency but receiving automated settlements in any other EU currency at their discretion.
We apologise for any inconvenience this service interruption may cause for you. And we would like you to know that we are working to implement a new payment partner for local payouts in BGN for Bulgarian bank accounts. Your money is safe with us, and if you have any further questions, feel free to contact us.