Automated Settlement

Settlement is the process in which the customer's money is transferred to the merchant's account. This process is efficient as it is automated and runs based on the system configuration. Novalnet supports multiple currencies as well, hence making settlement convenient for merchants.

Payouts are made automatically by Novalnet according to the contractually agreed cycle as one of the below mentioned intervals:

  • Daily
  • 3 days once
  • Weekly
  • Bi-weekly
  • Monthly
  • Bi-monthly
  • N number of days

A day before the payout, a payout/settlement file is automatically created (in the specified format: CSV or XML or JSON or MT940) and sent to your company via pre-defined channel (via SFTP or API) as per the configuration in Novalnet admin portal.

Configuration in Novalnet admin portal

  • In this step, go ahead and select the Invoice & Payout Menu.
  • In the Invoice & Payout page, please select the Payout tab
  • Finally, click on the Configure button in the right corner, to configure Automated Settlement.
web-based-report-export

Naming convention of the payout/settlement file

  1. Standard payouts/settlements (only in Euro currency):
    2.

    By default, we will generate standard payouts/settlements in the currency format Euro. In that case, the following file name is formed:

    Format:Your_merchantID-YYMM- $number_of_payouts_in_month

    Example:File name (for October 2021) - 4-2110-1.json

    During a payout (bank transfer), the file name (except the file format extension) will be used as the payment reference, which mean this will be seen in the merchant‘s bank account statement as the payout reference. Example payout reference on the account statement: 4-2110-1 $PayoutInfo => a space is used as a separator in front of $PayoutInfo (e.g. "from period ... your MID: 4").

  2. Foreign currency & multi-currency payouts/settlements:
    3.

    For foreign currency payouts/settlements the files will be created per each foreign currency in which the payout will be made. The file name will end with each foreign currency name as suffix, refer below examples:

    Format:Your_merchantID-YYMM- $number_of_payouts_in_month-$payout_currency

    Example 1:File name (for October 2021 payout currency in USD) - 4-2110-1-USD.json

    Example 2:File name (for October 2021 payout currency in GBP) - 4-2110-1-GBP.json

    Example 3:File name (for October 2021 payout currency in CHF) - 4-2110-1-CHF.json

    During a payout (bank transfer), the file name (except the file format extension) will be used as the payment reference, which mean this will be seen in the merchant‘s bank account statement as the payout reference. Example payout reference on the account statement: 4-2110-1-USD $PayoutInfo => a space is used as a separator in front of $PayoutInfo (e.g. "from period ... your MID: 4").

    In order to ensure automatic assignment of the incoming credit when parsing/reading the account statement, it is best to use the payout file name (as detailed above) - but without the ending / specification of the file format.

Sample files

  1. CSV: https://sandboxdeveloper.novalnet.com/docs/?file=settlement_sample.csv
  2. JSON: https://sandboxdeveloper.novalnet.com/docs/?file=settlement_sample.json
    3. JSON format (Schema): https://sandboxdeveloper.novalnet.com/docs/?file=settlement_schema.json
  3. XML: https://sandboxdeveloper.novalnet.com/docs/?file=settlement_sample.xml
  4. MT940: https://sandboxdeveloper.novalnet.com/docs/?file=settlement_sample.sta
    5. MT940 file structure: https://sandboxdeveloper.novalnet.com/docs/?file=settlement_MT940_structure.pdf

These files contain all the necessary data for your system. You can assign the individual items (from the file) using the unique identifier (customer number, invoice number, order number, etc.) transferred from the shop / portal to Novalnet (during the payment call). If you do not have a unique identifier, you can still use Novalnet's unique transaction ID (TID) to assign the individual items. Novalnet always stores this in the shop / portal with the respective status for every transaction (successful or not).

Related Topics