<\/p>\n
Guidelines for Corporate Payment Settlement<\/p>\n
Have you ever wondered when the fees paid by your clients will reach your account? Read on to find out the answer and learn how to speed up the process.<\/p>\n
What is a settlement?<\/p>\n
Settlement is a simple process that allows any business to collect payments through a payment gateway. The settlement process is complete when the payment from the customer reaches your bank account.<\/p>\n
Payment gateway settlement cycle<\/p>\n
Here is how the money flows.<\/p>\n
There are three main participants in the payment gateway settlement cycle:<\/p>\n
The card-issuing bank, i.e. the customer's bank<\/p>\n
Payment Gateway<\/p>\n
Acquiring bank, i.e. your bank<\/p>\n
As soon as the customer pays you, the funds are deducted from their account. The funds flow through the payment gateway from the customer's bank to yours, a process that takes T+2 days. After deducting the payment gateway fees, the remaining amount is transferred to your account after T+3 days. This is a generic payment gateway settlement cycle:<\/p>\n
Universal payment gateway settlement cycle<\/p>\n
In the case of credit card payments, the credit card network connects the issuing bank and the acquiring bank to enable online payments. The entire payment gateway settlement cycle remains the same.<\/p>\n
The table below will help you understand how long each payment method will take to settle:<\/p>\n
Payment method Time taken to settle payments<\/p>\n
UPI, Wallet Immediately<\/p>\n
Debit card, credit card T+2 days<\/p>\n
Internet Banking T+2 days<\/p>\n
Instalment T+2 days<\/p>\n
Payment Methods and Settlement Times<\/p>\n
As you can see, the flow of funds does not happen immediately, but depends on the banking process. So now you know why you don't receive your online receipts immediately.<\/p>\n
Can we expedite these settlements?<\/p>\n
Yes, there are ways to expedite these settlements!<\/p>\n
With PayU Priority Settlement, you can receive payments from your customers in as little as 15 minutes at any given time. It operates 24 hours x 7 days, supports all payment methods and allows you to choose your own settlement cycle.<\/p>\n
Payment gateway settlement cycle with priority settlement<\/p>\n
Start using it right away!<\/p>","protected":false},"excerpt":{"rendered":"
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