SETTLEMENT AND RECONCILIATION GUIDE

Easy Settlements Guide For Businesses

 Ensures an easy guide to help businesses understand what settlements are, where to check their status on the fonePaisa Payment Gateway dashboard and the reconciliation of settlements.

Let’s Know About Settlement

This process lets a merchant receive money from the end user for the services rendered. There are a number of entities involved in the settlement process and each play their own individual roles. 

Let us explain:

The complete process takes a time of T+2* business days for domestic transactions, T being the date of capture of payment.

*Settlement cycle is subject to bank approval and can vary based on your business vertical, risk factor etc.

Check Settlement Status

Find all your settlements at one place.

Click on the ‘Settlements’ tab on the left panel to view & manage all your settlements in one place

Created: The settlement has been created and is being sent to our nodal banking partners for further processing.

Initiated: The settlement amount is being processed by our nodal banking partners and shall be credited to your settlement account shortly.

Processed: The settlement amount has been successfully credited into your account.

Failed: The settlement to your account has failed. This could be due to incorrect bank account details (bank account number or IFSC code) entered by you. You will receive mail from Fonepaisa in such an event.

Guaranteed Full Transparency On Upcoming Settlements

Fonepaisa dashboard displays the amount and date for your next settlement.

– Home page, Transaction page & Settlement page

Check The Settlement Status For Every Transaction

100% transparency on every transaction made and which are still pending. Click on any transaction to see its settlement status.

Check Your Default Settlement Cycle

Navigate to the “My Account” section on the dashboard to view your default settlement schedules for ‘Domestic’ & ‘International’ payments.

Reconciliation of settlements simultaneously with the transactions made

fonePaisa Dashboard provides different types of reports to help you with reconciliations. You can download the settlement report in daily or monthly format.

A sample for the same is shown here:

In order to provide transaction level clarity a few more fields are explained here:

Amount

This is the amount debited from the cardholder’s account for the transaction.

Entity ID

A unique identification code for each transaction entity.

Settlement ID

This is the unique identification code for each settlement.

Settled At

Represents the date of a past settlement or an upcoming settlement.

A detailed tallying process is explained below:

Checking settlements in bank account statement

Each settlement comes with its own Unique Transaction Reference (UTR) number provided by our banking partners. This number is visible when Settlement Reports are downloaded from the Reports section. This unique reference number is available across banks, which can be used to track a particular settlement in your bank account.

Sign up with fonePaisa for hassle free transaction

The business banking branch of X brings dynamic efficacy and one stop solution to access all financial models. With X entrepreneurship can access fully-functional current accounts, supercharge their pay outs and automate payroll compliance.

Customised management of the marketplace, automation of bank transfers, collection of recurring payments, sharing of invoices with customers and availing working capital loans – all from a single interface. 

Expedite your business with fonePaisa Payment Gateway.

Disclaimer:

The X powered Current Account and VISA corporate credit card are provided by RBI licensed banks. Your X powered account is provided by our partner bank, in accordance with RBI regulations. X itself is not a bank and does not hold or claim to hold a banking license.

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