Every business day, the previous day's transactions are sent to Lightspeed Payments to begin the settlement process. Generally, settlements are deposited into your bank account within 1 business day after the original transaction, but a number of circumstances may affect this timeline. Here's a quick overview of the process so you can better understand when to expect your funds.
What's in this guide?
How transactions are sent to Lightspeed Payments
Understanding your payout schedule
Understanding bank holidays
What is deposited?
Frequently asked questions
How transactions are sent to Lightspeed Payments
On a regular business day, card payments accepted before the daily cutoff time are sent to Lightspeed Payments, initiating the transfer of funds from your customer's bank account to your own.
The cutoff time for transactions is 6:00 AM AEST/AEDT. This means each transaction day runs from 6:00 AM to 5:59 AM the following day. For example, the deposit for Monday’s transactions will include all payments processed between 6:00 AM Monday and 5:59 AM Tuesday.
Understanding your payout schedule
For new customers, your first payout may take up to 5 business days. This is because the initial settlement goes through a series of bank verification checks before the funds can be deposited into your account.
After the first payout has been successful, it takes approximately 1 business day from the time it is processed for the transaction to be deposited into your bank account.
Payout timeline
Weekdays (Sunday through Thursday): Transactions processed between Sunday and Thursday are usually deposited into your bank account on the next business day. For example, a transaction processed on Monday will be deposited on Tuesday.
Weekends (Friday and Saturday): Transactions processed on Friday, Saturday, and Sunday will be deposited on Monday. Each day’s takings are paid out separately, so you will see three separate deposits on Monday for transactions from Friday, Saturday, and Sunday.
Understanding bank holidays
Bank holidays can affect the timing of your payouts, even when transactions are successfully processed. While your funds may be ready for deposit, regional bank closures may delay transfers until the next available business day.
For Australian-based merchants, the following public holidays may result in payout delays:
- 1 January: New Year's Day OBS
- 26 January: Australia Day
- 29 March: Good Friday
- 1 April: Easter Monday
- 25 April: ANZAC Day
- 10 June: Queen's Birthday
- 25 December: Christmas Day
- 26 December: Boxing Day
What is deposited?
The funds deposited into your account will not be identical to the original transaction amounts as 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, so once the deposit is processed into your account, the funds are all yours.
Frequently asked questions
Confirm that the payout was sent to the correct bank account. In Financial services, navigate to the Payouts tab and verify the payout destination for your funds.
Less than five business days late
If your payout was sent less than five business days ago, the funds have left Lightspeed and are being processed by your bank. Processing times may be delayed by weekends or public holidays. Once your bank completes processing, the funds will be deposited automatically.
More than five business days late
If you're a new customer and it's been more than 5 business days without receiving your first payout, contact our Payments team at payments.documents@lightspeedhq.com.
If it's not your first payout and it hasn't arrived after five business days, contact your bank for an update. Provide them with your bank account details, the expected payout date, and the exact amount. You can find the expected date and amount in the Financial services section in Back Office. It may also help to share the Payout ID, which is available by clicking on the specific payout.
The amount deposited into your account will differ from the original transaction total because processing fees are deducted before the funds are transferred. For additional guidance on reviewing your payout and reconciliation reports, refer to our article on troubleshooting Lightspeed Payments reconciliation.
You can access your payout reports by going to Financial Services > Payouts in the Back Office. For more details, check out our article on understanding your Lightspeed Payments report.
If your payout status is Pending Review, it likely means account verification is incomplete. To resume payouts, the account owner should check for any required documents. A notification will appear in Financial Services, and we’ll also send an email if an action is needed from your end.
If you updated your bank account details after a payout was already initiated, the funds will be sent to your previous account.
If you recently changed your bank account, your new details may still be under verification. You'll receive an email from underwriting@lightspeedhq.com for updates.
What's next?
Find answers to common questions about using Lightspeed Payments.
Learn more about accessing and interpreting your payment reports.