Settlement days depend on a few different factors, including your merchant category, experience, and delivery time frames. As a Clearpay merchant, you’ll be assigned a settlement period of between 1-5 business days in your agreement with us, and we periodically review merchants on longer settlement periods to reduce this where possible.
When configured an email is sent to the email address you have on file for settlements, summarizing the total settlement payment amount to be paid.
- If your merchant balance enters into a negative and no settlement payout is due, no email confirmation will be sent
- If you are on a rolling reserve, the final payout amount shown in the confirmation will take into consideration any reserves held.
If you would like to request certain users to receive these emails, please contact our team by clicking on the envelope.
Settlements will work differently depending on what channel your orders are processed through.
Online Channel - Merchant fees + GST are deducted and reconciled at the time of the order being processed and you will settle against the net amount into your nominated bank account.
Instore Channel - Clearpay Card transactions are settled with you as the gross amount (like any other card transaction would ie Visa/Mastercard) and we will then reconcile and deduct the Merchant fees + GST from your nominated bank account.
We will process settlements and collection of Clearpay Card fees each business day excl. Public Holidays and weekends. Processing times will vary depending on your bank and can be 1-3 business days.