Settlements

What is a settlement?

A settlement consists of the process of paying out the funds that you have received in your merchant account, to your bank account.

Which settlement currencies do you support?

Transaction currencies are the currencies that you as a merchant offer your products/services in. Your customers pay for their orders in transaction currencies.

With Clearhaus, you can accept all the transaction currencies offered by Visa & Mastercard.

Settlement currencies are the currencies you receive your payouts in. We can pay you in DKK, EUR, SEK, NOK, GBP and USD.

Why have multiple settlement currencies?

By having several settlement currencies, you as a merchant can save conversion costs when offering your services in countries which use different currencies than your local one, or a currency different from your settlement currency.

Each settlement currency at Clearhaus receives a separate merchant account.

Example:

You have an e-commerce company based in Denmark. You sell your products locally in Denmark. You receive DKK for your products/services which are placed in your DKK merchant account. Your bank account is also in DKK.

You decide to offer your products/services in Sweden in exchange for SEK. You can open a merchant account in SEK and have the transactions received from Sweden placed in the SEK merchant account, and won’t be exchanged to DKK. They will then be paid out to your bank account in SEK.

This is only beneficial if you have costs in SEK. Otherwise, you will have to exchange the money in your own bank.

These flexible settlement currencies save your company conversion costs.

When do you pay out my money?

We pay out the money from your merchant account to your bank account depending on the settlement period used. There are 3 settlement periods: daily, weekly and monthly.

Note: if you have a foreign bank (non-Danish) you may receive your money a few days later than specified below.

Daily

The transactions you capture between, for example, Monday 19.00 and Tuesday 19.00, will be settled the following Tuesday.

This settlement period uses: 3 bank delay days.

Weekly

The transactions you capture between, for example,Monday 19.00 and the following Monday 19.00, will be settled the following Thursday.

This settlement period uses: 3 bank delay days.

Monthly

The transactions you capture between, for example, the 31st of July 2017 19.00 and th 31st of August 2017 19.00, will be paid out on the 5th of September 2017.

This settlement period uses: 3 bank delay days.

What settlement periods to choose?

By default, all customers have weekly settlements because it usually is the best solution. If you wish to have daily or monthly settlement, for example, due to cash flow or subscription based business model you can write it in the “additional information” field in the application form.

If you need help to select a settlement period, feel free to contact us through our contact form or at support@clearhaus.com.

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