This article is only available to merchants who have subscribed to Lightspeed Payments and do not have the Retail point of sale connected to their eCom store. If you have Retail connected to eCom, read this Getting paid article instead.
Generally, it takes about two business days to transfer funds from a sale to your bank account. However, there are a number of circumstances that may delay your deposit.
How transactions are sent to Lightspeed Payments
On a regular business day, the card payments you accept before that day's cutoff time are sent to Lightspeed Payments and the process of transferring funds from your customer's bank account to yours begins.
The cutoff time for all transactions is 6:00 AM EST.
This transfer of funds generally takes about 2 business days, so if a transaction happens on Tuesday, you can expect to see that money in your account on Thursday. No activity happens over the weekend, so funds from Thursday will deposit on Monday, and funds from Friday, Saturday, and Sunday will all be deposited on Wednesday as a single deposit.
Transaction takes place
|Deposited into your account
You can view the current status of any given settlement on the Settlements report. Each settlement will show one of the following statuses:
- Deposited: The settlement has been processed and the funds have been sent from Lightspeed Payments to your bank.
- Pending: The settlement is still being processed.
- Error: There was an error processing this payout
It is worth noting that the final part of this process (placing the deposit into your account) is handled by your bank. When a settlement shows the Deposited status, your bank has received the funds but may have not yet processed the deposit into your account. Most banks will process this deposit within the schedule described above, but there may be exceptions - particularly with smaller banks during periods of high activity. Speak with your bank for more information about their processing timelines or if you see a Deposited status in your report with no corresponding deposit in your account.
Understanding bank holidays
Regional bank holidays may delay your payout schedule. In these cases, funds are ready to deposit but will be delayed until the next available business day.
What is deposited?
The funds deposited into your account will not be identical to the original transaction amounts - processing fees are deducted before your deposit is made. Payment processors, card providers, and banks all charge fees for transferring funds. Lightspeed Payments deducts these fees for you. By the time the deposit is processed into your account, these fees have already been paid, so the deposited funds are all yours.