Receive settlements
When Checkout.com captures funds from customers on your behalf, the funds for each sub-account are then paid out to your bank account as a settlement payout.
- Each day's transactions in your Available balance are batched for settlement as determined by your settlement time zone.
- A settlement is generated when the funds are ready for settlement, depending on the settlement speed of the sub-account's currency.
- The settlement is paid out to your bank account at your configured settlement frequency, minus any fees.
Information
Fees for a transaction may also be deducted from later settlements when further financial actions occur.
The settlement time zone determines when your batched transactions are generated into a settlement. By default, transactions are batched for an entire day, from midnight to the following midnight, in UTC.
If your settlement time zone is set to UTC, your settlements are generated at 02:00am UTC. For all other time zones, settlements are generated at 05:00am local time, based on the regional Checkout.com entity you are 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 configure to receive settlements at one of the following frequencies in your preferred time zone:
- Daily – Weekdays, excluding non-business days
- Weekly – Weekday of your choice, excluding non-business days
- Monthly – 1st or 15th of each month
- Bimonthly – 1st 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 settled on the following business day instead.
Information
To update your settlement frequency, contact your account manager or [email protected].
The period between time of sale and the funds becoming ready for settlement is the settlement speed. 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 are ready for settlement.
For example, a transaction is processed on Tuesday and the currency’s standard settlement speed is T+2. The funds are then ready for settlement on Thursday, and are paid out in your next upcoming settlement.
If your settlement frequency is:
- Daily – The funds are paid out on Thursday.
- Weekly on Fridays – The funds are paid out on Friday.
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:
- For Checkout Ltd, Checkout SAS, and Checkout LLC – Currency holidays are set by the settlement currency.
- For 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 GBP are not processed that day, but settlements in other currencies are.
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 [email protected]. 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, two times within the day's banking hours (intraday). 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 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 the first intraday settlement generated that business day, which is then paid out later in the day when the funds are settled to Checkout.com.
Checkout.com charges a fee on the captured amount per accelerated transaction, in accordance with your billing preferences. For more information, see Card processing fees.
When Checkout.com initiates 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 your Available balance for the relevant sub-account. This means that the fee is deducted from the next settlement.
You can receive settlements in the following currencies with the various Checkout.com entities:
| Currency code | Checkout Limited (NZ) | Checkout Limited | Checkout.com Australia Pty Ltd | Checkout APAC Pte.Ltd | Checkout Kabushiki Kaisha |
|---|---|---|---|---|---|
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
| |||||
|