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 2 business days 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.
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 in North America is 6:00 AM EST when using the Mobile Tap, and 4:00 AM EST when using the following terminals: MX915, P400, E285 and Magtek iDynamo.
The cutoff time for transactions in Europe is 0:00 CET for all terminals.
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.
You can view the current status of any given settlement on the Settlements report. 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.
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.