Settlement Cycle
Updated
The payment cycle refers to the operation of processing a financial transaction, from the moment you accept card payments on your Teya device until the moment funds land in your account. At Teya, the cycle can be divided into three stages:
Authorisation: When you take a card payment and a transaction is initiated, the provider verifies the card details and checks the availability of funds in your customer’s account.
Settlement: If the transaction is authorised, the payment enters the settlement phase, where funds are transferred from the customer’s bank account to your account, the following business day, between 8 am and 5 pm - the exact time is determined by your bank.
Your settlement will be paid out as soon as your balance reaches the minimum equivalent to EUR15. |
Reporting: Each settlement automatically generates a daily report summarizing your transactions, the respective deducted fees and the amount to be paid out in the settlement cycle. If you have an outstanding balance, this information will be outlined in the reports.
Similarly, you will receive a monthly report with an overview of the monthly settlement cycle. You can access the reports on the registered email address of your company.
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