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Getting paid

Every business day, the previous day's transactions are sent to Lightspeed Payments to begin the settlement 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, 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 schedule will vary depending on your region and the model of the terminal used.

      
  • Batch cutoff times with the V400m, P400+, S1F2, and e280

    The cutoff time for transactions and deposit schedule will vary depending on your region:

    Region Cutoff time
    North America 6:00 AM EST
    Europe (except the UK) 0:00 CET
    UK 3:00 AM local time

    Note: 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 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 Thursday transactions will be deposited into your account on Monday. Funds from Friday, Saturday, and Sunday will all be deposited on Tuesday as a single deposit.  Statutory holidays may delay processing.

    Adyen.png

    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.

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  • Batch cutoff times with Genius terminals and Magtek Swiper

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

    Note: 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.

    Screen_Shot_2022-04-06_at_3.47.58_PM.png

    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.

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  • Batch cutoff times with the Mobile Tap 

    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.

    Screen_Shot_2022-04-06_at_3.47.58_PM.png

    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. 

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