Card payment settlement times: when do you get paid?
A payment approved on your card machine is not the same as money in your bank. Here is how settlement works and what to ask your provider.
The short answer
Settlement is when the money from your card sales is paid into your business bank account. How long it takes depends on your provider: some pay the next working day, others take several working days. Weekends and bank holidays can add to the wait.
Approval and settlement are different
When a customer taps their card and sees "approved", the bank has agreed to the payment. The money then moves through the card network to your provider, who pays it to your bank. That second step is settlement, and it is the one that affects your cash flow.
What affects when you get paid
- Your provider's schedule: next working day, or a longer cycle.
- Cut-off times: sales taken after the daily cut-off may count towards the next day.
- Weekends and bank holidays: sales taken over a weekend are often paid on the next working day or later.
- Your own bank: it needs to credit the payment once it arrives.
- Refunds and disputes: these can be taken from a settlement.
Questions to ask your provider
- Is settlement next working day, and does that include weekend sales?
- What is the daily cut-off time?
- Is there any fee for settlement?
- Are fees taken from each payout, or billed separately?
Why your payout can be lower than your sales
If fees are taken before payout, the amount arriving is your sales minus fees, refunds and any adjustments. Check your statement against the payout report so you know exactly where each pound went.
Need money sooner?
If you need funds ahead of your regular takings, a business cash advance may be an option. PayZu is an introducer, not a lender or a broker. See business cash advance for how it works, subject to eligibility and approval.
What PayZu offers
- Next-day settlement as standard
- No settlement fees
- £0 upfront, zero hidden fees, zero PCI fees
Debit card rates from 0.29%* (T&Cs apply). *0.29% applies to UK consumer debit cards for businesses with monthly card takings above £40,000. Credit, business and international card rates, and rates for lower takings, are quoted individually. Subject to eligibility and status.
Common questions
How long does it take for card payments to reach my bank?
It depends on your provider. Some settle the next working day, others take longer. Ask for the settlement schedule in writing before you sign.
Do weekends count towards settlement?
Banks don't normally process payments at weekends, so weekend sales are usually paid on the next working day or later. Check how your provider handles them.
Does PayZu offer next-day settlement?
Yes. Next-day settlement is standard with PayZu, with no settlement fees.
Related
Send your statement — let us beat it
Tell us about your business and we'll come back with a personalised rate. You can also email your statement to info@payzu.co.uk.
- Debit card rates from 0.29% (T&Cs apply)
- £0 upfront
- Zero hidden & PCI fees
- Next-day settlement