Receive settlements
When Checkout.com captures funds on your behalf from customers, the funds are then paid out to you, excluding any charges. Settlement is the final step of a transaction when money from the customer moves into your account.
For each sub-account, the available balance is paid out as a settlement.
At the end of a settlement cycle, Checkout.com transfers the funds to your account and updates the Dashboard with a list of payments.
The period of time between making a sale and getting paid by Checkout.com is the settlement speed.
Depending on region and currency, the settlement speed may range from a few minutes to a few days. It's usually represented as T+X, where:
- T is the transaction date
- X is the number of business days between the transaction date and settlement readiness
Currency holidays and non-working days may delay the standard settlement speed.
For example, a transaction is processed on Tuesday and the currency’s default settlement speed is T+2. The funds are ready for settlement two days after the transaction, on Thursday. The funds are then paid out as part of the upcoming settlement.
You can choose to expedite the settlement speed by enabling accelerated settlements.
Note
This solution is only available if:
- Your business is based in the United Kingdom, European Economic Area, United States, or United Arab Emirates.
- Your settlement currency is one of GBP, EUR, USD, or AED.
- You've cleared a risk check with Checkout.com.
If you'd like to enable accelerated settlements, reach out to [email protected] or your Account Manager.
Accelerated settlements offer faster access to funds, as compared to the default settlement speed for each currency. The speed is currency dependent, and may be as quick as the same day.
When funds are made available on your Checkout.com sub-account, you can use them to fund payouts, issuing, or choose to be settled back to your bank account. These options may vary by product and feature availability in your region.
For same-day settlements, Checkout.com can settle funds multiple times throughout the day's banking hours. You can use the funds on the same day, irrespective of banking hours.
Accelerated settlements can be particularly helpful if you:
- Have a business model that operates in on-demand economies.
- Have frequent customer or business obligations.
- Use your acquiring volume to fund other Checkout.com solutions such as issuing or payouts.
A daily limit for accelerated settlement volume is applied as specified in your Pricing Schedule, based on your processing volume and risk factors. You can choose to be settled multiple times in a day, as long as you're within the acceleration limit. A final settlement is also made the next day.
If the day's limit is reached, further settlements are made according to currency's default settlement speed for the rest of the day until 23:59.
When funds are accelerated, you incur a charge per transaction that is accelerated. This can be clearly distinguished from other fees and follows your defined billing preferences.
Information
To update your settlement frequency, reach out to [email protected] or your Account Manager.
By default, all transactions are batched from 00:00 to 23:59 each day for settlement. This is paid out to your account, subject to a delay determined by the settlement currency.
You can also define the schedule you'd like to be settled on - daily or weekly and align to your time zone.
However, your settlements may be delayed sometimes depending on:
- Currency holidays
- Country holidays or non-working days
- Banking setup
When Checkout.com initiates a settlement through bank transfer, you incur a charge based on the:
- Checkout.com entity you're contracted with
- Country in which your bank operates
- Terms of your contract with Checkout.com
The charge incurred for a settlement is automatically deducted from your available balance in the corresponding sub-account. This means that the charge for a given settlement is deducted from the next settlement.
If funds are accelerated for settlement, you incur an additional charge for each accelerated transaction.
| Currency code | Checkout Limited (NZ) | Checkout Limited | Checkout.com Australia Pty Ltd | Checkout APAC Pte.Ltd | Checkout Kabushiki Kaisha |
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