Customers with weekly settlements receive a weekly credit in their nominated bank account after the end of each week Mon - Sun.
The actual timing of the credit depends on the receipt of funds through the banking system for the payments made by customers between Friday - Sunday using the various payment methods (Visa, Amex, Mastercard, Apple Pay, G Pay, Samsung Pay, PayPal etc). As these funds are usually not available through the banking system until late Monday night, the transfer to your nominated account happen is initiated on either Monday night or Tuesday morning as soon as the funds become available.
You will receive an automated settlement confirmation email from us once the transfer has been initiated from our end.
The settlement amount each week is the Weekly Total (Mon-Sun) amount shown in the daily transaction report at end of the week ie. in Sunday's daily transaction report.
The settlement confirmation email from us and the credit entry in your bank account will both bear the reference WKnn Store Name to indicate which week number in current year the settlement relates to. For example, WK14 Union College relates to the week number 14 which 01 - 07 April in 2019. To reconcile this settlement amount back to your daily transaction reports, you would view the report for 7 April 2019 and refer to the amount shown under the Weekly Total (Mon-Sun) column of this report.
To change the settlement frequency of your account, please contact us.
From 1 October 2019, a processing charge of $50 (excluding applicable taxes) applies for this change to cover our administrative costs of applying this change at your store.