With effect from June 2022, Paynetworx is able to implement T+1 Settlements free of charge with NetPay.
Any new merchants signing up with NetPay as an acquirer will get T+1 settlement for free. This means merchants will get receive card payments paid into their bank account on the next working day, at no additional cost. For example, your card payments on a Monday will be deposited into your bank account on Tuesday.
Currently, there is a cost associated with T+1, or a merchant will be on a standard T+3 contract. In the new changes, all new merchants will automatically be signed up with T+1 settlement terms at no charge.
What if you're an existing merchant?
Good news for you too. If you're a Paynetworx merchant on T+3, you can apply to switch to T+1 and subject to approval by NetPay, you will switch to T+1 settlement free of charge. If you are currently a NetPay merchant paying for T+1, subject to approval, this fee will reduce to zero.
What if you're a new merchant looking to sign up with Paynetworx?
If you are a new merchant looking to sign up, please contact our sellers directly who will be able to discuss this with you further. Paynetworx works with several acquirers to get the best possible deal for our merchants, and each deal is bespoke to the business.
If you would like more information about the T+1 NetPay Settlement Change, please contact our office to discuss this further.