Vertecto Services, LLC

Because Your Business Is Global

 
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Vertecto FAQs FAQs
FAQs
 
   
 
 
 
 
 
 

 

What is a Trading Partner?

A Trading Partner is a company with whom you do business on the Vertecto system. If you have a Project where you are selling minutes, the buyer is your Trading Partner. If you are the buyer, the seller is your Trading Partner. Likewise, if you are transacting business through an agent, that agent is your Trading Partner. Top

What is a an Account?

Your company's Accounts are the financial accounts that your company maintains in the Vertecto system. They can be in USA dollars, Euro, HK dollars or other currencies. The Accounts are increased by amounts your company delivers to Vertecto and your earnings from Projects. Your Accounts are reduced when you pay carriers or other sellers, make withdrawals and pay fees. Top

What is a Project?

A Project is an agreement between your company and another company in the TPS to buy and sell minutes and other services. For example, your company wants to terminate calls to Canada . Your company and Carrier Canada agree that Carrier Canada will terminate your calls. Your company and Carrier Canada have created a binding contract which is designated as a “Project” on the Vertecto System. Your company and Carrier Canada are Trading Partners. Your company can have projects with many suppliers and customers and can also have multiple projects with a single supplier. Top

Are we required to use the Vertecto carrier agreement forms?

No. You can use any agreement that you like. However, by using standardized forms, you save time and effort and you help us to make doing business in the telecommunications industry faster, more efficient and more consistent. This helps your company and and your customers and suppliers. Top

Are the carrier forms appropriate for my company?

Standardization allows for faster, more consistent and safer transactions. Our forms are provided as a courtesy. Vertecto is not a law firm and we do not provide legal advice. All forms are provided as is and without warranty, including without warranty that the forms are appropriate or enforceable by or in connection with your Company, any transaction, any jurisdiction or otherwise. Vertecto shall have no liability or obligation to any person or entity who uses any form or agreement available from Vertecto Customers are free to use their own forms. We strongly suggest that customers seek independent legal review of any agreement or form that they intend to use, including those provided by Vertecto. Top

Does Vertecto guarantee that our invoices will be paid?

Vertecto provides your company with the assurance that it will receive the Net Project Payments for each of your Projects upon receipt and approval of your invoices. We do not insure or guarantee the amount by which your invoice exceeds the amount of Net Project Payments. Your company is responsible for assuring that the price you charge for minutes or services you deliver to a Trading Partner in a Project does not exceed the amount of the Net Project Payments for that Project. Net Project Payments are the sum of prepayments by your Trading Partner for a particular Project minus amounts due to Vertecto, its affiliates and third parties (such as call verification services) as fees or otherwise and disputed invoice amounts. Top

I am a consumer. Can I use Vertecto?

Vertecto is intended to be used by carriers and other business enterprises. We do not permit consumers to use our system. Top

How long does it take to start a Project and start calls?

If the originating carrier or buyer has sufficient funds in its Accounts, you can complete a transaction and start traffic within minutes. If the originating carrier or buyer does not have sufficient funds in its Accounts, the Project will start when our bank receives the wire or the Account is otherwise funded. Top

How are our company Funds Protected?

Customer US dollar funds are held in separate pooled accounts with the highest rated national banks. Your company’s funds are not combined with our operating funds. The funds in the pooled account are designated for the benefit of our customers as escrow funds. The pooled account is structured to comply with current FDIC insurance regulations for up to $250,000 in FDIC pass-through insurance in the unlikely event that one of our depository banks fail. Coverage is subject to FDIC regulations and interpretations. While Vertecto has taken the steps it believes are necessary to comply with FDIC regulations, we do not guarantee that the FDIC will accept each claim or that FDIC requirements will not change in the future. Funds held in currencies other than US dollars are not covered by FDIC insurance and may be held in non-USA accounts used by our depository banks and other foreign exchange providers. Vertecto has a right of set off against the pooled account for amounts due to Vertecto under our agreements with our customers for fees or otherwise. Top

What are Net Free Funds?

Generally speaking, Net Free Funds means the amount of money in your Accounts that are not dedicated to secure or pay your company's obligations. More specifically, it includes all funds in your Accounts which were deposited by your company, proceeds from Projects (money you receive in payment for invoices), plus all other credits to your Accounts, less amounts that are escrowed for Projects, disputed funds, amounts otherwise debited from your Accounts (such as your company withdrawals) and amounts due to Vertecto or another provider. Top

Can we withdraw funds from our Account at any time? How?

Your company can withdraw its Net Free Funds from its Account at any time. Funds can be delivered to you by wire transfer, ACH transfer or check. The funds will be sent to the account that you designated on the system. In many cases, we can deliver your funds via wire or ACH in the native currency (dollars to peso or yen and more), which decreases your costs and exchange rates. If your funds are in a currency other than US dollars, you can make payments or withdraw funds in that currency directly, without the effort and expense of a currency conversion. Your company can also ‘point’ some or all of your Net Free Funds to another Project. This way, you can use the funds you received from a customer in one Project to fund a new Project with one of your suppliers. It is cheap and easy. Top

Can we fund an Account with an ACH, check, PayPal or cash?

You can pay with a wire transfer, check or ACH. We strongly suggest wire payments. We do not accept PaypPal for transaction payments (though we may accept them for registration and other fees due to Vertecto). We strongly discourage cash payments. They take longer to register on our system and are more difficult to track if you do not register the payment on our system. We will accept cash deposits made by your company at a branch of our depository bank if all of your company and banking information is complete on our system. In no event will we accept more than $7,500 USD in any five day period. Cash deposits that violate these provisions will be returned to you via check or wire at our discretion and you will be charged for the return. We advise against payment by check or ACH if you will be funding a transaction within the next week to three weeks. When Vertecto confirms that a Project escrow has been funded, we are confirming that funds are currently available for that Project. An ACH transfer or check can be reversed for a period of time. As a result, we cannot assure that funds received by us as an ACH transfer will be available to pay a bill or invoice. Similarly, if Vertecto is paid by check, we will not show those funds until the check has fully cleared. Top

We need to fund a new route. Can we “point” the funds we just received from a different Project to our new supplier?

Yes, there is no requirement to immediately withdraw Net Free Funds. We encourage you to use the funds that you receive from Projects with your customers to fund Projects with your suppliers to avoid the extra wire and ACH costs. In addition, you can start sending calls to a new route or using new services almost instantly. You can take advantage of our currency conversion rates to convert the funds in your Account to another currency if you want to lock in an exchange rate for future transactions. Top

What happens if a carrier disputes an Invoice?

Usually, a dispute is an honest misunderstanding between a buyer and a seller that results from differing CDRs or other records. We strongly urge you to agree on a neutral company to track your CDRs. at the time you enter the Project. Often, issues can be resolved quickly by the parties. In most cases, when an invoice is disputed, Vertecto will immediately credit the undisputed portion of the invoice to the seller's Account and Vertecto will hold the disputed portion to allow the parties time to settle the dispute. When the parties have settled their dispute and Vertecto receives appropriate written confirmation, it will allocate the disputed portion in the manner directed by the parties. In the event the parties cannot resolve the dispute in a reasonable time, Vertecto will offer the parties the opportunity to use third party reconciliation services and dispute mediation or arbitration service. The contracts among the parties will control if it provides a specific method of dispute resolution. If the issue still cannot be resolved, Vertecto has the option of depositing the disputed portion with a court. Top

We want to fund a transaction or withdraw funds in multiple currencies. Can we do that?

We work with United States Dollars (USD). Our banks can convert outgoing wires into your home currency.. When you send us funds, we receive USD regardless of the currency of your wire. All transactions with other buyers and sellers are conducted in USD. When you request us to return funds to you, you can sepcify the amount in USD and request that the wire be sent in another currency. All currency exchanges are conducted by our bank at the standard exchange rates and fees applicable to our account. We do not charge any aditional amounts for this service. You will have to determine whether it is less expensive to have the exchange done by your bank or by our bank. Top

We sent a wire hours ago, but the system does not show any funds in our Account / We have not received a wire.

Any Project funds that you send to Vertecto appear in your Account when we have received and identified the funds and they have cleared. Wires from some countries can take several days to arrive. If you pay by check, we have to wait for the funds to clear. If you do not add a comment to your wire or check to tell us who you are or if the information in the comment does not match the information in our system, it may take time to identify the funds. Please provide us with as much information as you can. Include your company name as it appears in the TPS, your Vertecto customer ID, a Vertecto Project ID and other information which would be helpful in identifying the wire.
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Are we required to send invoices and notices through Vertecto?

Invoices must be delivered through Vertecto, but you are not restricted from also sending them directly to your customers. We strongly suggest that you send copies of contract notices and rate changes through the TPS. The benefits include: (i) third party verification of the notice on the system, (ii) our agreements require customers to check the system for notices on a regular basis, (iii) we can more easily track approvals, disputes and reminders, and (vi) in the event of issues, the parties can upload CDRs that we can identify to a specific invoice. Of course, you can always send a copy of your invoice directly to your customer. At the very least, your company is required to provide basic invoice data, including amount and volume. Please note that in the event the Project is payable on a per minute basis and no minutes are provided for the invoice, or the number of minutes is disproportionate to the invoice amount, the system may assign an arbitrary price per minute for Vertecto billing purposes. This is done so that the transaction is not delayed while we gather the information we need to calculate the proper fee. We would then have to work with the parties to allocate the proper credits and debits, which is inefficient. Top