Settlement Process Overview
- Collection: Funds are successfully collected from your customers.
- Reconciliation: Spotflow meticulously verifies all collected payments to ensure every penny is accounted for (no phantom funds allowed).
- Initiation: Once reconciled, the settlement request is initiated (either automatically or by you, depending on your schedule).
- Fund Transfer: Spotflow transfers the collected funds to your specified bank account.
- Confirmation: You receive a confirmation with the exact amount transferred and the settlement date.
Settlement Schedule
Spotflow offers flexible options, with funds generally hitting your account in T + 1 days (Transaction day plus one business day) after collection. You can typically choose the settlement cycles you’ll prefer. For better details, contact support@spotflow.one.Your settlement cycle is dependent on your transaction volume. The higher your transaction volume, the easier it is for us to provide you flexible settlement options.
Kindly contact support@spotflow.one for better details.
Settlement Fees
- Spotflow charges settlement fees based on the settlement amount, currency, and the original payment method.
- For detailed information on your specific fee structure, please contact the Spotflow support team at support@spotflow.one.
Reconciliation & Responsibility
You are responsible for cross-checking the Spotflow settlement reports with your own bank statements.- Spotflow provides detailed reports to make this process as painless as possible.
- Spot a discrepancy? Report it immediately to support@spotflow.one for investigation.
Additional Considerations
- Currency Exchange: If you accept multiple currencies, Spotflow handles the conversion during settlement using prevailing exchange rates.
- Dispute Resolution: We have mechanisms in place to help handle any disputes related to settlements, ensuring a fair process.