AUS Faster payment timings FAQs
How are you speeding payments up?
We currently process payments in GMT, due to being a UK-based company. We will be reducing the time between confirmation and receipt of payments by localising our timings to AEST, which will enable you to access funds faster.
Here is a breakdown of how the new timings will improve based on the days involved in payment timings:
Will I need to pay anything additional for the improved timings?
No! This will be included across all our plan options and will not come at an additional cost.
What are the current timings and exactly what timings will be changing?
This is a breakdown and comparison between the current timings and new timings:
| Event | Current AU time | New AU time |
|---|---|---|
|
Creation deadline |
D, 12pm |
D, 12pm |
|
Collections submission |
D, ~12:30pm |
D, ~12:30pm |
|
Charge |
D, from ~1:45pm |
D, from ~1:45pm |
|
Confirmation |
D+2, 8:30am/9:30am |
D+2, 3:30am/4:30am |
|
Payouts submission |
D+2, 8:00pm/9:00pm/10:00pm |
D+2, 05:30am |
|
Payout received |
D+3 from ~10:45am |
D+2 from ~10:45am |
|
Total |
Effectively 3 business days |
2 business days |
Is there anything I need to do?
No! We will be implementing these changes behind the scenes, and you will start to see your payments speed up from 22nd April 2024.
How will this impact how I process refunds?
Due to the reduced timings, this will also reduce what we call a ‘refund window’ which is the period of time between payment confirmation and payout submission.
The ‘refund window’ with previous GMT timings was 12 hours, and because we will now get your confirmation sooner than before, the window is shortened to 2 hours.
The impact of this is that if refunds are requested outside of the ‘refund window’, you may see that negative balances in your account are used to accommodate this until confirmation of payment is received.
This is an example of how the dashboard looks, when a negative balance is used to process refunds
If you have any questions regarding refunds, please get in touch.