Introduction
Understanding payment settlements is crucial for teachers using online payment collection. This guide explains how settlements work, when you receive payments, and what to expect.
What is Payment Settlement?
Payment settlement is the process of transferring collected payments from the payment gateway to your bank account. When a student pays, the money first goes to the payment gateway, then gets settled to your account.
How SyntixPay Settlements Work
At SyntixPay, we use a T+3 settlement cycle:
- T (Transaction Day): Student makes payment
- T+1 to T+3: Payment is processed and verified
- T+3: Money is automatically transferred to your bank account
For example, if a student pays on Monday, you'll receive the money in your bank account by Thursday.
Settlement Schedule
Settlements happen automatically every 3 days. All payments received in a 3-day period are batched together and transferred to your account in one transaction.
What Fees Are Deducted?
Two types of fees are deducted:
- Payment Gateway Fee: Charged by Razorpay/Cashfree (typically 2% + GST)
- Platform Fee: SyntixPay's fee (up to 2%, can be decided upon discussion with Teacture)
You receive the net amount after all fees. For example, on a ₹1000 payment:
- Payment Gateway Fee: ~₹20
- Platform Fee: ~₹10-20
- You Receive: ~₹960-970
Tracking Your Settlements
You can track all settlements in your SyntixPay dashboard:
- View settlement history
- See settlement dates and amounts
- Download settlement reports
- Track pending settlements
Bank Account Requirements
To receive settlements, ensure your bank account details are:
- Correct and up-to-date
- Verified in your SyntixPay account
- Active and able to receive transfers
Common Settlement Questions
Why is there a delay in settlements?
The 3-day delay is standard for payment processing. It allows time for payment verification, fraud checks, and bank processing.
Can I get faster settlements?
Currently, all settlements follow the T+3 cycle. This ensures security and compliance with banking regulations.
What if a payment fails?
Failed payments are not settled. You'll be notified of any payment failures, and you can follow up with the student.
Are settlements automatic?
Yes! Once you've added your bank details, all settlements are automatic. No manual intervention needed.
Tips for Smooth Settlements
- Keep your bank details updated
- Monitor your dashboard regularly
- Check your bank account for settlement confirmations
- Contact support if settlements are delayed beyond T+3
Conclusion
Understanding payment settlements helps you plan your finances better. With SyntixPay's automatic T+3 settlements, you can focus on teaching while we handle the payments.