Settlement Overview

Settlement is taking all the transactions during the settlement period and calculating how much money needs to move between you and Totus. Totus is bringing together data from multiple sources to create a single settlement file that shows all of the transactions.

Settlement Documents

There are 3 different documents that are produced as part of the settlement period

Settlement Summary Statement

A PDF that shows the summary of all the transactions during the settlement period. This is an overview of the settlement activity in a simple, human-readable format.

Settlement Summary File

A CSV formatted file that contains a row for each settlement activity in aggregate for the settlement period. This file can be used to import into financial systems to represent the activity for the period. If the activity was card based, then the detailed activity of the transaction will also show in the Settlement Detail File. If the activity is not associated with a single card transaction (bulk fulfillment fees, production fees) then it’s only represented in this summary file.

Settlement Detail File

A CSV formatted file that contains the row level details for each card transaction. This contains details about each card and the type of transaction performed on the card.

Settlement Periods

The settlement period is defined in the contract. The Standard Settlement period is:

Monthly

1. 12:00:00 AM 1st until 11:59:59 PM on the last day of the month UTC

The standard cutoff time is Midnight Coordinated Universal Time (UTC). The Transaction dates are stored in Coordinated Universal Time (UTC). Please take note that UTC does not change for daylight savings time, so there may be some variations during the year as you convert to your local time zone if your time zone participates in daylight savings time.