Settlement
Process Flow on how Settlement Works
Settlement is the process when Ezypay distributes funds into the merchant's bank account. Settlement frequencies can be scheduled for weekly or monthly and can be any day of your choice.
Settlement includes all successful payments collected, and less any fees required to be deducted within the billing cycle. Along with each settlement a settlement report will also be created.
Due to the processing time required by banks to settle funds into merchants' accounts, there is a holding period before the funds are available for settlement. This holding period is 3 business days (T+3) for all countries, except for South Korea, where the holding period is 7 business days (T+7). The calculation of this holding period starts after a successful transaction. Refer to the table below for examples of how this works in different scenarios.
| Examples | Fri | Sat | Sun | Mon | Tue | Wed | Thu | Fri |
|---|---|---|---|---|---|---|---|---|
| Scenario 1 | T | T+1 | T+2 | T+3 | ||||
| Scenario 2 | T | T+1 | T+2 | T+3 | ||||
| Scenario 3 | T | T+1 | T+2 | Public Holiday | T+3 | |||
| Scenario 4 | T | T+1 | T+2 | T+3 |
*Note: “T” indicates the day of successful transaction.
Ezypay provides an API to retrieve a settlement report (csv and pdf) which details all the debits and credit transactions for a specific settlement period. It also contains the settlement status of payment collections from customers. It also includes (if any) deductions made such as fees, splits and adjustments.
Below is a basic diagram and process flow on how settlement works:
Viewing and retrieving settlements
You can retrieve a list of settlements (API), which will display full settlement details such as:
- The date the settlement was made
- The current status of the settlement
- Amount settled to merchant including total revenue and deductions
- Merchant bank account details
You can also filter your results according to a date range.
How-To Guide: Settlement Reports
Steps to generate the Settlement Report:
| Steps | API Endpoints |
|---|---|
| 1) Get the Settlement Id | [GET] https://api-sandbox.ezypay.com/v2/billing/settlements Ezypay Doc: https://developer.ezypay.com/reference#list-settlements |
| 2) Create Settlement File Id | [POST] https://api-sandbox.ezypay.com/v2/billing/settlements/{{SettlementId}}/file Request Body (PDF file): { “documentType”: “summary_report” } Request Body (CSV file): { “documentType”: “detail_report” } |
| 3) Get URL to download the Settlement Report | [GET] https://api-sandbox.ezypay.com/v2/files/{{SettlementFileId}} |
NOTE:
Ezypay's settlement report can be generated manually using the API calls above, or Ezypay can automatically send the settlement reports to each merchant. Ezypay will require the merchant to provide a legitimate email address which will be configured to received the settlement report automatically, once the settlement run is completed.
Updated 6 months ago