Settlement

Understanding Settlements

Settlements in the context of Spotflow refer to the process of transferring funds from the Spotflow platform to your designated bank account. This occurs after successful payment collections and the completion of any necessary reconciliations.

Settlement Process Overview

The settlement process typically involves the following steps:

1. Payment Collection: Merchants collect payments from customers through various channels integrated with the Spotflow platform.
2. Reconciliation: Spotflow reconciles the collected payments to ensure accuracy and prevent discrepancies.
3. Settlement Initiation: Once the reconciliation process is complete, merchants can initiate a settlement request.
4. Fund Transfer: Spotflow transfers the collected funds to the merchant's specified bank account.
5. Settlement Confirmation: Merchants receive a confirmation of the successful settlement, including details such as the amount transferred and the settlement date.

Settlement Schedule

Spotflow offers flexible settlement schedules to accommodate different business needs. Merchants can typically choose from daily, weekly, or monthly settlement cycles. The specific settlement schedule options available may vary depending on the merchant's location, payment channels, and account type although it generally takes T + 1 days.

Settlement Fees

Spotflow charges settlement fees for processing fund transfers. The exact fee structure depends on factors such as the settlement amount, currency, and payment method. Detailed information about settlement fees can be found by contacting the Spotflow support team at support@spotflow.one.

Settlement Reconciliation

Merchants are responsible for reconciling their Spotflow settlements with their bank statements. Spotflow provides settlement reports and transaction details to facilitate this process. Any discrepancies should be reported to Spotflow's support team at support@spotflow.one for investigation.

Additional Considerations

• Currency Exchange: If you operate in multiple currencies, Spotflow will handle currency conversion during the settlement process based on prevailing exchange rates.
• Dispute Resolution: Spotflow provides mechanisms for handling disputes related to settlements.