How your daily estimated settlement is calculated
Your Estimated Settlement is the amount Oolio Pay expects to transfer to your nominated bank account for a trading day. It starts with your Sales Amount, then subtracts refunds, reversals, other charges and the Cost of Transactions.
Basic formula: Estimated Settlement = Sales Amount - Refunds - Reversals - Other Charges - Cost of Transactions.
Example: how your settlement amount is calculated
In this example, the merchant processed $1,000.00 in sales for the trading day with the Merchant Service fee of 1.5%. There were no refunds, reversals or other charges, so only the Cost of Transactions is deducted before settlement.
|
Field |
Example amount |
How this is calculated |
|
Sales Amount |
$1,000.00 |
Total sales processed |
|
Refunds Amount |
$0.00 |
No refunds processed |
|
Cost of Transactions |
-$15.00 |
1.5% of $1,000.00 |
|
Estimated Settlement |
$985.00 |
$1,000.00 - $15.00 |
Your Estimated Settlement is the amount expected to be transferred to your nominated bank account, unless further adjustments are applied before payout.
How to view more detail in the Merchant Portal
You can view the full settlement breakdown in the Oolio Pay Merchant Portal, including transaction-level information and any refunds, reversals or adjustments that contributed to the estimated settlement amount.
To review your settlement, log in to the Merchant Portal and open the settlement or sales summary for the relevant trading date.
What each field means
- Trading Date: The date the transactions were processed.
- Payout Date: The date the settlement is expected to be paid out.
- Sales Amount: The total value of sales processed before refunds, reversals, other charges and transaction costs are applied.
- Cost of Transactions: The cost of processing transactions for the trading day. This is deducted from Net Sales before the Estimated Settlement is calculated.
- Net Sales: Sales Amount minus refunds, reversals and other charges, if any.
- Refunds Amount: The total value of refunds processed for the trading day. Refunds reduce the Estimated Settlement.
- Estimated Settlement: The estimated amount expected to be transferred to your nominated bank account after refunds, reversals, other charges and the Cost of Transactions are applied
Why your settlement amount may look different
Before 1 October, surcharging was permitted, so some merchants recovered transaction costs from customers at the time of sale. This meant the settlement amount may have been calculated differently. Now, surcharging is no longer applied, so the Cost of Transactions is deducted from your sales as part of the settlement calculation.
Things to note
- The Estimated Settlement is an estimate and may change if additional adjustments are applied.
- If a trading day includes refunds, the refund amount will reduce the estimated settlement amount.
- The Cost of Transactions is deducted before the Estimated Settlement is calculated.
- You can view more detail in the Merchant Portal, including the transactions and adjustments that make up the daily settlement amount.
- Settlement timing may vary depending on weekends, public holidays and processing cut-off times.
