Merchant Services

Settlement & Payouts

When a payment becomes money in your account: settlement schedules, instant settlement, multi-currency payouts and how to reconcile them.

update Last updated 1 August 2026 list_alt 5 sections

Settlement timing is a cash-flow decision, not a technical one. Standard next-day payout is free; instant settlement carries a published percentage. Both are switched on and off by you.

Section 01

What happens between "pay" and "paid"

A card payment passes through four states. Knowing which one a transaction is in answers most "where is my money" questions before you need to ask anyone.

01

Authorised

The issuer has reserved the funds on the customer card. Nothing has moved yet, and an authorisation expires if it is never captured.

02

Captured

You have confirmed the sale. For most merchants this happens automatically at the moment of payment; ship-later businesses often capture on dispatch.

03

Settled

The scheme has moved the funds to us and the transaction is in your settlement batch, net of fees.

04

Paid out

The batch has left for your bank account on your payout schedule.

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Authorised is not sold

A customer whose card shows a pending charge on an authorisation you never captured has not paid you, and the hold will drop off by itself. Capture, or release it deliberately.

Section 02

Payout schedules

OptionMoney arrivesCostSuits
Next business dayThe business day after settlementFreeMost merchants. Predictable and free.
Instant settlementWithin minutes of the salePublished percentageTight cash cycles, or weekend trading peaks.
WeeklyOne batch per weekFreeLow volume, or simpler bookkeeping.
MonthlyOne batch per monthFreeBusinesses that reconcile monthly and hold reserves.

Weekends and public holidays shift a next-day payout to the next business day. Instant settlement is unaffected by either.

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Do the arithmetic on instant

Instant settlement costs a percentage of everything you rush, every day. If the only reason is comfort rather than a real funding gap, next-day is free and the difference is pure margin.

Section 03

Multi-currency settlement

  • Accept in the customer currency and settle in yours, converting at the published rate and margin.
  • Or hold balances in the trading currencies and settle in each, which avoids converting revenue you are only going to spend again.
  • The conversion rate and margin are shown on every settlement report, not summarised into one net figure.
  • Holding several currencies changes when you carry exchange risk, not whether you do. Where the exposure is material, hedge it deliberately.
Section 04

Reconciling settlement

A payout is a net figure. It will almost never equal a day of gross takings, and that is normal rather than an error.

Line in the reportWhat it is
Gross salesEverything captured in the batch, before anything is taken off.
RefundsRefunds issued in the period, deducted from this batch.
Transaction feesThe processing cost of the batch, itemised by payment type.
Chargebacks and reversalsCases raised in the period, and any refunded chargeback fees.
AdjustmentsCorrections, and any reserve applied or released.
Net payoutWhat actually lands in your bank account.
  • Every batch carries a reference that appears on your bank statement, so a payout can always be traced to its report.
  • Reports export as CSV, and the same data is available over the API for automatic reconciliation.
  • Reconcile the batch against the report first. Only compare against your till or store totals afterwards.
Section 05

Reserves and held funds

Occasionally a payout is delayed or a reserve is applied. We would rather explain the reasons in advance than surprise you with them.

A sudden change in profile
A large jump in volume or ticket size against your history triggers a review. Telling us before a campaign launches usually prevents it entirely.
Elevated dispute rate
A rolling reserve may be applied where chargebacks rise above scheme thresholds, and released as the rate recovers.
Goods or services delivered later
Businesses taking payment well before delivery may carry a reserve, because the risk sits with us until the customer is served.
Outstanding verification
Payouts pause where identity or ownership information is incomplete. This is a legal obligation on us, not a preference.
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You will be told why

Where a payout is held we tell you the reason, what would release it, and who is handling it. If you disagree, the complaints process is open to you.

Related

Documents you may also need

This document was last updated on 1 August 2026. We publish the current version here at all times; superseded versions are available on request.

If anything on this page is unclear, write to us and we will explain it.