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Settlement Reports for Managed Merchants

If you are a Managed merchant seeking a primary source for reconciling your bank statements with Splitit activity, it is recommended that you use Splitit's Settlement Report. It provides a detailed overview of settled transactions, offering insights into the timing and specifics of fund transfers. Note that Core and Managed merchants will use the Settlement Report differently, and this guide is explicitly intended for Managed merchants.

Reconciliation Process​

Transaction Recording​

  • Upon the activation of a plan, our system automatically captures and registers the transaction for payout in the upcoming funding cycle. The recorded transactions are scheduled for payout in the subsequent funding cycle, ensuring timely and accurate disbursements.
  • For each transaction, multiple data points, such as transaction amount, order ids and more are recorded. For the full list of data points, please view the rows for Settlement in our Report Field Definitions table.

Payouts and Settlements​

  • Our system aggregates the amounts from eligible transactions to determine the total payout funds for the specified period. Any fees or deductions, such as transaction fees, refunds, chargebacks, or applicable taxes will be netted from the payout.

  • Merchants are funded on Mondays and Thursdays for transactions made in the preceding 3-4 days. For instance, a Monday funding cycle covers plans activated from Thursday midnight at 00:00 UTC until Sunday midnight UTC. Similarly, a Thursday funding cycle includes transactions activated between Monday midnight at 00:00 UTC until Wednesday midnight UTC.

  • Following the funding on Monday and Thursday, settlements for your transactions will typically be processed according to a T+1 schedule. This means that you can expect to receive your payments by the end of the day on Tuesdays and Fridays depending on your bank's posting policy.*

  • You will receive a payout per funding cycle, per settlement currency, encompassing all the business units under your merchant account.

*Public Holidays may affect funding and/or bank processing.

Settlement Reports​

Settlement reports will be accessible by 18:00 UTC on Mondays and Thursdays.

Settlement Summary Report​

The Settlement Summary Report provides a concise snapshot of your financial transactions within a specified period. The report outlines key components, including the gross settlement amount, associated fees, and applicable taxes. The highlight is the Net Settlement Amount, which represents the actual funds deposited into your account. This should align with your bank activity.

Settlement Detail Report​

The Settlement Detail Report is a transaction-level breakdown providing in-depth insights about your financial activity. Each transaction, from new plans to refunds and chargeback resolutions, is documented. The report includes valuable details such as the fees associated with each transaction, reference transaction IDs (for seamless reconciliation), settlement dates, the currencies involved, and more. Note that this report does not include tax or any fees related to plans that are not funded by Splitit.

Reconciliation Flow: A Step-by-Step Guide​

  1. Access our Settlement Reports using your Splitit Merchant Portal. The Settlement Summary Report and Settlement Detail Report should be used to reconcile your twice weekly payments.

  2. Review the Settlement Summary Report for each settlement cycle:
    a. Note the Settlement Date and Net Settlement Amount provided.
    b. Compare the Settlement Date and Net Settlement Amount from the Settlement Summary Report with corresponding entries in your bank.

  3. Review the Settlement Detail Report for a transactional-level breakdown of activities:
    a. Identify various transaction types, including new plans, refunds, disputes, fees, and more.
    b. Use the Order ID or Installment Plan Number from the Settlement Detail Report to reconcile and match new plans activated during the specified period.
    c. Cross-reference the Ref Transaction ID in the Settlement Detail Report to validate refunds and disputes processed during the settlement cycle.
    d. Analyze the Settlement Detail Report to account for any fees associated with transactions.
    e. Leverage other key data points in the Settlement Detail Report, such as customer details, product information, or any custom identifiers available.

  4. Repeat the reconciliation process for each settlement cycle, ensuring a comprehensive and consistent approach.

  5. Periodic reconciliation review: Make reconciliation a regular practice, conducting periodic reviews to ensure ongoing accuracy and alignment with banking activity.

Handling Discrepancies​

If discrepancies are identified, investigate further by comparing the data in the reports with reporting from your internal system and/or the additional reports available to you in your Splitit Merchant Portal. If challenges arise during the reconciliation, reach out to your Account Manager for assistance and clarification.

Report Subscriptions​

Your can subscribe to reports in your Merchant Portal, choosing a report format and output format. See Merchant Portal Reports: How to Use for instructions.

For optimal results aligning with our funding cycles, we recommend subscribing every Tuesday and Friday, selecting Previous Day for the Date option. This will ensure the timely receipt of reports from our Monday and Thursday funding cycles.

Contact Information​

If you ever need assistance, have questions, or require support, please don't hesitate to reach out to our dedicated support team by clicking on the Help button in your Merchant Portal.

Defined Terms​

Business Units​

Subaccount used to process transactions with Splitit under a Merchant Account

Eligible Transactions​

Transactions that meet requirements for inclusion. Currency, shopper location, transaction amount, and length all affect the eligibility of a transaction

Funded Merchant​

A Splitit Merchant eligible to receive funds upfront

Funding Cycle​

The recurring period in which funds are provided to merchants for plans activated

Gross Settlement Amount​

The total value of a financial transaction before any deductions, fees, or adjustments are made

Merchant Account​

The company account registered to use Splitit

Plan Activation​

A plan is activated when the first charge occurs

Settlement Currency​

The currency in which financial transactions are reconciled and settled between parties

Total Payout Funds​

Sum of current plan amounts eligible for payout in a specified time period

Transaction​

A completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money

T+1 Schedule​

A financial term indicating that a particular event or process will occur on the next business day (T+1), where "T" represents the current day