You enjoy seamless features with online wallet
Online wallet helped us activate many features
LetUsBook uses wallet functionality to process and maintain all financial transactions of its members and organizations. Every member and organization will have a wallet within LetUsBook that works more or less like a bank account.
Money moves around wallets both automatically and manually. When booking is done, cancelling a booking, showing a commitment, wait listing a sessions, pooling a sessions are a few situation where money moves between wallets. Manual money transfer is where money is manually transferred from one wallet to another. The following sections describe how money transfer works.
In order for money transfer to work, the originating wallet must have sufficient balance. That being said, there are some automatic wallet transfer situations where balance of originating account is not verified. One example is service charge where LetUsBook charges a member when a member function is performed by LetUsBook on member’s behalf. For all manual wallet transferred, the originating account must have sufficient balance.
Online payment is a payment member or organization makes online using debit or credit cards to credit money to their wallet.
All online payments done by members and organizations first go to their wallets and only then it is used for different transactions. This means if your wallet balance is debit and you are making an online payment, the net money you will get in your wallet will be less your debit balance.
Offline receipt is a payment member makes offline to their organizations to credit money to their wallet.
The following diagram explains how this works.
As the image suggests, an organization cannot accept money from a member if organization wallet balance is less than the money member is giving.
So it goes without saying that if an organizer allows members to book tickets or book sessions offline, he must maintain a balance in his organization account all the time.
Online payment (Pay-out)
Online payment is a payment that LetUsBook males from members or organizations wallets to their bank accounts based on payment requests from them.
Offline payment is a payment an organization makes offline to a member from member wallet in the form of cash or any other mode payment through an OTP process. Offline payment is done mostly when a refund is issued to members.
The following diagram explains how it works.
As the image suggests, an organization cannot pay its members if the member wallet does not have sufficient balance.
An organization making an offline payment has to go through an OTP confirmation with the member.
All refunds from organizations to members always goes to member wallets, from there members can request an offline payment from organizations or an online payment from LetUsBook.
How safe is wallet money?
The balance remaining in wallets belong to its owners and is 100% safe to maintain a balance. Moreover, if you opt to receive an SMS whenever there is a credit or debit in your wallet you will be always on top of your wallet. You can always contact LetUsBook if you find an unidentified transaction in your wallet.