Settlement Service

One-page introduction to the settlement and funds process

step1: Get the settlement cycle

You can go to the "Settings" - "Profile" page and check the contract details. Here are the settlement cycles based on different payment methods:
● For wallets and bank-transfer type, the settlement cycle is typically T+2 weeks, starting from Monday.
● For carrier-billing payment methods, the settlement cycle is usually T+2 months.
If you have applied for a special settlement cycle, the platform will settle according to the specific cycle. We will also update the settlement account period feature in the future to help you better understand the settlement situation on the Payermax platform.

step 2: Settlement Statement Generation

The system generates multiple settlement statements based on the dimensions of "settlement cycle × transaction country × settlement currency". Support querying settlement overview based on transaction completion time/settlement time. The query includes settlement amount statistics, settlement date (billing date), settlement status, etc. You can select multiple settlement statements and export a summary of settlements and corresponding settlement details.

By clicking on the settlement statement details, you can also view the specific details of the settlement, including the settlement amount, exchange rate, transaction quantity, and the breakdown of the amount calculation.

step 3: Settlement Funds Inquiry

● When the settlement statement is generated, funds are deposited into the acquiring account (for integrated merchants, it goes into the acquiring balance in the local currency, for non-integrated merchants, it is converted to USD and then deposited into the acquiring balance).
● The funds are settled into the acquiring × currency account corresponding to each settlement statement based on the amount and currency of each statement.You can view the specific fund movements by accessing the Income and Expense Details page, as shown in the following figure:
Note: To view the details of funds deposited into the balance, you can use the following filters: select "Acquiring Account" for the account, select "All" for the currency, and select "Settlement" for the business.

step 4: Settlement Fund Operations

Merchants can open the "Account" - "Account Information" page to view the actual amount in the Settled Payment account under the "Settled Payment Amount" section (this amount is an estimated value in USD calculated based on real-time exchange rates for all currencies converted to USD, the actual amount is still in respective currency accounts). At the same time, merchants can perform "Settlement to top-up" or "Withdrawal" operations for this acquiring amount.

Settlement to top-up operation: By clicking on the "Settlement to Top-up" option in the fund operations section on the account information page, you can initiate a transfer of the acquiring amount to the disbursement account of either the same merchant or another merchant under the same entity.

The 【Transaction Details】 tab currently displays all settlement to top-up transactions. withdrawal operation：When initiating a withdrawal, if you have balances in both the acquiring and issuing accounts and both are available for operation, you will be prompted to choose the account. ● If you choose to withdraw from the acquiring account balance, you can only withdraw in the same currency. If the settlement currency does not support withdrawal, you can convert the currency to recharge the issuing account and then withdraw through currency exchange. ● If you choose to withdraw from the disbursement account balance, you can initiate withdrawals in different currencies, and the currency exchange will be completed simultaneously.
● If you choose to withdraw from the disbursement account balance, you can initiate withdrawals in different currencies, and the currency exchange will be completed simultaneously. The funds in the designated payment account are usually obtained through settlement to top-up, top up, VA receipts and so on method. ● If all your currencies have enabled the automatic settlement to top-up function or automatic withdrawal to bank card function for acquiring account balances, the settlement to top-up button will be grayed out and cannot be operated.
● If some of your currencies have enabled the automatic settlement to top-up function or automatic withdrawal to bank card function for acquiring account balances, you will not be able to select these currencies when performing settlement to top-up or withdrawal operations. If merchants wish to control and approve fund operations, they can enable the "Withdrawal Approval" switch on the Settings - Menu Management page. Enabling the "Withdrawal Approval" switch will display the "Withdrawal Approval" tab on the Account Management - Withdrawal page. All withdrawals based on acquiring account balances will require approval from administrators or operators with withdrawal approval permissions before the final withdrawal operation is triggered.

1.Settlement status acquisition path

Email notificationHow to receive settlement notification email?
● Settlement Notification: Once the settlement statement is generated, our funds will be directly deposited into the settled payment account. You will receive an email notification from us. Please pay attention to the changes in your account funds.
Check directlyHow to apply for Merchant platform’s permissions?
● You can log in to the merchant platform and go to “Settlement/Settlement Order” page to check statuses of the current settlement . Or you can go to "Account Turnover" page to check fund changes in Settled payment account.

2.Time difference between initiating withdrawal and receiving remittance

Please check whether the following conditions are met ● Whether a withdrawal request has been initiated. ● Whether a minimum settlement limit has been agreed in the contract, i.e., settlement will not be made if the specified limit is not reached. ● If the bank suspends its services during local holidays, the transfer time will be postponed. We will send you a notification email after the settlement is completed.

3.Changing bank account information for withdrawals

Withdraw bank card information needs to be provided at the time of contract signing. If you want to change it, please contact PayerMax and provide relevant certificates.

4.Batch export settlement statement

[ Settlement ]-[Settlement Order] Page: After filling in the filtering items, click the [Export Details] button to export the settlement statement information under the filtering item into a summary form for easy statistics and analysis, and it will also be accompanied by a settlement detail list, which makes it clear by which transactions each settlement statement is consolidated and settled. When exporting statements, you can customize the desired time zone, every time in the order will be converted according to the selected time zone.

5.(Settlement/Withdrawal) Handling Fee

Settlement Handling Fee is the settlement fee that needs to be deducted when a merchant withdraws money, which is deducted according to the actual number of remittances. Please consult your account manager for details.

6.Cross Currency Settlement Rates

The exchange rate will change in real time, please consult your account manager for details.

7.Settlement notification email and recipient email settings

When the settlement amount met settlement conditions or is successfully transferred, the admin account and “Finance” account will receive email notifications.Finance’s email configuration:

8.Getting the Reconciliation File

Click here to view the method of obtaining the account reconciliation file.