Collections

Collections

UBA Ghana will deploy a security carrier to transport cash collections from various points to the Bank in accordance with a pre-agreed schedule
To enable the client track collections, UBA Ghana will deploy “U – Direct”, our internet banking solution. This will ensure that the client has a real-time on-line access to the Bank account to monitor the flow of cash into its account.

Advantages

  • Outsourcing cash collections to the Bank will release man-hours for the client to focus on its core business.
  • The inherent risk in transporting cash is transferred to the Bank.

FAQs

1. What is Web Acquiring/Collection?

It is the process where the bank enables businesses to accept online card payments from customers (Visa, Mastercard, etc.) via their website, mobile applications and software. The bank acts as the acquiring institution, processes the transactions and settles funds to the merchant.

2. What is the difference between an Acquirer and an Issuer?

Acquirer: Provides payment acceptance for merchants; Collects & settles funds to merchants; Manages merchant risk.
Issuer: Provides cards to customers; Debits customer account for purchases; Manages cardholder risk.

3. What is a Payment Gateway?

A technology platform that enables merchants to accept online payments securely. It serves as the bridge between the customer, the merchant, the acquiring bank, and the card networks (Visa, Mastercard, etc.) Example: Mastercard Payment Gateway (MPGS), Cybersource.

4. Who can we onboard?
  1. Licensed PSPs/Fintechs who meet all regulatory and scheme requirements:
    – BoG licence
    – Visa/Mastercard PayFac certification
    – PCI-DSS or ISO certification
    – Risk-compliant onboarding documents
  2. E-commerce, Travel and Tours, Digital service providers, Subscriptions, Restaurants, Retail, Billers, Educational Institutions, Supermarkets and Pharmacies
5. What are PayFacs / PSPs?

Payment Facilitators (PayFacs) or PSPs are intermediaries who onboard multiple merchants under their platform.

6. Settlement Cycle?

Transactions are settled into the merchant’s account one day after it occurs. Transactions that occur on weekends and public holidays are settled on the next working day.

7. What is required to onboard medium and low-risk merchants?

– Registered business in Ghana

– Completed web collections form

– Account Holder

– Risk, AML & KYC review
– BIR and Address Verification

– SSL certificate (secured website)
– Signed agreement with the Bank

8. Settlement Fee

Local transactions: 2.5%

Cross-border transaction: 4%

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