How do I receive funds into my bank account when accepting payments with Twice Payments
This section will discuss how you receive funds in your bank account after receiving online payments from your customers. Twice Payments is the simplest way to accept payments online, it eliminates the hassle of setting up an account with a third party payment provider.
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Overview about getting paid
Understanding the basics of the payment process will help you understand how and when you receive funds in your bank account.
Here's how the payment process works: 1. Your customer completes an online payment succesfully.
2. Funds from the payment are transferred to your Twice Payments account.
3. The funds in your Twice Payments account are now marked as payable balance.
4. Next, your payout will be prepared. This means payment comission fees and refunds will be deducted from the payable balance.
5. By default payouts will be prepared daily, each weekday. This is your Payout cycle.
6. Your payout is then sent to your bank account.
6. Banks typically take between 2 to 5 banking days to process deposits to your bank account and this is when the payout will be visible in your bank statement.
Your pay periods refers to the amount of time between the day a customer places an order on your store, and the day the funds from that order are ready to be sent to your bank account. Your pay period is typically 2 business days. It can be delayed in some cases as transferring the funds involves multiple parties and steps. Also take note that payouts are not processed during weekends or bank holidays.
Note: The funds might not appear in your bank account right after they are sent. Banks typically take between 2 - 5 banking days to process deposits to your bank account.
Note: There can be exceptions where the pay period for a specific order's funds is more than 2 business days. If a specific payment is delayed, it will be sent together in the next payout.
The payout cycle refers to how often payouts will be prepared and sent to your bank account. The default payout cycle is daily. This means that each weekday, all the payable balance from your Twice Payments account is prepared as a payout and sent to your bank account. Payouts are not processed during weekends or bank holidays.
Note: The payout cycle can be changed to daily, weekly or monthly. Please be in touch with our support if you would like to change your payout cycle.
Funds you have received from orders are grouped together and sent to your bank account as one payment according to your payout cycle.
A payout will consist of all the payable balance in your Twice Payments account with payment comissions and possible refunds deducted.
Reconciling a received payout
This section helps you get an understanding of which orders and refunds the received payout consists of.
Read the Twice Accounting Report help article to know how to access and use the report which is used in this guide. 1. From your bank statement check the registration date for the payout you would like to reconcile.
2. Open your Twice accounting report and depending on the registration date of the payout:
- Weekday payouts (payout registered between Wednesday and Saturday): open the report for 2 days before the registration date above. E.g. if the registration date is a friday open the report for the preceding wednesday.
- Weekend payouts (payout registered on a Tuesday): open the report from the preceding Friday to Sunday.
3. Take a note of the total of the Bookings section in this report.
4. From this total deduct the total from the Refunds section and deduct the total from the Payment fees section.
5. If there has not been any exceptions with pay periods, the sum you calculated should match your payout.
6. If the sum you calculated is less than your payout then most likely some payments have had a longer pay period and they will / have been paid out in the next payout. Take these receivables into account when reconciling your next payout.
How are the Twice Payments payouts shown on your bank statement
Adyen is the payment processing company used by Twice Payments. The payouts you receive to your bank account from your Twice Payments account are shown as from "ADYEN N.V.", "ADYEN NV" or similar.