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Settlements
Settlements
What's a Settlement Period?
A Settlement Period is the time between the transaction is created, and your funds are received for that particular transaction. It can vary from being in your bank account on the following UK working day: T+1, T+2 is the second UK working day, and T+3 is the third working day.
When do I get funds settled?
Settlement time depends on the Settlement Period in your contract with us. T+1 means you'll receive the funds in your bank account the next UK working day, T+2 is the second UK working day, and T+3 is the third working day.
What's the difference between Net and Gross Settlements?
Net settlement is when the fees are deducted from each transaction, and you'll receive only the deducted amount. Gross settlement is when you receive the total amount of the transaction, and all the fees for a given month will be deducted from the first settlement of the following month.
How do I check my recent Settlements?
Our Merchant Portal Dashboard contains all the information about transactions and settlements. If the Merchant Portal Dashboard shows 'Not yet settled', the transaction will settle as per your agreement with us.
How do I download Settlement Statements?
Settlement Statements are downloaded from our Merchant Portal dashboard. Just visit the Settlements tab, set the period and click download.
How are Settlements processed on Bank Holidays?
The Settlement Period only counts UK working days, so if a transaction is on a Friday and there is a 3 days UK holiday, the Settlement will be credited to the bank account on the following UK working day, i.e. Tuesday.