Documentation

Settlement

The settlement process involves depositing funds received from your customers into your designated bank account. Payments that have been captured will be automatically settled according to your chosen settlement cycle, as per the bank account information provided at the time of onboarding.

The timing of the settlement may vary. It can be done once a day at a specific time, multiple times a day with a fixed number of settlements, or on-demand as needed.

Using the settlement reports you can view all the settlement details like Settlement ID, Status, Date and UTR for the selected date range or transaction.

You can define the schedule options for each vendor when you add the vendors. Our standard schedule option is T+1 working days, T represents the day of the successful transaction. T+1 means that the payment will settle in your account the next day from the date of the transaction, this excludes excluding bank holidays. If you select T+2, the payment will settle in your account two days from the date of the transaction.

Apart from this, you can settle the payments instantly using the On-demand settlements option. This option allows you to receive the unsettled amount to your bank account instantly 24x7 including holidays.

Process Flow

  • The customer initiates the payment on the checkout page using their preferred payment method to purchase goods and services.
  • If the customer's details and payment information are authenticated by the bank, the corresponding amount is deducted from the customer's bank account.
  • If the customer's account does not have sufficient funds or if incorrect payment information is provided, the online payment is automatically rejected.
  • Once the payment is successfully completed, NDPS receives the funds for all successful transactions.
  • Subsequently, NDPS settles the funds for all successful transactions to the merchant's account.
  • Generally, the settlement process takes T+1 days, where T represents the day of transaction success. However, this timeframe may vary depending on the payment settlement mechanism and settlement cycle.

Note:
Merchant Discount Rate (MDR) will be deducted from the merchant's payout or settlement, which can be a flat or percentage amount of the transaction. The MDR rates will be configured during the merchant onboarding process.

Settlement Types

We offer various types of settlements for your convenience:

  1. Normal settlement
    • Time: T+1 or T+2 business days for domestic transactions (T being the date of payment capture).
    • Successful and unsettled transactions are settled to the merchant.
    • Normal settlement is processed after NDPS receives the settlement funds from the bank.
    • Executed only on bank working days and not on bank holidays.
  2. T+0 or Same day settlement
    • Time: Multiple times a day in different batches.
    • Includes all unsettled and successful transactions.
    • Transactions not settled in T+0 cycle follow the normal settlement cycle.
    • T+0 settlement is executed on bank holidays as well, but with reduced frequency.
    • To enable T+0 settlement, please contact your respective sales manager.
  3. T+1 Settlement
    • Includes all unsettled and successful transactions from the previous day.
    • T+1 settlement is made at once, and only one settlement file is sent.
    • Transactions performed on bank holidays are settled on the next bank working day.
    • Transactions performed on bank holidays are settled on the next bank working day.

Please note that specific conditions and procedures may apply to each settlement type. For more information and assistance, please reach out to your respective sales manager.