Any fees on your account are deducted from your Main Account. This could be your subscription fee every month, or when you create a virtual card if you are on the Start plan (they're free on the Grow plan!).
You can find more information on what this means below.
What makes up outstanding fees?
Outstanding fees refer to any fees associated with using your account. These depend largely on your account plan and can include your:
Subscription plan fee (paid monthly)
ATM withdrawal fees
All local and international incoming and outgoing fees (varies depending on your account plan)
When are monthly subscription fees charged?
Your monthly subscription fee will be charged every month from the date your account was opened.
For example, if your account was opened on the 4th February, then your monthly fee will be charged on the 4th of every month (4th February, 4th March etc.).
If the account was opened on the 31st, and the next month doesn't have 31 days, then the next monthly fees will be on the last day of every month. For example, if your account was opened on 31st January, then the next monthly fee will be charged on 28th February.
What is my Main Account?
Once your wamo account has been opened you will have a Main Account by default. Your Main Account is marked with a star. You are able, however, to create several different sub accounts as you require for your business.
Your Main Account and other sub accounts are exactly the same in terms of functionality, but subscription fees are charged from your Main Account only.
Can I change my Main Account?
Yes. When you first open your wamo business account your Main Account will be the first account you have. However, once you have created sub accounts you can choose which account you want to function as your Main Account.
Do this by tapping on Switch accounts in your account:
Tap on Outstanding fees from Home
You’ll see your Main Account balance
Tap on Switch accounts and select which account you want to make your new Main Account
Fees will then be deducted from this Main Account.
What other payment methods can I use to pay fees?
Outstanding fees can only be deducted directly from your Main Account balance. However, you can add money to your account via the following payment methods:
Bank transfer
Credit or debit card payment
Apple Pay
Please ensure that your Main Account balance covers the total outstanding fees at any given time by adding money with one of the payment methods above.
What happens if I cannot pay my outstanding fees?
If we are unable to collect any outstanding fee from your account, we will notify you so you can resolve it by adding money to your account.
If you cannot cover the fees in 7 days, your account will be temporarily frozen until you have managed to top up your account. This means that you will be able to continue to receive payments, but cannot make outbound payments. Once all outstanding fees are paid, your account will be unfrozen and you will be able to continue to use it as normal.
If you are unable to cover the fees or plan to use the account later, please let us know by contacting your dedicated sales rep or our support team through our live chat.