Same Day Settlement (also known as ‘Faster Payments’) is processing service provided by RMS which allows customers to receive their GBP funds from card transactions in a matter of hours, rather than waiting the normal 3-5 days for funds to clear.
In order to receive funds the same day, the card machine must be batched within certain denominations of time as outlined below:
|Batch Time||Funds Received||Fees|
|11.01 pm - 4.00 am||Before 11.00 am start of business||£2.95 per month
+£0.30 per batch
|4.01 am - 3.00 pm||Before 7.00 pm same day|
|3.01 pm - 11 .00 pm||Before 11.00 am next day|
Currently, Same-day Settlement is only available to customers using Elavon as their acquiring bank. For customers using Global Payments as their acquiring bank, we can offer Next Day Settlement.