We at Peach Payments are incredibly excited to announce the launch of fully automated, completely free daily settlements for all merchants!
What does this mean for merchants?
Until now, we settled merchants using our aggregation account for transactions processed through Peach Payments weekly, on a Thursday. And although merchants with their own merchant account are settled daily for card, they were also settled weekly for alternative payment methods offered by Peach (e.g. Scan to Pay or Payflex).
Our new daily settlements process means:
- All merchants will now be automatically settled today for their previous day’s transactions on an ongoing basis, at no cost, across all the payment methods they offer customers (with the exception of Mobicred, which will still be settled weekly on a Thursday*). Friday and the weekends’ transactions will be settled on Monday, and transactions processed on public holidays will be settled on the first working day after the public holiday.
- Merchants with their own merchant account will still be settled daily for card transactions by their acquiring banks, but now also daily for alternative payment methods offered by Peach (once again, with the exception of Mobicred).
How will daily settlements work?
Merchants receive a single daily payment into their nominated bank account, along with an email detailing the breakdown of the settled amount across payment methods. See below for an example of the email, which will include:
- The total amount that you can expect in your bank account
- A settlement summary with the transaction period, a deposit reference so that you know what to expect, and a breakdown per payment method on debits, credits and totals
- A clickable link will allow you to download a detailed settlement reconciliation file
There is a ‘Settlements’ tab on the left of the merchant’s Peach Payments dashboard that contains each settlement amount, and where merchants are able to download their settlement reconciliation files. See the image below:
Things to remember:
- We will not process any settlements on SA public holidays. On the next business day, you will be settled for what was due the previous day and the public holiday.
- We do not process any settlements over a weekend. On a Monday you will be settled for all transactions processed on Saturday and Sunday.
- There may be inter-bank delays of settlement depending on who you bank with, the funds may reflect same day or early the next day
- Our standard terms of settlement still apply. In specific circumstances, settlements might be withheld or delayed, for example, due to reasons such as suspected fraud, chargeback disputes, sudden spikes in transaction volumes, incomplete verifications, outstanding fees, or the novice status of a merchant. These measures are in place to maintain a secure, trustworthy environment for all our partners.
Do merchants need to do anything?
No. Daily settlements will be automatically enabled for all merchants. If you have any questions about the process, or want to query any transactions or settled amounts, you can email support@peachpayments.com
*We are working on bringing Mobicred into the daily settlements pattern, and are confident we will have a solution in the near future