After you set up Lightspeed Payments in your store, you can start accepting payments from your customers. After the payment is processed, money will be transferred to your account.
When a customer pays with Lightspeed Payments, you will see the transaction information on the Finance page in your store admin. All payments will be automatically deposited into your bank account within 2 business days. When you get your first payout, it may take up to four business days.
The payout is the transaction amount, less associated fees. Lightspeed Payments fees per online transaction depends on your country.
To get a better understanding on what’s going on with your finances, you can check the current payout status on the Finance page in your store admin. Each payout will show one of the following statuses:
- In progress: this payout is still being processed.
- Sent: this payout has been sent to your bank.
- Error: there was an error processing this payout.
Please note that some banks may delay processing times depending on their capacity during periods of high activity. If you see the Sent status in your report with no corresponding deposit in your account, you will need to contact your bank directly to troubleshoot the delay.
To estimate the date you will receive the funds for a specific transaction, add two business days after the cutoff time. The cutoff time for all transactions is 11:59 PM EST. Transactions made on weekends and holidays are sent at the cutoff time of the following business day (i.e. Monday for weekends):
|Saturday and Sunday
Please note that the final part of placing the deposit into your account is handled by your bank. That means, there can be bank-related delays to payouts. When you see the Sent status in the Payouts section, your bank has received the funds but may have not yet processed the deposit into your account. Most banks will process this deposit within 1 business day, but there may be exceptions. For example, regional bank holidays, or periods of high activity may cause delay to your payout schedule. In these cases, funds are ready to deposit and will be deposited the next available business day.
Speak with your bank for more information about their processing timelines or if you see the Sent status in your report with no corresponding deposit in your account.
You might face pending payouts that still haven’t been transferred to your bank account. There might be several reasons for that:
- It’s your first payout. The first payout usually takes longer to process. It may take up to 4 business days to transfer money to your bank account.
- Not enough money to withdraw. You should make at least $10 profit with legitimate transactions (not test, but real one) to get automated payouts.
- Pending verification is required. Sometimes additional information is required before your first payout can be deposited. If that's the case, you will see the alert on the Finances page and get an email to provide specific documents. Email will be sent to the address you specified in your Lightspeed Payments application.
You can change your bank account where your funds are deposited with Lightspeed Payments. For example, if you applied for Lightspeed Payments with your personal bank account, and now want to switch payouts to the business account.
Once you change your bank account all transactions from Lightspeed Payments will be transferred to a new bank account.
To change your bank account details, you need to send the following information to firstname.lastname@example.org:
- A bank account details where your processed funds will be deposited. That bank account needs to be associated with the Sole Proprietorship/LLC/Corporation name provided in the application for enabling Lightspeed Payments.
- An image with the following data visible: Business legal entity name or DBA name, routing number, account number. It can be a voided cheque, bank letter, bank statement, or online banking environment.
Once you send the information, your bank account details will be updated in 48 hours. You will receive an email when it's done.