Card payments settlement cycle

Updated 

When you sign up with Teya, your business information and bank account are registered in our database and assigned to your card machine. The payments you take on the terminal are automatically processed overnight and deposited into your bank account the following business day between 8am and 5pm. This means you'll receive your money every day of the week, except on bank holidays and weekends. We call this process the settlement cycle, and it's tied specifically to processing card payments.

Note – once you've completed the onboarding process and successfully submitted all the necessary Know Your Customer (KYC) documents, the settlement cycle will come into effect for your business. Your funds will be withheld until you provide this information.

What is a settlement?

A settlement or payout is the money you receive from Teya for all the transactions processed through your Teya card terminal. This payment comes after deducting any fees or outstanding debts related to your transactions.

It's important to note that there are special fees associated with card acceptance. As a result, the amount you receive will be slightly less than the total amount you processed on the terminal. These fees are applied to every transaction made using our terminals. Consequently, the settlement is the final amount that Teya pays to you once these card acceptance fees have been subtracted, based on the terms outlined in your contract with Teya.

Learn more about pricing and fees: IC++ and Blended.

What is the settlement cycle?

A settlement cycle is the time it takes from when you make a financial transaction, like processing a card payment on your Teya terminal, to when that transaction is fully completed. This process might seem quick, but it involves several important checks and verifications in the background.

For instance, when a customer pays with a card on your terminal, there are checks with the bank that issued the card, the card scheme (like Visa or Mastercard), and Teya. These parties want to ensure that the payment is secure and authorised before they move the money into your account. So, the settlement cycle is the period during which all these checks happen before the funds are settled into your account.

When will I get paid?

At Teya, transactions are processed overnight, and the funds are deposited into your account on the following business day. This means you receive payments from Monday to Friday between 8am and 5pm. There are no settlements on Saturdays, Sundays, or bank holidays. Transactions processed on Friday, Saturday, and Sunday are settled on Monday. Transactions processed on a bank holiday are settled the following business day.

Note – the exact time of day you get paid varies from one bank to another.

Settlement reports – daily and monthly

Each settlement automatically generates an email containing a daily settlement report. This report provides regular updates of your settlements and is sent out to the email you registered your business with in Teya.

Within the first half of the next month, you'll receive an additional automated monthly settlement report, e.g. by 15 August for transactions processed in July. This report contains a more detailed breakdown of all settlements paid out in that month.

Note – the monthly report doesn't usually contain the last day of the month, as that day is processed and settled the next day, i.e. in the next month.

If you don't wish to receive these reports via email, you can always opt out. Please reach out to our customer support team and they'll assist you.

Minimum payment amount (MPA)

There's a required threshold you must reach for the settlement to be deposited in your bank account. This is called the minimum settlement amount or minimum payment amount (MPA), and it's equivalent to 15€ in British pound sterling.

If your business transacts less than this amount in one day, you won't receive the payment the following business day. Instead, the amount will be accumulated over time. As soon as you cross this threshold, your business will be settled in the next possible settlement.