Settlement Service

One-page introduction to the settlement and funds process

step1: Get the settlement cycle

You can go to the "Settings" - "Profile" page and check the contract details. Here are the settlement cycles based on different payment methods:
● For wallets and bank-transfer type, the settlement cycle is typically T+2 weeks, starting from Monday.
● For carrier-billing payment methods, the settlement cycle is usually T+2 months.
If you have applied for a special settlement cycle, the platform will settle according to the specific cycle. We will also update the settlement account period feature in the future to help you better understand the settlement situation on the Payermax platform.

step 2: Settlement Statement Generation

The system generates multiple settlement statements based on the dimensions of "settlement cycle × transaction country × settlement currency". Support querying settlement overview based on transaction completion time/settlement time. The query includes settlement amount statistics, settlement date (billing date), settlement status, etc. You can select multiple settlement statements and export a summary of settlements and corresponding settlement details.

By clicking on the settlement statement details, you can also view the specific details of the settlement, including the settlement amount, exchange rate, transaction quantity, and the breakdown of the amount calculation.

step 3: Settlement Funds Inquiry

● When the settlement statement is generated, funds are deposited into the acquiring account (for integrated merchants, it goes into the acquiring balance in the local currency, for non-integrated merchants, it is converted to USD and then deposited into the acquiring balance).
● The funds are settled into the acquiring × currency account corresponding to each settlement statement based on the amount and currency of each statement.You can view the specific fund movements by accessing the Income and Expense Details page, as shown in the following figure:
Note: To view the details of funds deposited into the balance, you can use the following filters: select "Acquiring Account" for the account, select "All" for the currency, and select "Settlement" for the business.

step 4: Settlement Fund Operations

Merchants can open the "Account" - "Account Information" page to view the actual amount in the Settled Payment account under the "Settled Payment Amount" section (this amount is an estimated value in USD calculated based on real-time exchange rates for all currencies converted to USD, the actual amount is still in respective currency accounts). At the same time, merchants can perform "Settlement to top-up" or "Withdrawal" operations for this acquiring amount.

Settlement to top-up operation: By clicking on the "Settlement to Top-up" option in the fund operations section on the account information page, you can initiate a transfer of the acquiring amount to the disbursement account of either the same merchant or another merchant under the same entity.

The 【Transaction Details】 tab currently displays all settlement to top-up transactions. withdrawal operation：When initiating a withdrawal, if you have balances in both the acquiring and issuing accounts and both are available for operation, you will be prompted to choose the account. ● If you choose to withdraw from the acquiring account balance, you can only withdraw in the same currency. If the settlement currency does not support withdrawal, you can convert the currency to recharge the issuing account and then withdraw through currency exchange. ● If you choose to withdraw from the disbursement account balance, you can initiate withdrawals in different currencies, and the currency exchange will be completed simultaneously.
● If you choose to withdraw from the disbursement account balance, you can initiate withdrawals in different currencies, and the currency exchange will be completed simultaneously. The funds in the designated payment account are usually obtained through settlement to top-up, top up, VA receipts and so on method. ● If all your currencies have enabled the automatic settlement to top-up function or automatic withdrawal to bank card function for acquiring account balances, the settlement to top-up button will be grayed out and cannot be operated.
● If some of your currencies have enabled the automatic settlement to top-up function or automatic withdrawal to bank card function for acquiring account balances, you will not be able to select these currencies when performing settlement to top-up or withdrawal operations. If merchants wish to control and approve fund operations, they can enable the "Withdrawal Approval" switch on the Settings - Menu Management page. Enabling the "Withdrawal Approval" switch will display the "Withdrawal Approval" tab on the Account Management - Withdrawal page. All withdrawals based on acquiring account balances will require approval from administrators or operators with withdrawal approval permissions before the final withdrawal operation is triggered.

FAQ

1.Why is the Settlement Order page I see different from the displayed image ?

the main changes in September in Settlement Order page are as follows：
● The pre-settlement and settlement pages are merged, and the "Pending Settlement" tab is removed.
● The "Merge Settlement" and "Settle All" buttons are removed.
● The options for "Settlement to top-up" and "Settlement to Bank Card" for individual settlement transactions are removed.
● The "Settlement Application" tab is removed (since the settlement page no longer has fund operation purposes, the fund withdrawal approval is also moved to the fund withdrawal page).

2. Why is the account page I see different from the displayed image ?

The main changes in September in Account page are as follows:
● The option for settlement to top-up is added.
● Top-up, currency exchange, fund transfer, withdrawal, settlement to top-up, and account warning are all consolidated under the fund operation dropdown menu.
● Top-up, currency exchange, and fund transfer only operate on funds in the issuing account, settlement to top-up only operates on funds in the acquiring account, and withdrawal can be performed on funds in either the acquiring or issuing account.
● The account information page adds a "Amount Transaction" tab, where all settlement to top-up transactions are recorded (subsequent transaction details for top-up, currency exchange, fund transfer, and withdrawal will also be merged into this transaction details tab).

3.How can I get the progress of settlement?

Email notificationHow to receive settlement notification email?
● Settlement Notification: Once the settlement statement is generated, our funds will be directly deposited into the settled payment account. You will receive an email notification from us. Please pay attention to the changes in your account funds.
Check directlyHow to apply for Merchant platform’s permissions?
● You can log in to the merchant platform and go to “Settlement/Settlement Order” page to check statuses of the current settlement . Or you can go to "Account Turnover" page to check fund changes in Settled payment account.

4.Why I has initiated the withdraw operation， but I haven’t received a funds transfer yet?

The possible reasons are as follows:
● Whether a withdraw application has been initiated.-Please confirm whether a threshold settlement amount is agreed in the contract, if the settlement amount that has not reached the threshold will not be transferred.
● The transfer will be postponed if there is holiday during which the bank suspends services.After the transfer succeeds, PayerMax will send you a notification email.

5.How do I change my withdraw bank account information?

Withdraw bank card information needs to be provided at the time of contract signing. If you want to change it, please contact PayerMax and provide relevant certificates.

6.How to download settlement information in batch?

Enter the ‘Settlement/Settlement Order’ page, filter settlement orders that meet the criteria, and click “Download”. All settlement items that meet the filter criteria will be exported together. Additionally, a settlement details file will be attached, specifying which transactions are included in each settlement.

7.What is service charge?

The service charge is the transfer handling fee charged by the bank, which will be deducted from your settlement amount.

8.If there is cross-currency settlement, what is the conversion rate?

If cross-currency settlement exists, it will be converted at the exchange rate on the day of the transfer bank. For details, please contact your business manager.

9.How to receive settlement notification email?

When the settlement amount met settlement conditions or is successfully transferred, the admin account and “Finance” account will receive email notifications.Finance’s email configuration:

10.How to obtain the account reconciliation file?

Click here to view the method of obtaining the account reconciliation file.