Question 1

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 2

How long does it take to register?

Accepted Answer

The registration process can vary per account, after we will conduct our mandatory compliance checks, once satisfied, an account can be created on the platform for you to use.

Question 3

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.

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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.

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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.

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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 4

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 5

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 6

How can I withdraw the balance from my account?

Accepted Answer

You might receive a notification via email requesting that you withdraw the funds in your account. There's a simple fix if you have no way of doing so.

We regularly require that each and every one of our clients through a re-verification process. Our compliance team will contact you if your account has been suspended or has entered the re-verification phase and ask you to submit certain evidence for them to assess so your account may be authorised and the option to withdraw funds made available once more.

Question 7

How safe is my money?

Accepted Answer

As a condition of its authorisation as an API by the FCA, Freemarket is required to protect and keep safe its customers’ funds. Specifically, Freemarket must comply with the Payment Services Regulations 2017 (PSRs). These regulations stipulate that APIs must have appropriate and well-managed safeguarding arrangements to ensure client funds are not subject to any other claim and that in the event of insolvency, are returned to the client in full, and in a timely and orderly way.

This is set out in detail within:

PSRs regulation 23; and
Chapter 10 of the FCA Approach Document

Freemarket is not a bank; your account with Freemarket is a payment account rather than a bank account. The funds provided to Freemarket for the purposes of making a payment are not eligible for depositor protection via the Financial Services Compensation Scheme (FSCS).

Question 8

Can I turn off notifications?

Accepted Answer

All clients are currently set to receive notifications as their default setting.

If you message your Relationship Manager or support@wearefreemarket.com, we can switch this for you.

Question 9

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 10

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.