Receive settlements
When Checkout.com captures funds from customers on your behalf, we transfer the funds for each sub-account to your bank account as a settlement payout.
- When Checkout.com captures a payment, the funds enter your Pending balance. We assign an availability date for when the funds become ready for settlement, depending on the settlement speed of the sub-account’s currency.
- Every midnight in your settlement time zone, the payments in your Pending balance that are ready for settlement move to your Available balance.
- When your next settlement is generated, the funds move from Available to your Payable balance.
- The settlement, which comprises your existing Available balance and any payments that entered at midnight, is paid out from Payable to your bank account at your configured settlement frequency, minus any fees.
Information
Fees for a payment may be deducted from later settlements when further financial actions occur.
Your settlement time zone determines when payments that are ready for settlement move from Pending to Available. By default, payments are batched for an entire day, from midnight to the following midnight, in UTC.
Payments processed on non-business days are included in the batch on the next business day.
If your settlement time zone is set to UTC, your settlements are generated at 2:00 AM UTC. For all other time zones, settlements are generated at 5:00 AM local time, based on the regional Checkout.com entity you're contracted with. Settlements are then paid out at your configured settlement frequency.
If the default setting does not align with the operating/banking hours of your entities across different regions, you can specify different settlement time zones for different entities. This improves reconciliation and liquidity management.
The time zones available for each entity depend on its location. To view and manage time zones, see Update settlement time zone.
You can schedule to receive settlements at one of the following frequencies in your preferred time zone:
- Daily – Weekdays, excluding non-business days
- Weekly – A weekday of your choice, excluding non-business days
- Monthly – First or 15th of each month
- Bimonthly – First and 15th of each month
If a scheduled settlement is due to be paid out on a non-business day in your settlement time zone, the funds are paid out on the following business day instead.
Information
To update your settlement frequency, contact your account manager or request support.
The settlement speed is the period between time of sale and when the funds become ready for settlement. This depends on your region and settlement currency, and may range from a few minutes to a few days.
Settlement speed is usually represented as T+X, where:
- T is the transaction date.
- X is the number of business days after the transaction date that the funds become ready for settlement.
For example, a payment is processed on Tuesday and the currency’s standard settlement speed is T+2. The funds become ready for settlement on Thursday, and are paid out in your next settlement. If your settlement frequency is:
- Daily – The funds are paid out on Thursday.
- Weekly on Fridays – The funds are paid out on Friday.
When the funds are ready for settlement, all payments processed that business day are batched and move to your Available balance shortly after midnight. Payments processed on non-business days are included in the batch on the next business day.
A currency holiday is a day when local banks do not convert specific currencies.
Currency holidays and non-business days may delay the standard settlement speed, depending on the Checkout.com entity you are contracted with as follows:
| Region | Checkout.com entity | Currency holidays |
|---|---|---|
Europe | Checkout SAS | Currency holidays are set by the settlement currency. |
United States | Checkout LLC | |
United Kingdom | Checkout Ltd | |
All other regions | All other Checkout.com entities | Currency holidays are set by the settlement currency and include local bank holidays. |
For example:
- A UK bank holiday means settlements in
GBPare not paid out that day, but settlements in other currencies are. - A Singaporean bank holiday means settlements in
SGDand any other currencies are not paid out that day.
Accelerated settlements enable you to access funds faster than the standard settlement speed for each currency set by Checkout.com. You are eligible for this service if:
- Your business is based in the European Economic Area, United Arab Emirates, United Kingdom, or United States.
- Your settlement currency is
AED,EUR,GBP, orUSD. - You clear a risk check with Checkout.com.
On currency holidays and non-business days, settlements are paid out at the currency's standard settlement speed by default. You may be able to configure to accelerate settlements on non-business days, subject to approval from your account manager.
Information
To enable and configure accelerated settlements, contact your account manager or request support. Specify if you want to accelerate on non-business days.
Accelerated settlements can be particularly helpful if:
- Your business operates in on-demand economies.
- You have frequent customer or business obligations.
- You use your acquiring revenue to fund other Checkout.com solutions – for example, Card or Bank Payouts or Issuing. This may vary by product and feature availability in your region.
Checkout.com can pay out settlements as quickly as the same day, that is T+0, as follows:
- Two times within the day's banking hours (intraday)
- Once at midnight (end of day)
You can use the funds that day, irrespective of banking hours.
Same-day settlements are available for the following regions and currencies. The average standard settlement speed may differ depending on the card scheme, payment method, and your processing profile.
| Currency | Standard speed |
|---|---|
| T+1 |
| T+1 |
| T+2 |
You can accelerate settlements up to a maximum amount per day. Your limit is specified in your Pricing Schedule, and Checkout.com may adjust it depending on your processing volume, past use, and other risk factors. Settlements can be paid out multiple times in a day until you reach your limit.
When you reach the day's acceleration limit, any additional funds from that day are deferred and move back to your Pending balance. Checkout.com pays these funds out to you at the standard speed, usually after we've been settled by the card schemes.
When the deferred funds become available, they are included in a separate settlement, which is generated and paid out later that business day after we're settled by the schemes.
Checkout.com charges a fee on the captured amount per accelerated payment, in accordance with your billing preferences. For more information, see Card processing fees.
When Checkout.com pays out a settlement through bank transfer, we charge you a fee based on the:
- Checkout.com entity you're contracted with
- Country in which your bank operates
- Terms of your contract with Checkout.com
The fee for the settlement is automatically deducted from the Available balance of the relevant sub-account. This means that the fee is deducted from the next settlement.
If Checkout.com has risk concerns about your payment processing, we may pause your settlements for a single sub-account, single entity, or all your entities at client level.
Note
While your settlements are paused, you can continue to process payments, but the funds are not paid out.
A notification appears in the Dashboard and we contact you as soon as possible. Once resolved, settlements resume immediately.
You cannot pause settlement payouts yourself.
You can receive settlements in the following currencies with the various Checkout.com entities.
| Currency code | Checkout Limited (NZ) | Checkout Limited | Checkout Australia Pty Ltd | Checkout APAC Pte Ltd | Checkout Kabushiki Kaisha |
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Settlements can have the following statuses:
| Settlement status | Description |
|---|---|
| Checkout.com has approved the settlement for payout. |
| A settlement is generated but cannot be paid out because your Available balance is:
In this case, the Available balance is carried forward to your next settlement. InformationTo enable |
| The settlement is generated and will be included in the upcoming settlement payout. |
| The settlement was canceled, most likely because some information was missing or incorrect. The funds are returned to the sub-account's Available balance. Checkout.com then attempts to include these funds in your next settlement. |
| Your bank returned the funds to Checkout.com. The funds are returned to the sub-account's Available balance. Checkout.com attempts to include these funds in your next settlement. |