Understanding How Weekly Settlements Work with Ezypay

Overview:

Ezypay offers flexible settlement options to suit your business needs, with weekly settlement being the most commonly selected choice by our merchants. This guide explains how the weekly settlement cycle works, what dates are included in each payout, and what to expect when receiving payments into your bank account. It also highlights important processing timelines for credit card and bank debits, as well as Ezypay’s fee deductions.

By understanding this cycle, you can better align your cash flow expectations and financial planning with your Ezypay collections.

When will Ezypay settle the payments into my bank account? 

Ezypay provides the options for merchants to decide their settlement period. The most common option selected (and default setup) by most of our merchants will be a weekly settlement on a Wednesday. 

The settlement process is defined as: All invoices collected between the last previous settlement up until three business days before the next settlement date will be allocated to the merchant’s bank account.

Please note that credit card debits will be processed daily, however all bank debits will only be processed Monday – Friday. If there are any bank debits scheduled for the weekend, it will automatically be debited the next available working day.

For weekly settlement, Ezypay collects payments from your customers from Saturday to Friday and will distribute all the successful payments to you on the following Wednesday. This has been illustrated below: