About Settlements
Check how Curlec settles money received from your customers to your bank account.
Settlement is the process in which the money received from your customers is settled in your bank account. Settlements for all payments are done in RM (Malaysian Ringgit). After Curlec receives the amount, it is settled to your bank account, after fees deduction.
Following are some of the prerequisites for settlements of payments from customers to your bank account:
- Your account must be fully activated.
- The payment must be captured. Know more about .
The settlement cycle is subject to bank approval and can vary based on your business vertical, risk factors and so on.
Handy Tips
Working days do not include the bank holidays.
The standard settlement cycle for domestic payments is T+2 working days (where T is the date of transaction capture).
You captured 20 payments on February 02, 2019 at 9:00 a.m., and your settlement schedule is T+2 days. The payments you captured on February 02, 2019 is settled to your bank account on February 04, 2019 at 9:00 a.m.If the settlement day is a bank holiday, the settlement is made on the next working day after the bank holiday.
Razorpay initiates partial settlements when your settleable amount exceeds your current live balance (when the settlement is scheduled). Razorpay accurately calculates the settleable amount based on the live balance, ensuring that settlements are not skipped. When settling transactions, we will only choose the ones that add up to your current live balance.
This ensures that your settlements are timely and regular and you can maintain stable cash flow.
You captured a payment of ₹1000 on July 02, 2023, and your settlement schedule is T+2 days 5:00 p.m. Hence, the live balance is ₹1000, which will be the settlement amount.
However, on July 02, 2023, you had to refund your customer ₹100. Due to this, your live balance is ₹900. As the current live balance is lesser than the settlement scheduled, Razorpay will initiate partial settlements and settle your current live balance of ₹900.
You captured three payments of P1 - MYR500, P2 - MYR300 and P3 - MYR200 on July 02, 2023, and your settlement schedule is T+2 days 5:00 p.m. Hence, the live balance is MYR1000, which will be the settlement amount.
However, on July 02, 2023, you had to refund your customer MYR100. Due to this, your live balance is MYR900. As the current live balance is lesser than the settlement scheduled, Razorpay will initiate partial settlements and settle transactions P1 and P2 on T+2 as it adds upto MYR900. P3 will be scheduled for the next day, shown as an upcoming settlement, and paid in the next slot.
Following are the various states of a settlement:
Some reasons for settlement failure:
- Your bank account is inactive or frozen.
- Incorrect bank account details.
- The settlement was rejected by your bank.
From the Curlec Dashboard, you can perform the following actions:
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