Business Operation

Settlement Process

10min
overview {{settlement}} is a bookkeeping {{process}} of a {{transaction}} and transfer of {{transaction}} funds from financial institutions ( {{bank}} or {{nicepay}} ) to an individual or company (merchant) in its practice, there are 2 types of {{settlement}} models; facilitator and aggregator merchant can convert the fund from settlement fund into payout balance please visit balance deposits page for further information settlement type on {{the}} facilitator type, {{the}} fund will go directly to {{the}} {{merchant}} {{bank}} account after the {{transaction}} finishes in this scenario, {{bank}} will represent {{merchant}} to perform bookkeeping for successful transactions and reconciliation processes with {{nicepay}} to validate data, cutting its {{service}} fee and {{nicepay}} {{service}} fee as {{the}} {{payment}} gateway on {{the}} aggregator type, {{nicepay}} will perform fund {{settlement}} through {{the}} {{nicepay}} {{bank}} account after the {{transaction}} is done in this scenario, {{nicepay}} will represent {{merchant}} in {{the}} {{settlement}} {{process}} , including cutting {{service}} fees from {{nicepay}} and related banks merchants will receive some {{transaction}} funds amount that has already been cut from {{nicepay}} on their chosen {{bank}} account {{settlement}} time {{settlement}} time usually differs from one institution to another it depends on the used {{settlement}} method, {{paymethod}} , and {{bank}} or {{partner}} here is the difference in {{settlement}} time for each {{paymethod}} payment method partner settlement type duration {{cc}} visa, mastercard, jcb, american express for {{bank}} mandiri, bca, bni, bri {{facilitator}} , {{aggregator}} d+3 on weekdays {{va}} bca {{facilitator}} (bca), {{aggregator}} (alto) d+1 on weekdays {{va}} bri, mandiri, bni, permata, maybank, keb hana, cimb niaga, danamon, permata syariah, bjb, bnc, {{bank}} dki {{facilitator}} , {{aggregator}} {{aggregator}} only (cimb, bnc, bank dki) d+3 on weekdays {{va}} atm bersama, prima, alto {{facilitator}} , {{aggregator}} d+3 on weekdays {{cvs}} indomaret {{aggregator}} d+5 on weekdays {{cvs}} alfa group (alfamart, alfamidi, dan+dan, lawson) {{aggregator}} d+7 on weekdays {{directdebit}} jeniuspay {{aggregator}} d+2 on weekdays {{ewallet}} ovo, dana, shopeepay, linkaja dan astrapay {{aggregator}} d+3 on weekdays {{payloan}} kredivo {{facilitator}} every tuesday and friday {{payloan}} akulaku paylater {{aggregator}} d+4 on weekdays {{payloan}} indodana {{aggregator}} d+3 on weekdays {{qris}} all qr type that have been integrated with {{qris}} aggregator d+2 on weekdays {{gpn}} bni, btn {{aggregator}} d+3 on weekdays same day {{settlement}} (instant {{settlement}} ) same day {{settlement}} or also called sds is a {{nicepay}} latest innovation feature to meet your needs in getting funds from {{transaction}} with relatively fast time, which is d+0 cut off cut off is a {{process}} of time {{transaction}} record from {{bank}} which will be stop or pending payment method bank/partner name service time note {{cc}} 22 00 24 00 {{settlement}} {{cc}} follow {{settlement}} batch time between 22 00 until 24 00 {{settlement}} valid for sale/purchase {{transaction}} , refund and capture {{settlement}} report can be seen and downloaded through {{the}} {{merchant}} dashboard {{ewallet}} ovo 23 59 {{payout}} bca 20 50 wib 02 00 wib 20 50 wib 04 00 wib monday – saturday and sunday to monday saturday = sunday {{payout}} bri 22 00 wib 23 20 wib everyday {{payout}} dbs 23 00 wib 00 00 wib everyday {{payout}} other {{bank}} there is no scheduled time f ollow {{bank}} schedule benefit and deficiency settlement type benefit deficiency {{facilitator}} on boarding {{process}} faster and focus only on one {{partner}} suitable for medium to big scale business provide special mid to {{merchant}} and sub {{merchant}} need special account to {{partner}} which invited to work together {{aggregator}} no need to open other {{bank}} accounts able to use various {{paymethod}} in one {{system}} suitable for small to medium sale business combine mid to {{merchant}} and sub {{merchant}} see also {{visit}} {{the}} reconcile {{page}} to find out how to check {{transaction}} data related to {{merchant}} {{business}} operation {{visit}} {{the}} cancel payment {{page}} to find out how to abort {{transaction}} on {{nicepay}} {{system}} {{visit}} {{the}} invoice & receipt {{page}} to find out {{information}} related to {{payment}} receipt on {{merchant}} {{business}} operation {{visit}} {{the}} tax {{page}} to find out {{information}} related to {{tax}} on {{merchant}} {{business}} operation