Settlement cycles are defined in Smart2Pay system. Based on this, Smart2Pay generates settlement invoices for each shop. Also, Smart2Pay generates a commission settlement invoice for The Marketplace.
The acquiring banks and alternative payment method providers settle to Smart2Pay the (Gross amount – Acquiring/Processing Fees).
- Smart2Pay settles gross amount – operator commission – acquiring fees to each shop. Settlement frequency: weekly.
- Smart2Pay settles commission to The Marketplace based on Transaction Log API exposed by the Marketplace. Settlement frequency: weekly.
- Subscription fee can be collected by Smart2Pay from the shops on behalf of the marketplace operator.
- Manual credits / debits will be issued by The Marketplace towards the shops and performed by Smart2Pay.
- The Marketplace can withhold the payment of certain transactions towards the shop (e.g. only the transactions with PaymentStatus marked as PAID will be settled).