Transaction wise Settlement -
Get cash in hand instantly after accepting payments from customers with ‘Transaction wise Settlement’ whenever you want. Customer payments will be settled to your bank account as and when the payments are received.
How it works?
It is an offering that helps reduce the settlement time period of days to instant transfer to your bank account along with each payment accepted, thus enabling your businesses to prepare better for working capital requirements and liquidity crunch. The settlement to your bank account happens within 90 to 100 seconds after the payment is received.
Benefits of Transaction wise settlement-
- Transaction level settlement UTRs are provided in real time for Settlements less than or equal to 2 lakhs. (Please note- Refunds/ Chargeback based deductions are not possible and have to be invoiced.)
- This feature is available 24*7 i.e. it even works during non-banking hours, weekends and bank holidays.
- Transaction report downloadable from UMP will have settlement details embedded in it.
Reconciliation Steps-
Our dashboard provides different types of reports such as settlement report, transaction report, refund,chargebacks, repayments reports etc to help you with reconciliations. You can download the ‘Transaction report’ in daily or custom date format.
Below is the sample snippet of the transaction report-
- For every transaction in the transaction report downloadable from merchant dashboard, the corresponding unique UTR, settlement timestamp & settlement date are present in the same line item, in real time. (An average txn takes 90-100 seconds to settle). No separate settlement report is required.