What is a “settled” transaction? When are transactions settled?

Although authorization is performed at the time you charge the card, typically charges are submitted in a batch once per day for “settlement,” which starts the process of getting the money into your bank account. Once a transaction is settled, it can no longer be voided.

If you’re using Stripe (our default plan after January 3rd, 2014), settlement happens automatically every day at midnight UTC, which is 4pm Pacific Standard Time / 5pm Pacific Daylight Time.

If you’re using Authorize.Net (our default plan prior to January 3rd, 2014), settlement happens automatically each day at a time called the “Transaction Cut-Off Time”, which you can configure at the Authorize.Net website. Here’s how:

1. Browse to https://account.authorize.net
2. Log in using your Authorize.Net username and password
3. Click on Account on the right
4. Click on Transaction Cut-Off Time
5. Enter a new time for settlement
6. Click Submit

If you have an existing merchant account, you will need to check with your provider.