Settlement

Introduction

You may think that when a customer pays at the POS using their card that the funds are sent to the merchant's bank account immediately. But actually, they are only sent later when the merchant makes a settlement, usually at the end of the day. A settlement adds up all the payments the merchant has received during the day and subtracts all the refunds, then sends the total amount to their bank account in a single transaction.

Here is a simple example of a settlement of $20.

Settlement enquiry

A settlement enquiry is where a merchant requests from their bank a summary of the funds that need to be settled today or a previous day's settlement. This does not settle any funds with the bank; it only displays a summary.

Settlement enquiries can be made any number of times throughout the day.

Using the Spice UI

To make a settlement enquiry using the Spice UI, do the following.

1. Click the Settlement tab.
2. Click Settlement enquiry.
3. In Gecko Bank, choose from the settlement enquiry options.
   1. Outstanding settlement — see the current day's transactions that have not yet been settled.
   2. Past settlements — see a settlement that was made on a previous date.
4. In Spice, a 'SETTLEMENT ENQUIRY' or 'SETTLEMENT' receipt will display.

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Settlement and settlement enquiry receipts contain three-letter codes that refer to the transaction types: PUR is 'purchases', TIP is 'tips', SUR is 'surcharges', REF is 'refunds', CAS is 'cashouts', and TOT is 'totals'.

Learn about more three-letter codes on receipts.

Using the Spice API

To make a settlement enquiry using the Spice API, use the POST /v1/settlement_enquiry endpoint. Then, in Gecko Bank, choose from the settlement enquiry options (explained above). The response will contain the settlement enquiry receipt within the merchant_receipt field (and the receipt will also display in the UI).

Settlement

A settlement is where a merchant sends the total transactions made during the day to their bank account.

A settlement can only be made once per day, and it is usually made at the end of the day.

Using the Spice UI

To make a settlement using the Spice UI, do the following.

1. Click the Settlement tab.
2. Click Settle.
3. In Spice, a 'SETTLEMENT' receipt will display.

Using the Spice API

To make a settlement using the Spice API, use the POST /v1/settlement endpoint. The response will contain the settlement enquiry receipt within the merchant_receipt field (and the receipt will also display in the UI).