Settlements are triggered when the order is approved by Spotii and are processed as per the following:
- Settlement payments will be made based on the agreed settlement processing time (typically within 2 business days).
- An email is sent to the Merchant account email address (if configured) summarizing the total settlement payment amount to be paid. Emails are not sent if there are no amounts due to the Merchant.
- We combine orders with the same settlement date into one settlement, so orders placed on the same day will be settled on the same day.
- Spotii Platform Fees are calculated and deducted from the amount to be paid to the Merchant at settlement.
- Settlement disbursements to Merchants are made via bank transfer or as agreed with Merchant.
You can always clearly track the dates your settlements will occur within your Merchant Portal on the "Reports" tab.