Beta Disclaimer. Please note that Lightspeed Payments is currently in limited beta testing. As such, the information contained in this article is subject to evolution. If you would like to inquire about the Lightspeed Payments beta, please contact us here.
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 account (but may not yet have been processed by your bank).
- 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:
When do settlements batch out?
For the time being, all batches will close at 10:00pm EST. That means that any card payments you take after 10:00pm EST will go out with the following day's settlement.
For example, the above screenshots show the details for a fictional settlement on July 19th, 2018. The Total Settled number represents the sum of transactions that took place on July 18th after 10:00pm and transactions that took place on July 19th before 10:00pm.
When do transactions appear on the Settlements report?
While transactions for a given day will all batch out together, they don't necessarily appear on the same date's settlement report. A given transaction will be included in the settlement report for the date that transaction is funded. Depending on the kind of card used (credit/debit, which credit card type, etc) the processing time may differ. For example, a debit transaction processed and approved on the terminal today may not be included in a settlement report for several days. This means that the Batch Settlement report will not line-up with the Integrated Payments report for a given date. This is perfectly normal and expected. Rest assured, however, that if the transaction was approved by the terminal, it is only a matter of time before those funds appear in your account.
Why doesn't the deposit in my account match my card transaction receipts?
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.