Merchant Wallet Lili Follow What is the Boost Biz Merchant Wallet? Merchant Wallet is a product offered by Boost Biz that allows merchants to receive payment instantly and make payments from their Boost Biz App. Why does the merchant need the Boost Biz Merchant Wallet? The Merchant Wallet allows merchants to receive an instant settlement from their daily sales instead of waiting for T+1 working day. Merchants can scan any DuitNow QR to make payments that are displayed or shared and pay bills via the Boost Biz app immediately. When needed, the merchants can cash out their monies to their respective bank How can I get the Boost Biz Merchant Wallet? Complete your sign up here. Once you are approved as a Boost Biz merchant, you will get to enjoy the merchant wallet services after accepting all the terms and conditions. For existing merchants, ensure you are updated to the latest app version to upgrade your Merchant Wallet & choose to be an Instant or Non-Instant Merchant. Who can access & use the Merchant Wallet? Why do I need to set a 6-digit PIN? When you activate your Merchant Wallet, you are required to set a 6-digit PIN. This PIN should not be shared with anyone. Every time you use the credits in your Merchant Wallet, you are required to key in this 6-digit PIN for security reasons. What is Instant Merchant and non-Instant merchant? For Instant Merchant, the sales amount that you receive for the day from your customer will be directly credited into your wallet and you can immediately use the balance to spend on your business-related payments. For Non-instant Merchant, the total sales amount you received for the day will be settled to your settlement bank account according to the current process of T + 1 working day. What is the difference between ‘Wallet Balance’ & Total Payment Received’? ‘Wallet Balance’ is the total amount that you can spend instantly from your sales after deducting the MDR fees and is limited by the wallet size. ‘Total Payment Received’ displays the total sales amount you receive daily. What does ‘spending amount’ mean? This would be the amount that is in your wallet that you can spend after the deduction of MDR (where applicable). How can I check the sales that I've received for the day after updating to Merchant Wallet services? Under the Boost Biz app/web page, there will be a card below the wallet balance card with the title of ‘Payment Received Today’. This will reflect all the sales received from the wallet. Does the merchant wallet have a limit just like the consumer wallet? Yes, there is an assigned wallet limit based on approval from BNM. What happens if my total sales receivables for the day have exceeded the wallet limit? Any transaction that is received after the wallet limit will be settled to the merchant bank account according to the current process of T + 1 working day. How do I withdraw money from my Boost Biz Merchant Wallet? Go to Wallet/Manage Wallet > Cash Out. Enter the amount that you would like to withdraw. Upon confirmation, your cash out amount will be reflected in your settlement bank account in the next working day. Will I still be receiving a daily settlement report through email? Yes, you will still be receiving a daily settlement report and the report will now include all sales details – i.e. payments received, payments made, wallet size limit as part of the report. Will instant and non-instant merchants be receiving the same report? Yes, both merchant types will receive the same report.