At PayLane we settle all the funds for credit card processing weekly.
The settlement period starts on Monday and ends on Sunday. All the cleared sales that settled during the week are being paid out on the following Thursday by the wire transfer directly to merchant's bank account.
Note that transactions are cleared usually the next day they are performed. In some circumstances it can take up to 3 working days for the transaction to clear as we need to get acknowledgment of funds transfer from the cardholders bank to your merchant account.
The following example describes the settlement period for card processing.
| Day | Action | Other |
|---|---|---|
| Monday | Cleared transactions are recorded. | Settlement period starts. |
| Tuesday | Cleared transactions are recorded. | |
| Wednesday | Cleared transactions are recorded. | |
| Thursday | Cleared transactions are recorded. | |
| Friday | Cleared transactions are recorded. | |
| Saturday | Cleared transactions are recorded. | |
| Sunday | Cleared transactions are recorded. | Settlement period ends. |
| Monday | Settlement is calculated. | |
| Tuesday | Settlement is calculated. | |
| Wednesday | Settlement list is prepared. Wire transfer is prepared. | |
| Thursday | Wire transfer sent out to merchant. | Settlement amount dispatched. |
| Friday | Merchant receives the wire transfer. |
All the payouts are free to our merchants. PayLane will pay the costs of the wire transfer.
It is not possible to pay out money in any other way than by a wire transfer to the bank account that is owned by the merchant.
For high volume merchants (starting from EUR 1,000,000 per month) we can arrange daily settlements and payouts.
Settlements for Direct Debits are done daily. The funds are transferred directly from the account holder's bank account to merchant's bank account.
