LotusPay pays out collected amounts to merchants on the same day that we collect the funds. You can reconcile the settlement against the collected amounts.
Settlements are processed on the same day as the customer charge date and should be visible in your bank account by midnight.
You will receive one settlement on each day a settlement is due. For example, if you charge ten customers on the same day, you will receive the sum of those ten payments in one lump sum, minus our transaction fees.
We generally pay you via IMPS (which is instant and operates 24 hours per day on all days of the year), but sometimes we may need to pay you via NEFT or RTGS (which are subject to scheduled daytime cycles and bank working days).
You will receive a notification email for each settlement we pay to you.
Accessing more detailed settlement information
You can find detailed information on your settlements within your dashboard.
- Log into your dashboard and click on Settlements in the left menu bar.
- Click on the settlement you would like to view in more detail.
- You will now see an overview of the amount collected, fees charged, along with any deductions.
Select View from the Settlement breakdown button to view the settlement in more detail, including all its constituent payments. Alternatively, click Export from the Settlement breakdown button to download a CSV spreadsheet of this information.