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. 



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 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.



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 is a process of time transaction record from Bank which will be stop or pending.