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.

At Clearhaus, you can accept in your webshop all the transaction currencies offered by Visa & Mastercard.

Settlement currencies are the currencies you receive your payouts in, from your merchant account, to your bank account. 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, instead of your DKK merchant account.

We then transfer your funds in SEK to your bank account (preferably a bank account in SEK).

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.

Daily

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

This settlement period uses: 5 bank delay days.

Weekly

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

This settlement period uses: 3 bank delay days.

Monthly

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

This settlement period uses: 3 bank delay days.

19.00 UTC corresponds to 20.00 CET (winter time) and 21.00 CEST (summer time).

What settlement periods to choose?

You can opt for a daily, weekly or monthly settlement period by writing it in the field under Additional Information in the application form.

For additional insights into what settlement period would best fit your business, you can contact us through our contact form or at support@clearhaus.com.

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