Please go through this article to understand a detailed breakdown of payments received in your account over a specific period of time.
Settlements are the payouts for the payments accepted from customers for a particular outlet, which will be transferred to the respective outlet on the next day upon completion of the order and not on basis of created date.
The settlement amount for the orders placed on a day is transferred on the next calendar day. For the outlets with operating hours post-midnight, the orders completed by midnight are considered while calculating the settlement amount for that day. The orders placed or completed after midnight are taken into account for the next day’s settlement. For example, an order completed at 11:45 pm on Monday will be reflected in the settlement report on Tuesday and will be transferred to the merchant’s account on Tuesday. However, an order completed at 1:00 am on Tuesday will be reflected in the settlement report on Wednesday and the transfer will be done on Wednesday.
Easyeat settles an outlet’s account after deducting relevant charges like tech fees, payment gateway fees, delivery charges, etc. These charges vary from one order to another based on the type of order, payment method used, refunds given, etc. For orders paid in cash, no payment gateway fee is charged and only the tech fee is deducted from the amount to be reimbursed to the merchant.
The charges like technology fees and payment gateway fees(for online transactions) are pre-determined and agreed upon by both parties (Easyeat and Outlet) while signing the contract.
The owner can view/download the settlement report in the HQ for his outlet(s) over a specific duration.
Steps to access the Settlement report
Step 1- Login to your HQ account.
Step 2- Navigate to the Settlement section from the side menu.
Step 3- Select the outlet and date/duration for which you want to view the report from the upper-right corner of the screen.
To view the report for 19th Feb 2023, we will select 20th Feb 2023 from the date tab.
Step 4- Here, you can check as well as download the summary.
Order Summary is the order-wise breakdown of the amount collected, charges, and final amount payable to the outlet whereas transaction summary records the transaction done by Easyeat to the merchant after deducting the charges. The amount paid in the transaction summary is basically the sum total of the amount payable in the order summary.
To download the Order Summary and transaction summary for a specified time range, click on the Download Order Summary/ Download Transaction Summary option on the screen.
To view the report of a particular day, click on its Transaction ID; the Settlement and transaction summary will reflect on the screen.
Settlement Summary of a specific day
Order Details of a specific day
To download a specific order summary, click on the Download XLSX option in the transaction details section.
Calculation
Let us now understand how the settlement amount is calculated. We have taken two examples with us.
In these two cases,
The tech fee to be charged for orders is 10% (9.44% + 0.56%) where 9.44% is the actual tech fee and 0.56% is the 6% SST charged on it (i.e. 6% of 9.44%=0.56%).
Similarly, the PG fee to be charged for orders is 6.25% (5.9% + 0.35%) where 5.9% is the actual PG fee and 0.35% is the 6% SST charged on it (i.e. 6% of 5.9% = 0.35%).
Case 1- Offline payment (Cash, Master Card, Visa Card, etc.)
For orders paid using an offline payment method, we deduct tech fees (and any other applicable charges) chargeable on such orders from the total collection made by Easyeat on that day.
Since this order is paid using Master Card(offline payment mode), no amount was collected by Easyeat while settling the order and no payment gateway fee will be charged by Easyeat here. However, Technology fees will be charged.
| Tech Fees= Tech charge*(Transaction Amount- Refunds- Delivery Fees- Taxes) |
= 10%*(130-6.7)
= RM 12.3
| Amount to be collected from the merchant = Technology Charge on the order |
The negative sign indicates the amount payable by the merchant to Easyeat. This amount is subtracted from the total settlement amount to be processed to the merchant.
Case 2- Online Payment (Net Banking)
For orders settled using online payment methods, the amount is collected directly by Easyeat.
Since this is a delivery order paid online, both tech fees and payment gateway fees are chargeable here along with delivery charges. The amount is collected by Easyeat and it will be paid to the merchant after deductions.
Here,
| Tech fees will be charged = Tech charges*(Amount Collected- Taxes-Delivery charges) |
= 10%*(400-20-10)
= RM 37
| Payment Gateway fee is charged on the amount collected by Easyeat |
= 6.25%*(400) = RM 25
|
The final amount payable to the customer= Amount Collected- Delivery charge- Technology fees-Payment gateway fees |
= 400-10-37-25
= RM 328 to be transferred to the merchant's account
You can see in the screenshots attached below, the Total Amount Payable at the end of the Order Summary is the amount that is credited to your account as settlement.
Order Summary- Calculating Amount Payable
Transaction Summary- Amount Payable credited to Merchant’s account
Note- If in case the settlement balance is negative i.e. merchant has to pay the balance to Easyeat, no settlement will be issued and the amount will be carried down to the next settlement.