Store Owners on daily settlements will receive a credit in their nominated bank account every business day of the week.
To be more specific, Tangerpay will initiate a settlement transfer to your bank account on every business day of the week and you will receive an automated settlement confirmation email from us once the transfer is initiated from our end. The actual timing of the credit into your bank account will depend on how quickly the payment passes through the banking system and how quickly your bank applies the credit. Usually you will receive settlement funds in T+ 2 business days ie. Wednesday proceeds will settle to your bank account on Friday.
The settlement amount you receive from us will correspond to a single day's takings at your laundromat.
Our settlement confirmation email as well as the credit to your bank account will bear the reference DAYnnn StoreName where DAYnnn is the day number (within current year) that the settlement relates to. For example, DAY217 Union College relates to day number 217 in current year, which is Monday 5 August in 2019. To reconcile the amount in your bank account back to your daily transaction report, you would view your daily transaction report for Day 217 ie. 5 August 2019 and refer to the figure shown in Daily Total column in the report.
To change the settlement frequency of your account, please contact us.
From 1 October 2019, a processing charge of $50 (excluding applicable taxes) applies for this change to cover our administrative costs of applying this change at your store.