Customers with monthly settlements receive a single credit to their nominated bank account at each calendar end of month.
The actual timing of this transfer is dependent on receipt of funds for all of the various payment methods (Visa, Amex, Mastercard, Apple Pay, G Pay, Samsung Pay, PayPal etc) following the end of month. For example, if end of the month occurs on a Saturday then the payments made on Saturday will not be received until late on Monday through the banking system.
As a result the transfer to your settlement account will normally be done on either the first or the second business day of the following month.
The settlement amount sent to your nominated bank account will equal the "Monthly Total" amount shown in your daily transaction report for the last day of the month eg. report dated 31 July 2019 will have the monthly settlement amount for July 2019.
You will receive an automated settlement confirmation email from us once the transfer has been initiated.
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.