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Managing your finances effectively is crucial for the smooth operation of your web applications and services. On Cloudways, the wallet system offers a streamlined way to handle payments, add funds, and pay out invoices.
This comprehensive guide will cover everything you need to know about managing your Cloudways wallets, including understanding the wallet mechanism, promotional credits, and tracking and handling invoices.
By mastering these aspects, you can ensure that your services run uninterrupted and make the most of the financial tools available on the Cloudways platform.
Cloudways Wallets Default Currency
By default, all transactions on the Cloudways Platform are conducted in USD. This ensures consistency and transparency in billing, especially for customers around the world. If you previously used another currency, note that all funds and invoices are now converted to USD. Any outstanding invoices prior to this conversion may still be paid in their original currency, but all future transactions will be exclusively in USD.
Understanding the Cloudways Wallets
The Cloudways Wallets are designed to simplify financial management on the platform, ensuring you can easily handle payments, add funds, and utilize promotional credits. Here's a detailed look at how the Cloudways Wallets work, including their structure, usage, and key features.
Two Wallet System
Cloudways maintains two separate wallets to help you manage your funds more effectively:
Credits Wallet
Purpose: This wallet stores any promotional rewards and referral credits you get.
Usage: Promotional credits are automatically applied first when settling invoices, ensuring you benefit fully from any rewards or credits you’ve accumulated.
Validity: Promotional credits are valid for one year from the date of issuance. Any unused credits will expire after this period.
Funds Wallet
Purpose: This wallet holds the funds you add to your account manually, either through a credit card or PayPal. This wallet will also have any refunds issued to you by Cloudways.
Usage: If your promotional credits are insufficient to cover an invoice, the remaining amount is deducted from your Funds Wallet.
Total Balance
The Total Balance represents the combined value of your available credits and funds in your Cloudways Wallet. It gives you an overview of your total financial resources.
Cloudways Wallets Mechanisms, Features, and Functionalities
Automatic Application of Funds
When an invoice is generated, the system first settles the amount using available promotional credits from the Credits Wallet. If the credits are insufficient, the remaining balance from your Funds Wallet will be deducted.
Tracking and Reporting
The Transaction Details section clearly indicates both additions and deductions in your wallets. This report specifies all the wallet transactions, ensuring full transparency. This section includes transaction ID, amount, date, type, and summary.
Historical Aggregation of Funds
For clarity, the system aggregates all previous funds (before the currency conversion to USD) into a single entry. You can view the history of these aggregated funds by clicking on the history icon next to the entry.
By understanding the Cloudways Wallet system, you can effectively manage your finances or hosting expenditures, ensuring your services remain active and uninterrupted.
How to Access Your Cloudways Wallets
Log in to your Cloudways Platform using your email address and password.
From the top menu bar, click Profile.
Now, select Account in the Classic Interface and My Account in the New Interface.
Classic Interface
New Interface
Select Funds.
Here, you can see Total Funds, Available Funds, Available Credits, and Transaction Details.
Classic Interface
New Interface
Managing your finances on Cloudways has never been easier, thanks to the comprehensive and user-friendly Cloudways Wallets system. By understanding how to utilize both the promotional credits and funds wallets effectively, you can ensure seamless payment processes and avoid any interruptions in your service. The clear tracking and reporting features provide full transparency, helping you stay informed about your financial activities.
Whether adding funds or handling invoices, Cloudways Wallets offer you the tools and flexibility to manage your resources efficiently.
FAQs
How do I add funds to my Cloudways Funds Wallet?
You can add funds via Credit Card or PayPal by following this knowledgebase article.
How are invoices settled if I have both promotional credits and advance funds?
Invoices are settled using promotional credits first. If the promotional credits are insufficient, the remaining amount is deducted from your advance funds. The Credits Wallet will always take precedence in settling invoices, followed by the Funds Wallet.
Can I change the currency of my Cloudways account?
No, the default currency for all transactions on the Cloudways Platform is USD. All previous funds have been aggregated and converted to USD.
How can I track which wallet was used to settle an invoice?
In the Transaction Details section, both additions and deductions will indicate which wallet was used. In case of partial utilization, entries from both wallets will be shown separately.
What should I do if my invoice remains unpaid?
If your invoice remains unpaid, your account may face restrictions, and your servers and applications may be stopped and eventually deleted. Ensure you update your payment information or add sufficient funds to avoid service interruptions.
Who should I contact if I have issues with my Cloudways Wallets?
For any issues or questions regarding your Cloudways Wallets, you can contact Cloudways support via chat (Need a Hand > Send us a Message) or create a support ticket for assistance.
How can I enable promotional credits on my account?
Promotional credits are typically added to your account through special offers, promotional rewards, or referral programs. They are automatically applied to your Cloudways Credits Wallet and used to settle invoices before any advance funds.
How are affiliate payouts managed in Cloudways Wallets?
Affiliate payouts are credited to your Funds Wallet. This allows you to use the affiliate payouts to settle invoices within the Cloudways platform.
How often are the Transaction Details updated?
The Transaction Details are updated in real time, providing the latest information about your fund usage and available balances.
That’s it! We hope this article was helpful. If you need any help, then feel free to search your query on Cloudways Support Center or contact us via chat (Need a Hand > Send us a Message). Alternatively, you can also create a support ticket.