Here are some of the most frequently asked questions regarding the Pinch settlements process.
How long does it take to settle funds by Pinch? This depends on the method of payment from the client. Bank Account payments will be settled to you between 4-5 business days after the payment was initially submitted. Important to note business days, as Direct Debits are not operated on Sat-Sun, and any payments falling on these days are queued on the next available processing day (Monday) Card Payments most commonly settle the next day as the funds are immediately debited from the client, allowing us to settle you quickly.
Settlement Errors, what do I do about these? From time to time, either Pinch or your connected accounting system encounters an error, and we are unable to sync your transfer data to your account. You will see these as red errors in the Settlements page. Please don't manually reconcile invoices without a matching transfer record. Pinch admins can manually trigger sync attempts to rectify this issue. Manually reconciling payments causes more issues.
What happens on Public Holidays? Depending on the state the Public Holiday is occurring in, this can affect the processing times of Bak Account Payments, and delay bulk settlements to your nominated bank account. Expect an equal number of days delay as the number of public holiday days at any given time.
My Settlement doesn't look right, how do I check the details of this? Head to the Settlements tab in Pinch, search for the Tr_ or sr_ value and you will be able to see all payments related to the bulk settlement. The most common things that cause confusion for merchants are Dishonour Fees, and Transfer fees.
What is a Dishonour fee? This is a free charge (Withheld from settlement) to a Merchant in the event a Bank Account payment fails to be debited from your client's chosen bank account. This fee is always charged to merchants to safeguard Pinch from being unable to recover costs associated with the failure. Check our pricing page.
What is a Transfer Fee? A transfer fee is the fee charged by Pinch and recorded in the Pinch Expenses account for the cost to bulk settle your Bank Account debited funds. This fee is static, meaning the fee is charged at the same amount regardless of how many eligible invoices are contained in the single settlement. Check our pricing page.
Are disputes or refund costs added/removed from settlements? No. Refunds - These are always debited directly from the merchant's connection bank account to ensure Pinch can recover the funds, as we are the Merchant on Record. Dispute Fees - These are charged separately and are debited from your nominated account with a dispute reference.
