Settlement for all payment channels

This document explains how settlement of funds normally works through card payments, bank transfers and mobile wallets processed through Safepay. Settlement is the money reaches your bank account that you have linked with Safepay.

You should also know the following in advance:

1. Which bank account details you have provided to Safepay where amounts will be settled. To learn more about the type of bank accounts you can link with Safepay read this guide.
   
2. How to see if your customer has paid you using the Card channel, NIFT channel or the PayFast channel. You can find out by clicking on the payment details on your Safepay Dashboard and scrolling down to Transaction History as shown in this guide. 

• Card payments: When the transaction has been completed by Card payment, it will be labeled as Cards

• Bank account: When the transaction has been completed by bank account (NIFT or Payfast), it will be labelled as Accounts

Depending on if your customer has paid you using the Card channel (Cybersource),Bank (Nift ePay) channel or PayFast channel , the settlement described below will take place.

Depending on the number of transactions you process in a day through Safepay, settlement will occur in a  batch in your account.

This means that you will see all your Safepay transactions for the previous time period in aggregate, not broken down per transaction. You should use your Safepay dashboard to reconcile payments by your customers processed through Safepay and the amount settled in your linked bank account. You will also receive a settlement report from Safepay which will give a breakdown of settlement per transaction.

Example: you have processed 5 payments through Safepay on Tuesday of Rs 100 each, the settlement amount in your bank account on Wednesday will appear as 1 entry of Rs 500. This will appear as "CC GL" on your bank statement. 

Depending on the number of transactions you process in a day through Safepay, settlement will occur in a  batch in your account.

This means that you will see all your Safepay transactions for the previous time period in aggregate, not broken down per transaction. You should use your Safepay dashboard to reconcile payments by your customers processed through Safepay and the amount settled in your linked bank account.

Example: you have processed 5 payments through Safepay on Tuesday of Rs 100 each, the settlement amount in your bank account on Wednesday will appear as 1 entry of Rs 500. This will appear as "AC TRANSFER CR" on your bank statement. 

You will likely also receive an SMS from Bank Alfalah stating funds have been transferred to you (the reason for this is that NIFT ePay uses Bank Alfalah as a bank to hold your money before paying out directly to you).

Depending on the number of transactions you process in a day through Safepay, settlement will occur in a   batch in your account.

This means that you will see all your Safepay transactions for the previous time period in aggregate, not broken down per transaction. You should use your Safepay dashboard to reconcile payments by your customers processed through Safepay and the amount settled in your linked bank account.

Example: you have processed 5 payments through Safepay on Tuesday of Rs 100 each, the settlement amount in your bank account on Wednesday will appear as 1 entry of Rs 500. This will appear as "ATM FUNDS TRANSFER" on your bank statement.

You will likely also receive an SMS from  Habib Metropolitan Bank (or Avanza Premier Payment Service) stating funds have been transferred to you (the reason for this is that PayFast uses Habib Metropolitan Bank as a bank to hold your money before paying out directly to you).

Settlement details on your Merchant Dashboard

To see expected settlement timelines for captured transactions on your Merchant Dashboard, you can access this by hovering over the info icon (i) next to a payment of a captured transaction as shown below.