For Standard Plan merchants, LotusPay is the initial creditor of your funds. LotusPay aggregates all your collected payments for any given day and pays out a single settlement amount to you.
Pro Plan merchants can opt to receive direct credit of their funds from their sponsor bank.
If LotusPay is the creditor (all Standard Plan merchants, and optional for Pro Plan merchants):
- If you are banking with the same bank as us, you receive the funds on the same day i.e. the charge date.
- If you are banking with a different bank, for settlement amounts less than Rs 2 lakhs, you receive funds the same day.
- If you are banking with a different bank, for settlement amounts greater than Rs 2 lakhs, you receive the funds the next RTGS working day in the morning. RTGS working days include Monday to Friday, first, third and fifth Saturdays of each calendar month, and exclude national holidays and some other holidays as determined by the Reserve Bank of India (RBI).
- Settlement amounts can be reconciled via the dashboard and API.
If you are the creditor (optional for Pro Plan merchants only):
- You would receive direct credit of funds from the NACH system on the same day i.e. the charge date. Most sponsor banks credit collection amounts in the evening.
- The collection amount is the aggregate of all successful payments for that day.
- Collection amounts can be reconciled via the dashboard and API.