--- title: Settlement Process slug: en/settlement-process description: Information about Settlement process at NICEPAY image: https://archbee-image-uploads.s3.amazonaws.com/ZHvSjR5ZrsoxwKbJa3xmo/pQuqriV4n-VvK-5qzsg-5_microsoftteams-image.png icon: {"faIcon":"fa-solid fa-book"} docTags: createdAt: 2022-08-15T02:51:15.000Z --- # 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**.  :::hint{type="info"} Merchant can convert the fund from settlement fund into payout balance. Please visit [Balance Deposits](docId\:B3gbWZIFVFxAv30LlQfQp) 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. ::Image[]{src="https://api.archbee.com/api/optimize/ZHvSjR5ZrsoxwKbJa3xmo/PZE1LaVpwT1BbqZ2DQ2o0_facilitator-page-2drawio.png" size="68" width="429" height="161" caption="Settlement - Facilitator" position="center" showCaption="true"} 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. ![](https://api.archbee.com/api/optimize/ZHvSjR5ZrsoxwKbJa3xmo/RbgFSp_RJdKGi3-svO1bK_facilitator-aggregatordrawio.png "Settlement - Aggregator") # Settlement Time *** Settlement time usually differs from one institution to another. It depends on the used Settlement method, payment method, and Bank or Partner. Here is the difference in Settlement time for each payment method. | **Payment Method** | **Partner** | **Settlement Type** | **Duration** | | --------------------- | ----------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------ | ------------------------ | | ****Credit Card | Visa, Mastercard, JCB, American Express for Bank Mandiri, BCA, BNI, BRI | Facilitator, Aggregator | D+3 on weekdays | | Virtual Account | BCA | Facilitator (BCA), Aggregator (ALTO) | D+1 on weekdays | | ****Virtual Account | 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 | | ****Virtual Account | ATM Bersama, Prima, Alto | Facilitator, Aggregator | D+3 on weekdays | | ****Convenience Store | Indomaret | Aggregator | D+5 on weekdays | | ****Convenience Store | Alfa Group (Alfamart, Alfamidi, Dan+Dan, Lawson) | Aggregator | D+7 on weekdays | | ****Direct Debit | JeniusPay | Aggregator | D+2 on weekdays | | ****E-Wallet | OVO, DANA, ShopeePay, LinkAja dan AstraPay | Aggregator | D+3 on weekdays | | ****Paylater | Kredivo | Facilitator | Every Tuesday and Friday | | ****Paylater | Akulaku Paylater | Aggregator | D+4 on weekdays | | ****Paylater | 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. ::::hint{type="info"} :::Iframe{iframeHeight="0" code="Please contact our Sales team atau Customer Service team through e-mail to activate the SDS feature."} ::: :::: # 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** | | ------------------ | --------------------- | ----------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Credit Card | | 22:00 - 24:00 | - Settlement Credit Card 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 | | E-Wallet | 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 | Follow 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 payment method in one system - Suitable for small to medium sale business | * Combine MID to Merchant and sub-Merchant * | # See also ::::VerticalSplit :::VerticalSplitItem Visit the [Reconcile](docId\:zqqXKTopiGPkMCtcyXiGC) page to find out how to check transaction data related to Merchant business operation. ::: :::VerticalSplitItem Visit the [Cancel Payment](docId\:DOkvIG-SqLmho-8R_Rq6R) page to find out how to abort transaction on NICEPAY system. ::: :::: ::::VerticalSplit :::VerticalSplitItem Visit the [Invoice & Receipt](docId\:ObIMX-74sew2MEMpLFqI3) page to find out information related to payment receipt on Merchant business operation. ::: :::VerticalSplitItem Visit the [Tax](docId\:ukz0jHKge9g4ULZxJ99OQ) page to find out information related to tax on Merchant business operation. ::: ::::