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Getting paid with Lightspeed Payments

Every business day, the previous day's transactions are sent to Lightspeed Payments to begin the settlement process. Generally, you can expect to see settlements deposited into your bank account within 2 business days after the original transaction, but a number of circumstances may affect this timeline, including your region and the terminal model you are using. Here is a quick overview of the process so you can better understand when to expect your funds.

How transactions are sent to Lightspeed Payments

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 and deposit schedules will vary depending on your region and the model of the terminal used.

  • Region Cutoff Time
    Canada The cutoff time for transactions in Canada is 6 AM EST. The deposit for Monday's transactions will include all transactions processed between 6 AM Monday and 5:59 AM Tuesday.
    Europe The cutoff time for transactions is 3 AM local time for Europe. The deposit for Monday's transactions will include all transactions processed between 3 AM Monday and 2:59 AM Tuesday.

    Transferring funds takes about 1 business day, so if a transaction happens on Monday, you can expect to see that money in your account on Tuesday. Transferring funds does not occur on weekends, so funds from Friday, Saturday, and Sunday will all be deposited on Monday. Statutory holidays may delay processing.

    Image shows the expected payout schedule for merchants processing in Australia, Canada, and Europe.

    You can view the current status of any given settlement in your Lightspeed Payments reports. Each settlement will show one of the following statuses:

    • Deposited: The settlement has been processed and the funds have been sent from Lightspeed Payments to your bank.
    • Pending: The settlement is still being processed.

    It is worth noting that the final part of this process (placing the deposit into your account) is handled by your bank. When a settlement shows the Deposited status, your bank has received the funds but may have not yet processed the deposit into your account. Most banks will process this deposit within the 1-business day schedule described above, but there may be exceptions - particularly with smaller banks during periods of high activity. Speak with your bank for more information about their processing timelines or if you see a Deposited status in your report with no corresponding deposit in your account.

    For some merchants, the deposit processing method used by your bank may delay deposits by an additional business day. In that circumstance, your payout schedule will be as follows:

    Image shows the expected payout schedule for merchants processing in Australia, Canada, and Europe with a bank delay of one day.

  • Your deposit schedule will vary depending on the model of terminal you are currently using in your Lightspeed Restaurant location. 

    • The cutoff time for transactions in the US is 5:45 AM EST. The deposit for Monday's transactions will include all transactions processed between 5:45 AM Monday and 5:44 AM Tuesday.

      If your payment terminal displays a Genius logo when powered on, you are running different firmware on your terminal. Please refer to the Genius Terminals and Magtek Swiper tab for cutoff times and deposit schedules.

      Deposit Schedule with the V400m, P400+, S1F2, and e280

      Transferring funds takes about 1 business day, so if a transaction happens on Monday, you can expect to see that money in your account on Tuesday. Transferring funds does not occur on weekends, so funds from Friday, Saturday, and Sunday will all be deposited on Monday.  Statutory holidays may delay processing.

      Image shows the expected payout schedule for merchants processing in the US.

      For some merchants, the deposit processing method used by your bank may delay deposits by an additional business day. In that circumstance, your payout schedule will be as follows:
      Image shows the expected payout schedule for merchants processing in the US with a bank delay of one day.

    • The default batch cutoff time when using the Magtek Swiper or Genius terminals is midnight EST. This can be changed upon request.

      If your payment terminal displays an Adyen logo when powered on, you are running different firmware on your terminal. Please refer to the V400m, P400+, and e280 tab for cutoff times and deposit schedules.

      Deposit Schedule with Genius terminals and Magtek Swiper

      Transferring funds generally takes about 2 business days, so if a transaction happens on Tuesday, you can expect to see that money in your account on Thursday. Transferring funds does not occur on weekends, so Friday transactions will be deposited into your account on Tuesday. Funds from Saturday, Sunday, and Monday will all be deposited on Wednesday as a single deposit. Statutory holidays may delay processing.

      Image shows the expected payout schedule for merchants processing in the US when using the Genius terminals or Magtek Swiper.

    • The default batch cutoff time when using the Mobile Tap terminal is 6 AM EST.

      Deposit Schedule with the Mobile Tap

      Transferring funds generally takes about 2 business days, so if a transaction happens on Tuesday, you can expect to see that money in your account on Thursday. Transferring funds does not occur on weekends, so Friday transactions will be deposited into your account on Tuesday. Funds from Saturday, Sunday, and Monday will all be deposited on Wednesday as a single deposit. Statutory holidays may delay processing.

      Image shows the expected payout schedule for merchants processing in the US when using the Mobile Tap.

    You can view the current status of any given settlement in your Lightspeed Payments reports. Each settlement will show one of the following statuses:

    • Deposited: The settlement has been processed and the funds have been sent from Lightspeed Payments to your bank.
    • Pending: The settlement is still being processed.

    It is worth noting that the final part of this process (placing the deposit into your account) is handled by your bank. When a settlement shows the Deposited status, your bank has received the funds but may have not yet processed the deposit into your account. Most banks will process this deposit within the 1-business day schedule described above, but there may be exceptions - particularly with smaller banks during periods of high activity. Speak with your bank for more information about their processing timelines or if you see a Deposited status in your report with no corresponding deposit in your account.

Understanding bank holidays

Regional bank holidays may delay your payout schedule. In these cases, funds are ready to deposit but will be delayed until the next available business day.

What is deposited?

The funds deposited into your account will not be identical to the original transaction amounts - processing fees are deducted before your deposit is made. Payment processors, card providers and banks all charge fees for transferring funds. Lightspeed Payments deducts these fees for you. By the time the deposit is processed into your account, these fees have already been paid, so the deposited funds are all yours.

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