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 19 days ago