Batch settlements (sweeps)
A settlement sweep will total all payments that you have received, subtract the total value of refunds and payouts that you’ve done, and sweep a single transfer of funds to your bank account. Please let us know which account to sweep funds to. A separate settlement sweep is made for each currency you receive or process funds in.
For security and compliance reasons, settlement sweeps are setup by your account manager, usually during the onboarding process. You can update your settlement preferences and accounts at any time by contacting support@volt.io.
Settlement preferences
You don’t have to have settlement sweeps at all. If you’re constantly receiving and paying out funds from your Connect Account, we’ll leave all funds there for you to manage yourself.
On-demand settlements
You can send a settlement containing your entire balance to your bank accounts whenever you want.
How to send settlements
In Fuzebox you’ll see a button marked “Settle all accounts”. When this is clicked, we’ll automatically batch any payments you’ve received and send the settlement amount to your nominated bank account (this is done per currency).
Settlement notification
You’ll always receive a settlement notification to your notifications endpoint, containing the batch details and a location where you can download the settlement report.
Automatic settlements
On a schedule
Alternatively, we will batch and settle to you on a schedule. By default this is every hour, if there are funds to settle. However we can settle to you less frequently if you prefer, for example once a day at 16:00 to coincide with your end of day reconciliation, or even once a week if that suits you better.
With an optional balance threshold
As an extra option, we will batch and settle to you on a schedule but only if a certain balance has been reached. Again, we’ll do this every hour by default, if your threshold has been reached, but the schedule can be changed on request.
You can set a threshold per settlement account, meaning you could choose to receive a settlement to your sterling account when you reach GBP 10,000.00 but a settlement to your euro account when the balance is more than EUR 20,000.00.
Settlement notification
You’ll always receive a settlement notification to your notifications endpoint, containing the batch details and a location where you can download the settlement report.
Additional on-demand settlements
Even though you’re using automatic settlements, you can request a manual on-demand settlement at any time in Fuzebox.
Changing your configuration
To set up or change the way you receive settlements, or update your bank account details, please contact support@volt.io and we’ll make the change for you.
Settlement payments
When the time comes to send you a settlement, we’ll batch all the payments received since the last settlement and send a single amount per currency to your nominated bank accounts.
Batch ID
We’ll assign a batch_id to the batch we create and generate a unique paymentReference to enable easy reconciliation of the credit when it arrives in your bank account. This information will be contained in the report_available notification that we’ll send you.
Once we’ve sent each settlement
Once we’ve batched and sent your settlement payment, we will then:
- Change the status of all the payments covered by the batch to SETTLED
- Generate a settlement report in CSV format that you can download
- Send you a report_available notification containing details of the settlement itself and the location to download that report from. The format of this notification is described below.
Differences for Brazil (Pix)
We send the batch ID in the payment reference. For example, reference in the settlement payment: “Pagamento ref Batch [batch ID as UUID]” this reference is provided in the informacoes_entre_usuarios field. Please confirm that you can access that reference field at your bank. That batch ID corresponds with the settlement filename “latam_domestic_[batch ID as UUID].csv”
Note that you’ll receive one settlement payment, one notification and one report per currency.