Settlement of Funds
Funds held with Azupay are swept into your settlement account using different patterns. This depends on the settlement type configured for your account. The available options are:
| Settlement types | Description | Details |
|---|---|---|
| Next day settlement *default | Daily sweep of the net amount of funds in and out of your account between 12am-12am AEST for the previous 24 hour period | [day T = date of transactions] Time of sweep: 8am day T+1 AEST (for transactions in previous 24 hour period between 12am to 12am on day T). |
| Same day settlement | Daily sweep of the net amount of funds in your account between 8pm and 8pm for the previous 24 hour period | [day T = date of sweep] Time of sweep: 10pm day T (for transactions between 8pm on day T-1 to 8pm on day T). |
| Maintain float | Any funds remaining in the float account over your agreed maximum balance will be automatically swept to your account | Time of sweep: 8am Sweep amount: amount of funds over your agreed balance in your Azupay account (float account) |
| Instant settlement | Funds to a specified amount can be instantly settled through the Azupay client dashboard by Finance Admin or Admin users | Time of sweep: ad-hoc Sweep amount: as specified by the Azupay dashboard user, and cannot exceed the available balance at the time of the sweep |
If required, Azupay can settle funds to your external settlement account via Direct Entry (DE). Please let us know and we will configure your sweep to be settled via DE
Updated 4 months ago