A "payout" refers to the process of transferring funds collected from customer transactions from the POS or payment processor to your designated bank account. 

In a typical payout model, the payout date depends on the settlement cycle of the payment service provider. For example, a payment service provider may have the following settlement cycle:

• Digital wallet payments may take about 2 days.
• Credit card payments may take up to 3 days.

This means your sales are processed in separate batches, depending on the method used.

With 365pay, a fixed payout schedule determines the payout date, which is based on the configured settlement cycle and payout frequency. This means that all transactions from a sales day, regardless of the payment method used, are grouped into a single payout batch. The payout is sent according to your chosen payout frequency, which can be daily, weekly, or monthly.

How 365pay payout works

When a customer makes a payment at your restaurant, 365pay processes the payment and adds it to your payable balance. After the settlement cycle, 365pay groups processed sales into a payout batch. Once the batch closes, based on the payout frequency (daily, weekly, or monthly), the payout is sent to your account. 

The payout amount you'll receive is calculated on a net basis. This means you receive your sales revenue for that period minus any costs, such as refunds, chargebacks, or transaction fees.

To understand how 365pay works, here are the key concepts you should know:

Payout Frequency

"Payout Frequency" refers to how often a payout is triggered. The payout frequency can be set to daily, weekly, or monthly.  When a payout is triggered, the system will check whether the payout balance reaches the trigger amount. 

• If the minimum payout trigger amount has been reached, then the payout will be sent to your account. 
• If the payout balance fails to reach the minimum payout trigger amount, then the funds will be carried over to the next payout batch. Once the accumulated amount reaches the required payout trigger amount, then the payout will be sent to your account.

Use the guide below for reference on how often a payout is triggered, depending on payout frequency

Settlement cycle

The settlement cycle determines the number of days between the transaction date and when a payment is ready for payout. For example, you can set the settlement cycle as "T+3," which means "Transaction date + 3 banking days." So, if a transaction is placed on Monday, the payout batch will close on Thursday (T+3), and the funds will be ready for payout. The payout amount will then be sent to your account on Friday after midnight.

Use the guide below for reference on how a payout is made per settlement cycle. Note that the example below follows a daily payout frequency model. 

Bank holidays

Bank holidays are days when banks are closed, so banks cannot process any payouts or payment transactions.

Bank holidays can impact when you receive your payout. Use the guide below for reference on how a payout is made during bank holidays.