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A settlement in payment gateway refers to the process by which the payment made by a customer for a product/service, is credited to the merchant account.
The standard settlement cycle in Cashfree is T+2 days, where T is the date of the transaction. For instance, if the transaction takes place on a Monday, the settlement will be credited to the merchant's account on Wednesday. The standard settlements happen only on bank working days.
The Instant Settlement cycle in Cashfree lets merchants get access to their funds in 15 mins! Merchants can make use of the settled funds for disbursals to vendors and other partners. These settlements are processed even on bank holidays!
Customer enters the payment details in Cashfree’s checkout forms
The transaction is authenticated by the customer using OTP verification
The amount is received at Cashfree’s acquiring banks
Amount is credited in merchant’s account in T+2 days after payment gateway deductions.
Cashfree makes it easier for merchants to track all their settlements in a single place. The Summary gives a quick overview of the total recent settlements that have been processed, and the settlements tab lets the merchants keep track of the default and instant settlements.
The reports module in PG dashboard lets you download the settlements report on a daily or monthly basis, and reconcile them. Each settlement will contain the list of transactions that were included in the settlement cycle. Each entry will bear the following information with respect to the settlement:
This unique ID is used to identify each settlement.
List of transactions with their corresponding date and time.
The actual amount from the transaction that has been settled to the merchant’s bank account.
The payment gateway processing fee for the particular transaction.
The amount for each transaction inside the settlement cycle.
The date on which these settlements have been made.
The second part of the settlement report has the details of adjustments that were made in the particular settlement cycle. These adjustments also bear the EVENT of the adjustment, i.e, the type of adjustment that has happened in the settlement cycle.
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