When your sellers process payments, those payments get added to a
Settlement is composed of transactions which include payments, refunds, adjustments, and fees.
Settlement is approved, your sellers will receive a payout in their bank account via a Funding Transfer. The approval or rejection of a Settlement determines if your seller receives their payout.
How often your sellers receive funds and on what day depends on the payout schedule you've chosen. The payout schedule configured determines when and how Settlements are available for review and approval.
Finix offers several different Payouts Schedules to help you manage your Settlements. You can configure the payout schedule for each merchant.
The Payout Schedules available includes:
|Daily||Settlements get generated every business day.|
|Monthly||Settlements get generated on a monthly schedule.|
|Continuous||Settlements get created manually. To enable Continuous settlements contact the Finix Support team.|
You can choose how payout funds get calculated and distributed into Settlements.
Finix offers two Payout Type options:
|Net||Fees get deducted from the payouts to your sellers|
|Gross||Fees are billed separately from payouts|
In every individual Settlement, fees are deducted from the payout funds before the funding Transfer gets created.
If you had $100 in Payment and $3 in Fees, your seller will receive a payout of $97 to their payout bank account.
Deposits and fees get distributed into separate Funding Transfers.
If you had $100 Payment and $3 in Fees, your seller will receive two payouts. One payout would be a credit of $100 to the seller's bank account and another would be debit of $3 to the seller's bank account.
Finix allows you to manage the bank accounts for seller's via API and the Finix Dashboard.
Finix offers two speeds for paying out payouts:
|Next Day ACH||Fees get deducted from the payouts to your sellers|
|Same Dah ACH||Fees are billed separately from payouts|
Note: Next Day ACH is offered by default to Finix Flex customers. If you would like to set up Same Day ACH, please contact your Finix point of contact or the Finix Support team for more information.
In some cases, you may have a negative balance for your sellers.
For example, if you receive 200 USD in payments but refund 300 USD in other transactions, your account balance would be -100 USD. If you don’t receive further payments or process transactions to balance out the negative amount, Finix creates a Funding Transfer that debits your seller's bank account.
Payment Instruments must support both credit and debit transactions so Finix can perform any required payouts.