When a credit card payment is taken at your terminal, the charge is either approved or declined almost immediately. The actual processing of that charge will not happen right away, however. All approved charges are saved and sent out for processing together in a batch. The Batch Settlement report, which can be found under Reports > Payments > Settlements, allows you to track when those batched transactions are processed and funded.
The report will list the following for each settlement:
- Shop location
- Number of transactions contained in the batch settlement
- Total dollar amount of the settlement
Each settlement will show one of the following statuses:
- Paid: The settlement has been processed and the funds have been sent from Lightspeed Payments to your bank, but may not yet have been processed by your bank and deposited into your account.
- Pending: The settlement is still being processed.
- Error: Something has gone wrong during the processing of your batch. For example, a transaction in that batch may not have been approved.
You can click on any given date in the report to see a more detailed summary of the transactions contained therein:
What the Amount column represents
The Amount column shows the amount that will be deposited into your account for this settlement. The amount listed in this column will not match the sum of your card transaction receipts, however. Your per-transaction processing fees are automatically deducted from each settlement, so by the time the deposit has reached your bank account, those fees have already been paid. You can view the total fees deducted from a settlement by clicking on that settlement in this report.
You will not receive any invoices from Lightspeed Payments. Once the funds have been deposited into your account, they're yours, free and clear.
Generally, the timeline for processing a card transaction from the moment that transaction is approved at the register to the moment the funds are deposited into your account is about two business days. For an overview of this process and to better understand when you'll receive your funds, you can read our article on Getting Paid.