Batch settlements

Settlements are setup by your account manager during the onboarding process, but you can update your settlement preferences at any time by contacting support@volt.io

Settlement preferences

You don’t have to have settlements at all.  If you want to manage things yourself, we’ll leave all funds received in your Connect account until you’re ready to pay them out.

Manual 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 “Send settlement batches”.  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 manual settlements

Even though you’re using automatic settlements, you can request a manual settlement at any time in Fuzebox.

Changing your configuration

To set up or change the way you receive settlements, 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.

You’ll receive one settlement payment, one notification and one report per currency.