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. 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. 

Batch cutoff time with Lightspeed Payments

The cutoff time for transactions is 3 AM local time for all regions excluding Canada. The deposit for Monday's transactions will include all transactions processed between 3 AM Monday and 2:59 AM Tuesday. 

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. 

• Understanding the payout schedule for merchants in Australia, Canada, and Europe

  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 as a single deposit.  Statutory holidays may delay processing.

  	Mon	Tue	Wed	Thur	Fri	Sat	Sun	Mon	Tue
  Day transaction takes place	$100	$200	$300	$400	$500	$600	$700	$100	N/A
  Day transactions are deposited into your account	N/A	$100	$200	$300	$400	$0	$0	$1800	$100

  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. 

  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:

  	Mon	Tue	Wed	Thur	Fri	Sat	Sun	Mon	Tue
  Day transaction takes place	$100	$200	$300	$400	$500	$600	$700	N/A	N/A
  Day transactions are deposited into your account	N/A	N/A	$100	$200	$300	$0	$0	$400	$1800

• Understanding the payout schedule for US merchants

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

  	Mon	Tue	Wed	Thur	Fri	Sat	Sun	Mon	Tue	Wed
  Day transaction takes place	$100	$200	$300	$400	$500	$600	$700	$100	N/A	N/A
  Day transactions are deposited into your account	N/A	N/A	$100	$200	$300	$0	$0	$1500	$700	$100

  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. 

  • 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:

    	Mon	Tue	Wed	Thur	Fri	Sat	Sun	Mon	Tue	Wed
    Day transaction takes place	$100	$200	$300	$400	$500	$600	$700	$100	N/A	N/A
    Day transactions are deposited into your account	N/A	N/A	N/A	$100	$200	$300	$0	$0	$1500	$700

  • Merchants in the US may choose to enable pre-authorization when configuring your payment options with Lightspeed Payments. With preauthorization enabled, payments are not captured until the following day, adding a day to the payout schedule.

    	Mon	Tue	Wed	Thur	Fri	Sat	Sun	Mon	Tue	Wed
    Day transaction takes place	$100	$200	$300	$400	$500	$600	$700	$100	N/A	N/A
    Day transactions are deposited into your account	N/A	N/A	N/A	$100	$200	$300	$0	$0	$400	$1800

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. 

What's next?