What is a Settlement?
Settlement is the process through which a merchant receives money paid by their end users for a particular product/service. There are a number of entities involved in the settlement process. A detailed process is explained below:
What is a Settlement?
- All you need to do in order to check pending and processed settlements, is to log in to your Tickpay Dashboard.
- After logging in, click on “Settlements” tab on the left hand side, as shown.
- Each settlement generated has a unique settlement ID attached to it along with the amount settled, as seen
- Created: The settlement amount is being processed by our nodal banking partners and shall be credited on the same working day.
- Processed: The settlement amount has been successfully credited into your account.
- Failed: The settlement to your account has failed. This could be due to incorrect bank account details (bank account number or IFSC code) entered by you. You will receive a mail from Tickpay in such an event.
How to reconcile settlements along with the transactions made?
TIckpay Dashboard provides different types of reports to help you with reconciliations. You can download the settlement reports in daily or monthly format.
A sample for the same is shown here :
- Each Payment ID has a date of creation and a “settled at” date.
- Each payment has a Settlement ID mapped to it, reflecting the settlement it belongs to
- As you can see, there are a few payment IDs which do not have a settlement ID mapped to them. These are payments which have been created less than 3 working days before. The report will show a settlement ID as soon as the settlements for these are initiated.
- A few more fields are explained here in order to provide transaction level clarity:
How do I check my settlements in my bank account statement?
Each settlement has a Unique Transaction Reference (UTR) number, which is provided by our banking partners. You can see this number when you downloadSettlement Reportsfrom the Reports section. This is a unique reference number available across banks, which can be used to track a particular settlement in your bank account.