Whenever a payment is issued by the customer to the merchant through an online payment gateway, the amount transacted will first be acquired in the Foloosi account. As per the settlement frequency which occurs 3 times per week on Monday, Wednesday and Friday, the funds will be settled into the merchant bank account.
Settlement frequency of transactions that happen on:
I) Monday and Tuesday will be settled into your account next Monday
II) Wednesday and Thursday will be settled to your account next Wednesday
III) Friday, Saturday and Sunday will be settled into your account next Friday
In Foloosi Payment Gateway, all payments received in foreign currencies from around the world are settled in AED currency by default.
The merchants can easily and conveniently check the status and details of their settlements through Foloosi merchant panel.
Steps to check the Settlement Status from Foloosi.com:
Step 1:
To check the settlement status, please login to the Foloosi merchant panel and go to the Settlement tab on the left sidebar of the dashboard and click on Merchant Settlement in the options available which will open the Settlement Management dashboard.
The Settlement Management page can be directly accessed using the following link:
https://merchant.foloosi.com/Settlements
Step 2:
The Settlement Management web page would contain all the settlement records thus far till date. You will have the options to search and filter according to the status (pending or success), date period (from date and to date) or to search as per the invoice number.
On the same page, you can also check for the Overall Statement based on the total number of settlement records and also the option to download the overall statement in PDF format.
Step 3:
Once the settlement record is searched and obtained, the record will have all the information regarding the settlement (such as Merchant Name, Invoice No., Billing Date, Total Sales, Total Amount, Settlement Fee, Payable Amount, Status, etc.) and here you can check the status of the settlement if it is pending or success under the Status header.
Step 4:
To check the Tax Invoice details of the settlement, please click on View under the Action header. On the Tax Invoice page, you will also have the option to download it in PDF format to store the Tax Invoice records in the company accounts for any future reference.
Step 5:
To check the statement of the settlement, please click on the Statement tab under the Action header. A pop-up window will appear with the Statement of Account info consisting of details of Pending Pay-out, Refund Fee, Settlement Fee, Other Deductions & Credit and the Pay-out Amount.
