With instant payouts, Lightspeed Payments provides a way for eligible merchants to request an instant deposit of their Lightspeed Payments balance to their bank account. Instant Payouts can be requested at any time, including on weekends and holidays. Once a request has been submitted, funds are typically deposited into the bank account on file within 30 minutes.
Eligibility
Lightspeed Payments subscribers are automatically reviewed for eligibility. The criteria for eligibility is based on a number of factors, including your transaction volume and your history with Lightspeed Payments.
To access instant payouts:
- Your Lightspeed Payments account must be in good standing.
- You must use a bank account that is eligible for instant payouts.
- You must have sufficient funds available.
- You must have a sufficient account history.
Understanding payouts
There are three types of payouts with varying schedules:
- Scheduled: A scheduled daily payout. Funds are usually paid out within 1-3 business days.
- Same-day: An instant payout configured to pay out automatically at a set time each day. Funds are paid out within 30 minutes.
- Instant: An instant payment that you can manually request when there is enough funds available in your instant balance. Funds are paid out within 30 minutes.
Accessing instant payouts
Eligible merchants will see the option for instant payouts in their Lightspeed Payments merchant portal.
- To access the Lightspeed Payments merchant portal, navigate to the Financial Services tab in Lightspeed Back Office.
- Navigate to the Overview tab of your Lightspeed Payments reports.
- Under the Instant payout header, click Pay out now.
- Follow the prompts in the instant payout window to confirm the amount for payout, minus fees.
- Your funds will typically settle into your associated bank account within 30 minutes.
Instant payouts are displayed in the Payout tab of your Lightspeed Payments reports and include the deposited amount, including the instant payout fee.
Receiving same-day payouts
With Lightspeed Payments, you can automate daily instant payouts, allowing you to access your funds the same day you receive them. It is available as soon as onboarding so you get access to your funds as soon as you begin trading.
Same-day payouts are limited to a maximum amount of $9,999 per deposit.
To enable same-day payouts on your account:
- Log in to Lightspeed Restaurant.
- From the navigation menu, select Financial Services > Settings.
- Click Payouts.
- Use the toggle to Enable same-day payout.
- Select the time you wish your deposits to be paid out each day.
Funds may take up to 30 minutes to appear in your account.
Instant Payouts FAQ
Instant payouts are subject to a fee of 1.5% of the total instant payout amount per instant payout.
Same-day payouts are subject to a fee of 0.5% of the total payout amount per instant payout.
There is no monthly fee to have instant payouts enabled on your account.
One-time instant payouts and same-day deposits are limited to a maximum amount of $9,999 per deposit and $15,000 per 24-hour period.
One-time instant deposits and same-day payouts are limited to a minimum amount of $150.
We leave a small balance in your account so that your next regular payout is generated without interruption for the following business day. The leftover balance is automatically included in your next standard payout and is visible in your Lightspeed Payments reports.
Eligibility for instant payouts is based on the receiving bank. If you have requested an instant payout and funds have not settled within 30 minutes of the request being sent, please verify with your bank.
Before instant payouts are made available on your account, Lightspeed Payments verifies that the bank account you have on file is compatible with instant payouts. If your bank does not accept instant payouts, instant payouts will not be made available on your Lightspeed Payments account.
Your account must be in good standing with Lightspeed Payments. In the event that you have been placed in a probationary status with Lightspeed Payments, you will be required to amend your account before instant payouts are made available.
What's next?
Find answers to common questions about using Lightspeed Payments.
Learn more about accessing and interpreting your payment reports.