Settlement for bank transfers and wallet payments

This document explains how settlement of funds normally works through bank transfers processed through Safepay.

Important to note

The dates and timelines provided in this document are provided for information purposes. Due to situations out of our control, settlement may be delayed. If you have any questions on settlement please reach out to us at support@getsafepay.com.

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 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
  • Bank transfer (NIFT ePay): When the transaction has been completed by NIFT it will be labelled as bank channel

  • Payfast: When the transaction has been completed by  Payfast, it will be labelled Payfast channel

Depending on if your customer has paid you using the 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.

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.

Day customer pays you  Day money settles in your account    
(end of next working day)
Example customer payment timeline Example settlement timeline
Monday  Tuesday 22nd March 2021 23rd March 2021
Tuesday  Wednesday  23rd March 2021 24th March 2021
Wednesday  Thursday  24th March 2021 25th March 2021
Thursday  Friday  25th March 2021 26th March 2021
Friday Monday 26th March 2021 29th March 2021
Saturday Monday  27th March 2021 29th March 2021
Sunday Monday  28th March 2021 29th March 2021
Day before public holiday Next working day  13th August 2020 15th August 2020

Public holiday  Next working day  14th August 2020
(Pakistan Zindabad!)
15th August 2020

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.

Day customer pays you  Day money settles in your account    
(3rd working day)
Example customer payment timeline Example settlement timeline
Monday  Thursday 22nd March 2021 25th March 2021
Tuesday  Friday  23rd March 2021 26th March 2021
Wednesday  Monday (next week)  24th March 2021 29th March 2021
Thursday  Tuesday (next week) 25th March 2021 30th March 2021
Friday Wednesday  26th March 2021 31st March 2021
Saturday Wednesday 27th March 2021 31st March 2021
Sunday Wednesday 28th March 2021 31st March 2021
Day before public holiday  3rd working day after 13th August 2020 18th August 2020
Public holiday   3rd working day after 14th August 2021
(Pakistan Zindabad!)
18th August 2020
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