Follow

When and how do the banks pay the funds over?

In order to receive payment to your bank account the transaction must be settled. The below information will guide you on how to settle your transactions. It will also help in identifying why a payment may not have been received into your bank account.

About Settlement

  • Bank Settlement is the process by which merchant and cardholder banks exchange financial data and value resulting from sales transactions, cash disbursements and merchandise.
  • The payout period for each bank varies and is not necessarily on a 24 hour clock i.e. if a bank settles its batch at 9am, settled transactions done before 9am will be included in the next payout, settled transactions done after 9am will be included in the payment thereafter hence transactions done on the same day may not appear in the same settlement batch from the bank.
  • Transactions on South African cards will clear within 24-48hours while transactions on international card can take 5-7 working days. Please note that for transactions above
    R10 000 there could be settlement delays.
  • All MasterCard and Visa Transactions will appear together as one payment however Amexand Diners deposits will appear as separate deposits.
  • Refunds will be deducted from the settlement value and refunded back to the Card holder.
  • The Bank Recon report in the MyGate Web can be used to match the transactions sent to the Bank for Settlement in a specific batch period.

Note: MyGate has no involvement of funds being paid into the merchant or cardholders account and all queries related to settlement need to be logged with the relevant banks merchant services department.

Was this article helpful?
0 out of 1 found this helpful
Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.