The payment cycle refers to the complete process of handling a financial transaction — from the moment you accept a card payment on your Teya device to when the funds are deposited into your bank account. At Teya, this cycle is divided into three key stages:
1. Authorisation
When a card payment is initiated, the card provider verifies the card details and checks if sufficient funds are available in your customer’s account. If approved, the transaction moves to the next stage.
2. Settlement
Once authorised, the transaction enters the settlement phase — the process of transferring funds from your customer’s bank account to yours. Teya offers several settlement cycle options:
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Business Day Settlement: Funds are paid out Monday to Friday between 8 AM and 5 PM. The exact time depends on your bank.
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Daily Settlement: Includes weekends and bank holidays.
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Instant Settlement ( only with Teya Business Account )
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Funds are paid out as soon as your balance reaches a minimum of £15. |
3. Reporting
Each time a settlement is processed, a daily report is generated. This includes:
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A summary of your transactions
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Any applicable fees deducted
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The net amount being paid out
If you have an outstanding balance, it will also be detailed in your reports.
In addition to daily reports, you’ll receive a monthly summary report with an overview of your settlement activity for the entire month.
Accessing Your Reports
Reports are sent to your company’s registered email address and are also available anytime via the Teya App or Business Portal.