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Only available in ChileDirect payments is only available in Chile. It’s not available in Mexico yet.
In direct payments, the money flows directly from your customer’s bank account to the recipient account you specify.

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Who can use direct payments

Direct payments aren’t enabled by default. Fintoc must enable them for your organization in both test and live modes. To request enablement, email sales@fintoc.com or contact your account executive. For details, see Set up direct payments. Your business must also meet the same requirements as every other Fintoc product: To use Fintoc, your business must meet all of these requirements:
  • A company tax ID. In Mexico, this is your company’s Mexican tax ID (RFC), which has 12 characters. In Chile, this is your company’s Chilean tax ID (RUT).
  • A bank account in your company’s name. Fintoc only sends your payouts to an account associated with your company’s RFC or RUT.
  • An email address on your company’s domain. Sign up with a corporate email, not a personal one such as Gmail or Hotmail.
Fintoc doesn’t accept individuals, including a natural person with business activity (persona natural con giro). Your company also needs at least 6 months of business activity, counted from the start date on your business initiation certificate. If your company is younger, the Dashboard shows an error when you upload the certificate and you can’t complete the onboarding.

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Reconciliation

If you collect the money in a single bank account, you’ll need to periodically download your bank statement and run a reconciliation process to track and match Fintoc payments. You’ll also need to handle any external bank transfers you may receive.

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Fintoc Reconciles

This schema allows you to receive payments directly into your own bank account. Fintoc runs a reconciliation process to help you track and match incoming transactions by accessing your account’s transaction records.

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How it works

  • Your customers send payments directly to your bank account.
  • Fintoc has read access to your bank account’s transaction records.
  • Every business day, Fintoc runs a reconciliation process to identify and match transactions. At the end of that process, Fintoc sends you a file with the reconciliation results.

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Considerations

  • Only for Chile. Availability depends on your bank. Contact us to check if your bank account is eligible for this schema.
  • The integration process is the same for Fintoc Reconciles and Direct Payments.
For more details on this reconciliation process, visit the “Handling Payment Exceptions” and “Reporting and Reconciliation” sections.

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Available sender banks

Your customers can pay a direct payment from the following institutions: To see which institutions can hold recipient accounts, check the Chile institution codes.