7 day settlement FAQs
Here you’ll find answers to Wpay’s most frequently asked questions about 7-day settlement.
7-Day settlement
What is 7-day settlement?
Merchants have the option to have their daily trade settled each day, instead of doing it on the more conventional business days of Monday to Friday.
What is the settlement timing?
7-day settlement will be on a T+1 basis, with settlement cut-offs in line with a merchant's existing end-of-day cut-offs. Settlement of funds into the merchant’s bank account is will usually be between 10am and 11am daily. For example Saturday’s trade will be paid on the Sunday between 10am and 11am.
Are multiple settlement deposits available and can I choose settlement deposit timing?
No, currently all settlement deposit are only executed once a day between 10am and 11am.
Is it available to any merchant?
Yes, provided their terminals are ‘host (Wpay) settlement initiated’ and not merchant initiated.
What is the cost to a merchant?
Fees will be calculated based on each day of early-settlement. For example, Friday’s sales normally settled on a Monday would incur 2 days of pre-settlement charge.
An Indicative rate is 1.6bps per day of pre-settling funds. The final (total) cost will depend on the value of merchant sales pre-settled.
Can all my tender types daily be settled daily?
No, only the tender types (typically Mastercard, Visa, Eftpos) will be able to be settled daily. 7-day settlement is not available for schemes such as Amex and Diners that settle directly to the merchants.
How will a merchant be charged?
Fees will be calculated at a transaction level charged through direct debit weekly inline with all other Merchant Service Fees.
What happens with Public Holidays?
Where business days are considered public holidays (defined as an Australian National Public holiday), additional days’ early settlement costs will be incurred.
This includes: New Year’s Day, Australia Day, Easter Weekend, Anzac Day, June Long Weekend, Christmas and Boxing Days.
How will I know the cost?
Wpay will provide itemised reporting for 7-day settlement charges in its end-of-month statements.
Updated 7 months ago