Vyne Account Management
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      Managing your Settlement accounts

      What is a Vyne Settlement account?

      All payments taken through Vyne are received into a bank account operated by Vyne. This account sits between you and your customer and is what we refer to as the Settlement account. This account allows us to provide real time updates and 100% confirmation of funds.

      When your customers make a payment, the funds are usually received into the Settlement account within a few seconds. We will then batch up all the payments for the day, less any refunds you've processed and send one payment to your designated business bank account. 

      As long as there have been payments made into the Settlement account and the balance is above any Reserve amount set, the transfer or sweep should take place - this includes over weekend and bank holidays.

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      Managing your Settlement accounts

      Please see below for more information on how you can manage your Settlement accounts from within the Vyne portal, this includes the following:

      • Adding new Settlement accounts
      • Editing existing Settlement accounts
      • Setting a reserve amount to stay in the Settlement account
      • Updating the Settlement account transfer/sweep time
      • Topping up a Settlement account 
      • Downloading a Settlement account statement

      Adding new Settlement accounts

      1. Navigate to the Reconciliation menu tab, from here you can select to "Manage settlement accounts".
      2. Click the "Add account" button to open a modal.
        - Specify an Account Name (a nickname you can give your account in Vyne).
        - Select the Account Currency (the currency of the funds to be held in the account)
        - Select a destination bank account (the destination bank account to which the settlement account funds should be transferred to). Note: This must be one of the approved bank accounts already set up on your Vyne Merchant account.
        - Specify the Reserved amount (the amount that you would like to remain in the settlement account after the end of day sweep (transfer) to your destination bank account). This is recommended if you are refunding or making use of payouts.
      3. Click the "Create account" button to create the settlement account.

      Settlement accounts 2

       

      Editing existing Settlement accounts

      1. Navigate to the Reconciliation menu tab, from here you can select "Manage settlement accounts".
      2. On the Settlement account you wish to edit, select the 3 dots on the right side to bring up a modal.
      3. Select the "Edit Account" tab
      4. From here you can:
        - Edit the name of the Settlement account, 
        - Change the destination bank account for the end of day payment from the Settlement account (assuming we have approved the new bank account and added this to your Vyne account - click here for guidance updating your destination bank account),
        - Set a reserve amount that remains in the account after our daily payment - see below for how to do this.
      5. Save the changes to confirm.

      Settlement accounts 3

       

      Setting a reserve amount

      Setting a reserve amount means that as part of our daily transfer payment to your destination bank account, we will withhold the reserve amount you set within the Settlement account. 

      This allows for there to always be funds available in the Settlement account should refunds need be processed outside usual business hours or early in the day before additional sales are made. 

      By default the reserve amount is set to zero, however you can amend this from within the Vyne portal. 

      This is recommended if you are using refunds or payouts.

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      Updating the Settlement account transfer time

      Unless otherwise specified at the onboarding stage, the Settlement account transfer/sweep time will be set to a default time of 23:59 for new merchants set up after 23 January 2023. For existing merchants who do not request a change, this will stay at the current 20:20 each day.  

      If you would like to change this time, you can do so to any other time that is every 10 minutes of every hour of the day, we also offer a specific end of day time of 23:59.

      More recently, we also allow for multiple sweeps within a 24 hour period. 

      Please click here for more information and instructions on how to request this change.

      Topping up a Settlement account

      There may be occasions where a refund fails to process due to insufficient funds in the Settlement account. 

      To overcome this, you can either wait until additional sales have been made and more payments fall into the Settlement account, otherwise if the refund is urgent you can manually send funds to the Settlement account in the form of a top up.

      Please click here for further information on how to manually top up a Settlement account.

      Downloading a Settlement account report

      Your finance or accounts team can download a Settlement account statement through the Merchant portal. This includes an itemised statement of all monies in and out of your account, including payments in, refunds out, payouts out, and fees out.

      Please click here for further instructions on how to download a Settlement account report.

       

      If you have any questions regarding Settlement accounts or how to manage them or require assistance, please don't hesitate to contact us.