20% deposit at the time of booking explained
To ensure smooth processing and timely confirmation of your shipment, CargoWallet requires a 20% security deposit when you make a CargoWALLET booking. This deposit helps cover any potential variances that may arise once the airline’s final invoice is issued.
2% portal fee explained
CargoWALLET applies a 2% portal fee on the prepaid booking amount for all CargoWALLET payment bookings. The 2% portal fee is capped with a minimum of USD 10 and a maximum of USD 100.
How does the deposit and reconciliation process work?
1. Initial Booking
You prepay the booking amount plus a 20% security deposit.
A 2% portal fee is applied (calculated on the prepaid booking amount, capped at a minimum of USD 10 and a maximum of USD 100).
2. After Shipment Departure
Once your shipment departs, a ProForma invoice (provisional invoice) is automatically generated in the system for your reference.
3. Final Reconciliation
When the Final Invoice from the airline and partner is received, the system automatically performs a reconciliation.
Any difference is adjusted as follows:
(Prepaid booking + 20% deposit + 2% portal fee, capped between USD 10 and 100) − (Final invoice for shipment) = Credit or DebitDepending on the outcome, you will either receive a credit (refund/offset for future use) or see a debit (additional balance due) on your wallet.
4. Improved Transparency
For all future bookings, you will receive an automated final invoice showing detailed adjustments per Air Waybill (AWB).
The final invoice also includes a note summarizing CargoWALLET transactions for easy reference.
All transaction items reflected in CargoWALLET are added as footnotes on the final invoice to improve transparency.Please note that the final invoice is for accounting purposes only, as the transaction has already been paid and reconciled within CargoWALLET.
We hope you find this article useful!
Note: Images shown here are for illustrative purposes only.
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