This article gives an orientation on the relevant features, to assist with payments operations, once a merchant has gone LIVE.
This covers reconciliation (recon), settlement (deposit of sales into business account), and reporting.
Viewing transaction status and reporting
With regards to reporting, you have access to a console dashboard.
To see what you have been charged, on a monthly basis, you will receive an invoice that contains a tally of all relevant transaction types and corresponding costs.
Understanding why payments are not successful
You can also see which transactions make up the total of what is settled in your bank account. The link below shows you how to reconcile this, using your bank account balance, your website orders, and the Peach transaction data in the console.
How to find transactions included in settlement batch
While setting up with Peach payments, you would have confirmed 2 email addresses, to which the below emails will be sent. Please contact firstname.lastname@example.org to add or change any of these.
- Technical assistance
- Technical notifications system status - sign up for our notifications here
- Recon emails
- Invoice emails
For any Finance related queries such as invoices, billing etc, please send an email to email@example.com
Settlement is the payment of funds into your business bank account, for the money collected from customers, when they buy from your online shop or business.
How to find out which merchant account you are using - While setting up with Peach payments;
Did you sign an agreement directly with the bank (eg. ABSA, Nedbank or FNB merchant agreement?)
If the answer is No, then you are most likely using a Peach merchant account
If your answer is Yes, then you are using an ISO Merchant account with Nedbank, ABSA or FNB)
ISO Merchant account
- You should receive settlement on a daily basis from Nedbank. What you make online today, will reflect in your bank account within normal bank clearing periods (typically 1 business day).
- You should receive settlement on a daily basis from Absa. What you make online today, will reflect in your bank account within normal bank clearing periods (typically 2 business days).
- You should receive settlement T + 2 FNB, this means if the transaction is on the Monday, you would be settled on the Wednesday. What you make online today, will reflect in your bank account within 2 days bank clearing periods (typically 2 business days). The settlement cycle will be dependent on what FNB has set up on your profile with FNB. No settlements on bank / public holidays and Sunday's
Settlement for countries outside of South Africa (Mauritius, Kenya):
These countries get settled as an ISO account Merchant, for example, they will get settled every day by their merchant bank.
Peach Merchant account
With Peach merchant account, you have a weekly settlement in your business bank account. The payment is done to your bank account for free, on Thursday and you should see it reflected on Friday.