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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.

OUR BEST FEATURES FOR YOUR CONVINIENCE

Reconciliation of Settlements

  • Variation

    Verifies and reconciles the variation in status between sales report and the actual funds received

  • Dashboard

    Merchant gets the detailed settlement records due to the robust APIs integrated with the dashboard

  • Records

    The reports can help tally every detail for e.g. amount, Mypayverse fees, tax, and the settlement amount

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.

  • Settlement cycle
  • Settlement amount
  • Settlement ID
 

The settlement process takes T+1 to T+3 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.