Finix Settlements

Overview:

Settlements batch all the transactions, refunds, and adjustment transfers that have been processed. This guide will help you

Preconditions:

Preconditions are the necessary settings, permissions, and items created in your software to allow the feature to work.

Access to Sales
Access to Reports

Steps:

Use the left hand navigation to access Settlements under the Payouts expansion. This will populate the settlements dashboard. The chart that is generated provides the following information:
- Id -
- Merchant -
- Status - Indicates whether the settlement has been Approved, still Accruing, or Pending
- Transfers - The number of transactions that were successfully processed that day
- Fees - The total number of individual fees that have been deducted for that day
- Created - This is the date the Settlement batch is generated, the settlements will lag 2 days from the day the sales took place in foreUP
- Processor - There are 2 options for this section - Vantiv (Card Present Transactions) and Litle (Card Not Present Transactions)
- Amount - This is the Total amount of funds Transferred during this Settlement Batch. This is what should match your Z-OUT report from 2 days prior, since settlements have a 2 day lag. There might be some inconsistencies, but if they are reconciled over a week's time, usually it will zero out.
- Total Fees - this is the accumulated amount of the fees during this Settlement Batch
- Net Amount - This is the amount which will be deposited into your account for this Settlement Batch
To view an individual settlement, double click on the line item. This will populate the settlement details screen.
The first tab is General Info.
- The Details box will show you the total Settlement amount, the Status of the settlement and the Processor.
  - At the bottom right of the details box is Auto Close Time - This time reflects the final time you are able to make any adjustments to any transactions during the period shown.
- The Overview box is a quick, at-a-glance report which contains all the necessary information for that Settlement Batch. It will show the total number of Transfer Debits and the total number of Fees.
  - On the right side you will see a Column for Amounts which shows the accumulated totals for the Individual Settlement you have selected.
  - And at the bottom of the page you see the Amount, minus the fees, and the Net which is the amount that is being deposited into the listed account.
The Second Tab is Entries
- The chart generated on this page shows the individual Debits, Credits, and Fees that are making up this Settlement. Us the carrot on the line item you want to access to see more information
  - You will see roughly 3-4 Fees per Debit transaction. This is because you will have a fee for 1) the Card_Fixed - which is the per transaction or per swipe Fee, 2) the Basis_Points - This is negotiated prior to you signing the fees addendum, and 3) a Credit Card Fee based on the type of card which is used. It is important to note that this last fee is not generated by us, but dictated by the type of Credit Card being used.
- On the far right is a column for Amounts. This will show you exactly how much has been deducted for each individual fee.
- Other areas of note on this page:
  - Export button - allows you to download the Settlement entries into a CSV for your records.
  - Rows per page - Currently, this is set for 20, but can be adjusted to either 50 or 100
  - Filters - this allows you to narrow down your search to either Type, Entry Type, Settlement Entry ID
The third tab is Funding Transfer
- This tab will show you the Credits for the settlement you have selected.
- The merchant line is your (the courses) account and the amount is the total that is/will be deposited into the listed account for this settlement.
- The platform line, this is the total amount of fees which will be deposited into the Platform’s account. In this case the Credit card processing platform is ForeUP.