Timing of Transactions, Settlements, and Payouts

Generally, payment settlements are expected to occur two days from the transaction date. Payouts are expected to occur three days from the transaction date. The timing may be impacted by Sundays or bank holidays, as well as individual bank policies.

Settlements and payouts do not happen on Sundays or bank holidays.

POS transactions that occurred on a Thursday are expected to settle on a Saturday and be paid out on a Monday.
POS transactions that occurred on a Friday are expected to settle on a Monday and be paid out on a Tuesday.
POS transactions that occurred on a weekend or bank holiday are settled on the first following workday and paid out on the second following workday.

The Simphony business date change is independent from the cut-off time. Also, start-of-day may happen at different times.

Payment transactions that happen on a Simphony business date prior to the cut-off time, are generally included in the payout batch three workdays later. Payment transactions that happen on the same Simphony business date after the cut-off time, are generally included in the payout batch four workdays later.
The default cut-off time for payments is 2:00 a.m. local payment terminal time in the US, and 3:00 a.m. in the UK.
Transactions and check adjustments after the cut-off time may result in a different calculation of fees. This can cause a temporary report imbalance until the late transactions or adjustments are settled and paid out.

The table below illustrates POS transactions, their settlement, and payout depending on the day of week the transaction occurred. It also illustrates how a bank holiday impacts the settlement and payout of funds.

Detailed timeline of payment transactions, settlements, and payouts:

Thursday

Friday

Saturday

Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

Sunday

Monday (Bank Holiday)

Tuesday

Wednesday

Thursday

Thursday Transactions

POS transaction occurred

Payment received