Now that you have set up your Sudo account, it is time to discuss the various funding sources available for your issued cards. When a transaction takes place on a card, a funding source refers to the account from which funds are debited. For clients onboarded on Sudo, this could either be the card's wallet account or the client's settlement account. Let's get into it!
1. The Card's Wallet Account
This type of Funding Source is referred to as Default Funding Source. When a business issues a card to their customer a wallet account is associated with the card and acts as a convenient storage space for funds. Whenever a transaction occurs on a card, the funding source will be the wallet account linked to that card.
2. The Client's Settlement Account
The client's settlement account refers to the primary account where funds are held for the business's financial purposes. When a transaction is made on a card, the funding source can be the settlement account of the cardholder. This account typically serves as the central hub for managing various financial activities and transactions. Under this category, there are two types of funding sources which are Account Funding Sources and Gateway Funding Sources.
Factors influencing the choice of a funding source for a card transaction include user preferences, card type (e.g., prepaid, debit, credit, expense, or gift card), and specific transaction requirements. Users may prioritize default funding sources for prepaid cards, opt for account funding sources for expense cards, or choose gateway funding sources for credit card issuance. Selecting the right funding source brings benefits such as convenience, control, and enhanced financial security.
Remember, whether you opt for default, account, or gateway as the funding source, it is essential to make informed decisions and stay mindful of your financial goals.
If you have any further questions or need assistance, feel free to contact us. You can reach us by sending an email to [email protected] or contacting us through Intercom or social media @sudoafrica.