Question 1

How can I fill out an application to create an account on another company's behalf?

Accepted Answer

A submission for a company can be quick and easy. You may complete the entire registration process online. Fill out the essential forms and submit any necessary supporting documentation. When your application has been received, please email us at hello@wearefreemarket.com, and a Relationship Manager will get in touch with you to help with any onboarding needs.

If we need additional information to support your application, you will be contacted by email.

Question 2

How do you reconcile funds?

Accepted Answer

Our operations team must manually reconcile any payments when the funds that you have added are missing a reference; this could lead us to be delayed with your exchange and payment. We can reconcile the funds if you indicate where they need to go, therefore please let us know.

We locate the funds that have been moved to the segregated account(s) and credit the account that you have verified to us as part of our internal reconciliation procedure. The funds will be accessible on the balances tab under the currency once the amounts have been reconciled.

Once cleared, you can continue to make B2B payments.

Question 3

How can I keep safe online?

Accepted Answer

Take Five is a national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud – particularly where criminals impersonate trusted organisations. Led by UK Finance and backed by His Majesty’s Government, the initiative is supported by a range of partners such as; the payment industry, financial services firms, legal sector, telecommunications providers, and commercial, public, and third sector organisations.

Stop: Taking a moment to stop and think before parting with your money or information could keep you safe.
Challenge: Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
Protect: Contact your bank immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Visit the Take Five website here for more information.

We utilise best-in-class services to enhance our compliance and risk policies, and we use real-time rules-based monitoring in our automated transaction monitoring tool. To further safeguard our clients we hold all funds in segregated accounts with our banking partners.

Question 4

What does a pending deposit mean?

Accepted Answer

A pending deposit represents a transaction in which our operations team has not yet allocated the funds. The reference that you have been given should be included in every bank transfer you make so that we can reconcile the funds when necessary.

A transfer won't be reconciled unless you give us confirmation of it. Our operations team may credit the account that you would like the funds to be added to by giving evidence, and this will be reflected up on your balances.

Question 5

Can I register multiple accounts for one user?

Accepted Answer

We've created an easy-to-follow step-by-step guide on how a single user can register and access multiple accounts using the same login information.

STEP 1: We will email you a unique registration URL link for each and every company you are looking to register to your login email address and account. You will be prompted to log in once you click each link.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/J3NCAwKQ5s/Multiple%20Accounts%20Screenshot%201.PNG (Multiple Accounts Screenshot 1.PNG)

STEP 2: ** You will be instantly taken to a 'Verify Account' screen where you will be asked to enter the company details and information needed in five easy steps for the new business registration.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/y7NB3J5108/Multiple%20Accounts%20Screenshot%202.PNG (Multiple Accounts Screenshot 2.PNG)

STEP 3: Once you've completed registering your companies, you can navigate to your main Dashboard on your account and select the 'Your Registrations' option where you can view the status of any outstanding registrations.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Urhm3yrv4B/Multiple%20Accounts%20Screenshot%203.PNG (Multiple Accounts Screenshot 3.PNG)

STEP 4: Please click the 'Continue Registration' option if you haven't finished the registration process yet. You'll be able to pick up where you left off and continue the application. The registration will appear as pending if it is being reviewed.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/sjcpL2LewP/Multiple%20Accounts%20Screenshot%204.PNG (Multiple Accounts Screenshot 4.PNG)

You will only be able to keep track of the progress of registrations that you made since registrations are connected to the person who began the process.

Contact support@wearefreemarket.com or your Relationship Manager if you require any more help or have any queries.

Question 6

Why was my account rejected?

Accepted Answer

You will receive an email from us informing you that your application was unsuccessful and declined by the platform, along with the reason(s) behind it.

It's possible that the application was turned down because it didn't match our risk tolerance. Freemarket takes an appropriate risk-based approach to achieve our strategic and commercial objectives. Further information on our risk appetite here and unsupported jurisdictions may be found here.

The application would be assessed by our risk team in conjunction with a Relationship Manager or a member of our support staff, who would also explain why it was turned down. They will be able to offer guidance and respond to any inquiries why your account wasn’t approved for payment solutions at this time.

Question 7

What are approvals and roles on the platform & how to change them?

Accepted Answer

There are five main user roles on the platform; client admin, account user, read only, exchange approver and withdrawal approver – these are all permissions that a client can manage themselves.

Client Admin: being able to create payments, exchanges and manage users
Exchange Approver: this user will be able to approve an exchange before it is actioned and scheduled
Read Only: unable to make any changes, create payments or exchanges and only allowed to view features of the platform
Account User: able to create payments and exchanges on the platform
Withdrawal Approver: this permission setting will be able to approve a withdrawal before it is actioned and scheduled
Manage Users: this enables you to temporarily suspend or reinstate users, modify permissions, and add or delete people

Each of the user roles has different permissions, meaning they can access different parts of the platform. You can also disable email notifications for a particular user if preferable, and they don’t want to be notified via email. The overriding administrator of the account can set up the different permissions or contact support if you are unable to do this and require assistance.

Head to user management to change permissions and view your current status.

Question 8

Can I transfer between two accounts held at Freemarket?

Accepted Answer

Moving money across accounts allows for instantaneous settlement. This transfer within the account is quick and painless. The intra-account capability on the Freemarket platform can be advantageous when moving to another account since it allows for seamless money movement across accounts.

Be careful not to mix up inter account transfer with a intra-account transfer.

Inter account transfer – this allows you to move funds internally between accounts that you own. This type of transfer will go through our compliance checks before it settles.
Intra-account transfer – is when you can move money between accounts at the same financial institution or are keeping the funds within the same ecosystem, this allows us to instantly settle funds. A transfer of this kind we can operate straight-through reconciliation and doesn’t have to pass any additional compliance checks.

By keeping the funds within Freemarket we don’t have to use any payment schemes so it’s more cost-effective for the sender.

Question 9

How do I close my account?

Accepted Answer

You can stop using our services whenever you feel like, we’ll be sorry to see you go.

If there’s anything we can do better or you would like to leave some feedback about the service, how we can change features, and how we can improve the service, please email us.

Please email support@wearefreemarket.com and a member of our team will be touch regarding your request.

Question 10

How do I spot a fake, fraudulent or phishing email or website?

Accepted Answer

Phishing is a type of email attack in which a fraudster sends you an email while impersonating a person, business, or reliable website in order to obtain your passwords or other sensitive information or gain complete control of your computer.

The majority of phishing efforts take place via email, but fraudsters will use every method they can think of to get you to give them your information or money, including:

Fraudulent emails and other messages that look like they're from legitimate companies
Fake invoices saying you’ve missed a payment
Misleading pop-ups and ads that say your device has a security problem
Scam phone calls or voicemails that impersonate employees at companies
Fake promotions that offer free products and prizes

It’s best to be vigilant at all times, fraudsters want your personal details for a number of reasons. Freemarket will never ask you for any personal data. If you receive a message and are unsure it’s really from Freemarket, check to see if it does any of the following:

Uses generic, impersonal greetings like "Dear user" or "Dear [your email address]." We'll always refer to you in our correspondence by your first and last name or by your company name. Greetings like "Dear user" or "Hello Freemarket member" are never used by us.
Requests that you click on links that lead to phoney websites. Before clicking any links in emails, always double-check them. A link can have a secure appearance, such as www.wearefreemarket.com/SpecialOffers. To view the actual location, be sure to hover your cursor over the link. Don't click on the link if you aren't sure.
Has unidentified attachments. Open an attachment only if you are certain it is trustworthy and safe. Pay particular attention to invoices from businesses and contractors you are unfamiliar with. Some attachments contain viruses that install themselves when opened.
Projects a false feeling of urgency. Phishing emails frequently use alarmist language and urge you to update your account right away. They're hoping you'll be swayed by their haste and disregard red flags that the email is a scam. If there’s an urgent need for you to complete something on your account, you can find this information by logging into Freemarket directly.

You can find some more information, tips, how to spot phishing attempts and best practices from Apple, Santander, Microsoft, and Which.