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Settlement Reports for Core Merchants

Splitit's Settlement Report is the best way to reconcile your Splitit transactions. Core and Managed merchants will use the Settlement Report differently, and this guide is explicitly intended for Core merchants.

Overview​

Since you are a Core merchant, you are not funded by Splitit, rather Splitit simply manages the sending of plan transactions directly to your gateway—and collects a fee for doing so. Shopper payments are paid out to you directly by the gateway. Thus this report is primarily relevant to you because it contains the fees that Splitit collects for managing your plans.

The Settlement Report is delivered in two parts, Summary and Details.

Settlement Report Summary​

The Settlement Report Summary presents a synopsis of your transaction data, and its key field is Net Settlement Amount, which is usually a negative number for Core merchants, since Splitit is collecting fees from you. Net Settlement Amount(s) are grouped together by Settlement Date and are ultimately debited from your account.

Notable Fields (to understand all fields, refer to Report Field Definitions)​

Gross Settlement Amount: For Core merchants, this is $0 as it corresponds to the money your shoppers pay towards your plan (this is handled by your gateway).
Net Settlement Amount: As mentioned above, Net Settlement Amount(s) will usually be negative for Core merchants since all Splitit does is charge for fees. Net Settlement Amount(s) will usually be the same as TotalFees, just differently signed.
Total Line Items: The total number of transactions of all types contributing to the Net Settlement Amount for a given settlement date. (See the Settlement Report Details section below for information about Transaction Types.)

Settlement Report Details​

Settlement Report Details provides granular information about the transactions grouped together in Settlement Report Summary.

Notable Fields (to understand all fields, refer to Report Field Definitions)​

Activity Date/Settlement Date: Since Splitit settlement only happens monthly (the day differing by merchant), the Settlement Date (when the transaction is settled) will usually differ from the Activity Date (when the transaction occurred).

Transaction Type: Can be one of:

  • Installment Collection - Plan installment collected from shopper (fee generated)
  • Dispute - Shopper initiated chargeback related to plan (fee currently not generated)

Plan Currency/Settlement Currency/Exchange Rate/Exchange Rate Date: Exchange Rate is the ratio of your Plan Currency to your Settlement Currency on the Exchange Rate Date. Fees are applied in your Settlement Currency.

Variable Fees/Fixed Fees: Fees are in your Settlement Currency. The fixed fee is the same for each plan installment and the variable fee is calculated based on an agreed-upon percentage calculated for each transaction at the prevailing Exchange Rate.