What you need to know about settlements

Frequently Asked Questions

 

 

 

What you need to know about settlements

Frequently Asked Questions

 

How long does it take for funds to settle for card payments?

Smartpay settles to your nominated bank for processing the next business day*.

Transaction Day Monday Tuesday Wednesday Thursday Friday, Saturday & Sunday
Settlement Day Tuesday Wednesday Thursday Friday Monday

If you have requested for MOTO transactions, these are processed by our partner Merchant Warrior. They will settle these transactions in two business days with the Merchant Service Fee deducted from each transaction. 

Can I change my daily settlement cut off time?

You can request to have your daily settlement time changed by calling merchant services on 1800 433 876. Just mention that you want to change your automatic settlement time. Note, this only applies to card payments (excluding MOTO).

What is the daily settlement time on my terminal?

Most terminals are set to automatically settles between 21:31 and 23:30 AEST

When will I receive my monthly statement?

You will receive your statement in the first week of the month for the prior month’s transactions. 

Can I use my statement for tax purposes?

Yes, the statement you will receive is also a tax invoice. 

Alipay and WeChat Pay settlements

We’ll settle you two business days after the transaction is made. The trading window is midnight to midnight Beijing time eg. 2am or 3am AEST depending on daylight savings.

Please note that business days takes into account public holidays in both Australia and China. 

Got any other questions? Give us a call 1800 433 876

 

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