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Transaction processing and settlement

Settlement is the process of paying you for transactions which have been processed.

Card transaction settlement

Your settlement account is credited on the same day for Mastercard, Visa and UnionPay transactions processed before 6pm AEST on banking days.

Transactions processed on non-banking days or after 6pm AEST are settled on the next banking day.

Banking Days are Monday to Friday excluding national public and bank holidays.

Settlement for other card types depends on your arrangement with those schemes.

Card transactions can be voided during a settlement day before the cut-off time. A voided card transaction will not appear on the merchant or cardholder statement. After settlement cut-off, card transactions can be refunded.

Bank account transaction settlement

Your settlement account is credited on the same day for transactions processed before 4pm AEST on banking days.

You will receive one bulk credit for the total of all payments and refunds processed.

Direct entry returns

Your customer's bank may refuse to accept the payment from their customer's account. This is known as a direct entry return.

This may happen if the account is closed, has insufficient funds, or the customer has asked their bank to stop accepting debits from you. A direct entry return can occur up to 5 banking days after the payment was processed.

PayTo transaction settlement

Your settlement account is credited the same day, including weekends. The amount credited is the amount of each individual PayTo transaction processed.

PayTo transactions can be refunded after it has reached an Approved transaction status.

Westpac Privacy Statement

Privacy Statement (for individuals whose personal information may be collected - in this clause referred to as "you"). All personal information we collect about you is collected, used and disclosed by us in accordance with our Privacy Statement which is available at Privacy Statement or by calling us through your relationship manager or Westpac representative. Our Privacy Statement also provides information about how you can access and correct your personal information and make a complaint. You do not have to provide us with any personal information but, if you don't, we may not be able to process an application or a request for a product or service.