SmartCharge Terminals have a default automatic settlement time of 9:30PM AEST/AEDT unless otherwise informed.
TO BE CLEAR: SmartPay will automatically
This means that the terminal will automatically settle and close off the day's transactions at approx:
9:30 PM AEST during normal time
9:30 PM AEDT during daylight savings
PLEASE NOTE: SmartPay Automatic settlements occur in a window of time, in the default case it is from 9:30pm to 11:30pm. The reason for this is in case there is an issue with the terminal connecting. In most cases the settlement will occur within 5 mins of the beginning of the window eg: 9:30pm to 9:35pm
Automatic Settlement Window options
DEFAULT:
Late night - 9:30pm to 11:30pm Typical settlement time 9:30pm to 9:35pm
UPON REQUEST
Early Morning - 4:30am – 5:30am Typical settlement time 4:30am to 4:35am
Morning - 7:00am – 12:00pm Typical settlement time 7:00am to 7:05am
Afternoon - 12:00pm – 7:00pm Typical settlement time 12:00pm to 12:05pm
Evening - 7:00pm – 9:30pm Typical settlement time 7:00pm to 7:05pm
How does the merchant request a different Automatic Settlement Window?
Currently by calling technical support 1800 433 876
soon it will be added to the application form
Money is settled (sent) from SmartPay to the Merchant on a T+2 model.
We are currently working quickly to get this to a T+1 ,model
Any Terminal Settlement that occurs prior to 11:30pm, will see funds sent from SmartyPay the next business day. in most cases the merchant will see those funds appear in their trading account by the afternoon (please note building societies and banks outside the Big 4 may see delays).
Examples T+1:
Day ends MONDAY Late Night - 9:30pm settlement - funds sent TUESDAY
Day ends MONDAY Early Morning - 4:30am settlement - funds sent TUESDAY
Day ends MONDAY Morning - 7:00am settlement - funds sent TUESDAY
Day ends MONDAY Afternoon - 12:00pm settlement - funds sent TUESDAY
Day ends MONDAY Evening - 7:00pm settlement - funds sent TUESDAY
Remember all times are AEST and then AEDT during daylight savings
Examples T+2:
Day ends MONDAY Late Night - 9:30pm settlement - funds sent WEDNESDAY
Day ends MONDAY Early Morning - 4:30am settlement - funds sent WEDNESDAY
Day ends MONDAY Morning - 7:00am settlement - funds sent WEDNESDAY
Day ends MONDAY Afternoon - 12:00pm settlement - funds sent WEDNESDAY
Day ends MONDAY Evening - 7:00pm settlement - funds sent WEDNESDAY
Remember all times are AEST and then AEDT during daylight savings