On every business day, the previous day's transactions are sent to Lightspeed Payments to begin the settlements process.
As a general rule of thumb, you can expect to see settlements deposited into your bank account 1 business day after the original transaction, but a number of circumstances may affect this timeline.
Here's a quick overview of the process so you can better understand when to expect your funds.
What's In This Guide?
How transactions are sent to Lightspeed | 2 minutes
When will I receive my first payout? | 2 minutes
When will I get paid? | 2 minutes
How transactions are sent to Lightspeed
On a regular business day, the card payments you accept before that day's cutoff time are sent to Lightspeed Payments and the process of transferring funds from your customer's bank account to yours begins.
The cutoff time for transactions is 4am AEST/AEDT, so from 4am to 3:59am the next day. For example, the deposit for Monday's transactions will include all transactions processed between 4 AM Monday and 4 AM Tuesday.
When will I receive my first payout?
Your first payout can take up to 5 business days, this is because once your first settlement has been completed, the payout will go through a series of checks with the banks before the funds can be deposited.
After the first payout has been successful, it takes about 1 business day from the time the transaction is processed to be deposited in to your bank account
When will I get paid?
We understand that receiving your payouts in a timely manner is important to you. Here's what you can expect:
Weekdays (Sunday to Thursday):
When you process a transaction from Sunday to Thursday, rest assured that the payout will be credited to your account on the very next business day. For example, if you process a transaction on Monday, the payout will arrive in your account on Tuesday.
Weekends (Friday and Saturday):
Please note that transactions processed on Fridays and Saturdays will be credited to your account on Monday.
Please keep in mind that in the event of banking holidays, there may be slight delays beyond the usual schedule.
Frequently Asked Questions
What Happens if I have not received my first payout and it has been more than 5 business days?
If you have not received your payout and it has been more than 5 business days, please contact our Payment Resolution Team at email@example.com as there may be an issue with your payment documentation.
Which Australian public holidays may affect my payout?
The public holiday dates below may cause delays with payouts for Australian based merchants:
2/1/2023 New Year's Day OBS
26/1/2023 Australia Day
7/4/2023 Good Friday
10/4/2023 Easter Monday
25/4/2023 ANZAC Day
12/6/2023 Queen's Birthday
25/12/2023 Christmas Day
26/12/2023 Boxing Day