Manage settlements
Last updated: September 18, 2024
You can update your settlement settings to better fit your liquidity and operational needs.
Go to Funds > Settlements on your Dashboard to view your most recent to oldest settlements. For each settlement, you can see:
- Amount
- Status — this can be
REJECTED,PENDING, orCOMPLETED. - Settlement ID — this is the reference to the specific settlement, as it will appear on your bank statement.
- Settlement date — if the payment has not been settled yet, we indicate the expected date.
- Payout ID — you can use this unique ID as an additional identifier. However, this is given by, and only applies to, Checkout.com. This value is visible as part of the URL when you select a specific settlement, and has the prefix
pay_.
To find a specific settlement, enter the currency or settlement ID into the search bar. Press enter to search.
Select a specific settlement from the main list to view the Settlement details page. You’ll see such details as:
- What stages the settlement has been through
- Bank account details
- Settlement date
- Account balance date
Information
If you'd like Checkout.com to use a specific time zone for settlements, refer to the Settlement time zone section.
If your settlement time zone is set to UTC, the settlements are generated at 02:00 UTC. For all other time zones, the settlements are generated at 05:00 local time based on the regional Checkout.com entity you contract with.
Information
To view the bank account details, you must have one of the following user roles:
- Administrator
- Administrator Owner
- A custom role with the permission to View bank accounts details settlements are made to
Go to Settings > Bank settlements on your Dashboard. Select a specific Bank accounts and settlement schedules entry to view more details.
On the Settlement schedule details page, you can see the following bank account details:
- Currency
- Bank name
- Bank country
- Account holder
- Account number or IBAN
- Bank code or SWIFT/BIC
You may see additional details depending on your account type.
You can also see the Settlement schedule name and Settlement frequency on this page.
Your settlements are made to the bank account linked to your entity.
To view your bank settlement details, go to Settings > Bank settlements on your Dashboard.
On the Bank settlements page, you can see the following details:
- Settlement time zone: your preferred time zone for settlements from Checkout.com.
- Currency: the currency of your bank settlement schedule, represented as a three-letter ISO 4217 code. For example, GBP.
- Settlement frequency: how regularly you are settled. For example, every weekday.
When changing the bank account details for your bank settlements, consider that:
- Account holder must match your entity's legal name
- Bank country must match the country where your entity is registered
To change your entity's account holder or bank country, contact [email protected].
Information
To change the bank details, you must be an authorized or delegated signatory.
To update the bank account linked to your entity:
- Go to Settings > Bank settlements on your Dashboard.
- Under Bank accounts and settlement schedules, select the settlement currency for which you want to edit the bank account details.
- In the Bank account section, select the Change button.
- Add the new bank account details.
- Under Proof of bank account - existing account, upload the bank statement documents for your current bank account.
- Under Proof of bank account - new account, upload the bank statement documents for your new bank account.
- Select Submit.
We'll email your organization's administrators to confirm we received the request to update your bank account.
Before we can update your bank details, we need to verify them. This process typically takes five to seven working days.
We'll email you after the change is completed. Until then, your settlements will continue to be paid into your existing bank account.
The settlement time zone determines how your transactions are batched. By default, the transactions are batched for an entire day, from midnight to the following midnight, in UTC. However, this default setting may not align with the operating hours of businesses across different regions.
You can adopt a specific settlement time for different entities in your business, to align transactions with their local operations. This improves reconciliation and liquidity management by ensuring that transactions settle according to local banking schedules.
You must have the Administrator Owner or Administrator role to change an entity’s settlement time zone. You can choose to configure a different settlement time zone for each entity in your client account.
Note
To avoid settlement disruptions during the week, we recommend changing your time zone on Fridays after 05:00 local time if you're contracted with any of the following:
- Checkout Limited (NZ)
- Checkout.com Australia Pty Ltd
- Checkout Kabushiki Kaisha (JP)
- Checkout Limited (HK)
- Checkout APAC Pte.Ltd (SG)
- Go to Settings > Bank settlements on your Dashboard.
- Choose the preferred settlement time zone from the dropdown in the Preferences section.
- Select Save changes.
- In the popup that appears, select Confirm request.
Your time zone is immediately updated and effective for the next settlement run.
You may receive a short or extended settlement based on your geographic location. The first local time settlement in geographies ahead of UTC (such as Europe or MENA) will be less than 24 hours. For geographies behind UTC (such as the US), the first settlement will be longer than 24 hours. After this, the settlement schedule will be normalized.
If your settlement time zone is in UTC, the settlements are generated at 02:00 UTC. For all other time zones, the settlements are generated at 05:00 based on the regional Checkout.com entity you contract with.
Note
When you change your settlement time zone, plan for missing or duplicated Checkout.com transactions if the report from the previous period and the report from the current period are in different time zones.
For example, you download a report ending at the end of the day on December 31, 2023 in UTC time zone and another report beginning at the start of the day on January 1, 2024 in America/Los_Angeles time zone. Some of your Checkout.com transactions will not appear on either report because of the different time windows.
To reconcile, download reports for the time period in both UTC and your selected time zone.
Settlement ID is a unique reference available on your bank statement. This helps identify the currency account from which you're settled.
This reference is also displayed on the Dashboard for each settlement in the Funds > Settlements section.
If you have multiple settlements in the same currency from different sources, you can customize your settlement ID.
For example, you may have multiple stores in the United Kingdom. All funds processed by Checkout.com for these stores would be settled in GBP. Custom IDs can help you map the settlements to the store.
To add or customize settlement IDs, reach out to [email protected] or your Account Manager.