Comprehensive Guide for Settlements
A guide for the merchants to know the meaning and process of the settlement, its records in the merchant dashboard and the reconciliation.
Settlement Process
The customer selects the items and proceeds with the payment
The payment transfers from the customer’s account to acquiring bank
The payment routes to the merchant’s bank account after deductions
What is Settlement?
Payment routed to the merchant’s bank account from the customer’s account is called a Settlement. Here are the important terms to know.
The settlement process takes T+0 to T+1 working days*, where ‘T’ is the date on which the customer made the transaction.
*This time may vary because the settlement cycle is subject to bank approval and risk factors.
Reconciliation of Settlements
Verifies and reconciles the variation in status between sales report and the actual funds received
Merchant gets the detailed settlement records due to the robust APIs integrated with the dashboard
The reports can help tally every detail for e.g. amount, wallet Flow fees, tax, and the settlement amount