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Card settlement timing

At Moov, we’re constantly working on ways to speed up money movement. In an effort to get merchants their funds more quickly, Moov takes advantage of the last settlement cutoff available to us with each card network.

The variability across card brands creates some nuance in how transfers are reported in the Moov platform. This guide outlines some tips to help reconcile daily card payment activity and will be updated as we add functionality to improve reporting and speed up the merchant funding process.

Cutoff times by card brand

Settlement cutoff times for card payment transfers are outlined below. Transfers created before these times are typically credited to the merchant’s Moov wallet the next banking day.

Card Brand Cutoff Time
Mastercard 6:00 PM ET
AmEx 7:00 PM ET
Discover 5:00 AM ET (Next Day)
Visa 6:00 AM ET (Next Day)
  • Moov transfer statuses generally progress from pending → completed / failed
  • A card payment transfer will remain pending until the funds have been credited to the merchant’s wallet
  • Card transactions contain a more granular status in transfer.source.cardDetails{}
    • confirmed - Successful authorization; eligible for next batch and next banking-day funding
    • settled - Transaction has settled with issuer; Moov wallet will be credited by 6 PM ET on a banking day or next banking day if a weekend or holiday
    • completed - Funds have been credited to the merchant Moov wallet

The following illustrates a typical Monday business day of processing

Card Brand Batch Begin Batch Cutoff settled status completed (funded)
Mastercard Sun 6:00 PM ET Mon 6:00 PM ET Tuesday AM Tuesday by 6 PM
AmEx Sun 7:00 PM ET Mon 7:00 PM ET Tuesday AM Tuesday by 6 PM
Discover Mon 5:00 AM ET Tue 5:00 AM ET Tuesday AM Tuesday by 6 PM
Visa Mon 6:00 AM ET Tue 6:00 AM ET Tuesday AM Tuesday by 6 PM

A completed transfer status indicates the funds have been credited to the merchant and are available. Funding to the merchant Moov wallet occurs by 6:00PM ET on the banking day following the settlement cutoff. For example:

  • Mastercard – Monday business day
    • Cutoff Monday at 6:00 PM ET. Sales completed before 6 PM will be funded to the merchant Moov wallet on Tuesday by 6 PM.
  • AmEx – Friday business day
    • Cutoff Friday at 7:00 PM ET. Sales completed before 7 PM will be funded to the merchant Moov wallet on Monday by 6 PM. Sales from Saturday and Sunday will also be funded on Monday by 6 PM.
  • Visa – Monday business day
    • Cutoff Tuesday at 6:00 AM ET. Sales completed before Tuesday at 6 AM will be funded to the merchant Moov wallet on Tuesday by 6 PM.
💸 Once funds have been credited to the merchant’s Moov wallet, they can be transferred out using a bank transfer. Details on ACH transfers are available here.

Reconciliation and Moov wallet balances

Card payments are available in the merchant’s Moov wallet the day after the transfer is created. However, refunds are immediately deducted from the merchant’s Moov wallet at the time of creation. Chargebacks are also immediately debited at the time that they are received.

  • Sales
    • Credited to Moov wallet by 6:00PM ET next banking day after transaction
  • Refunds
    • Immediately debited from wallet at the time the refund is initiated
  • Chargebacks
    • Immediately debited from wallet at the time chargeback is processed

Suppose the proceeds of card payments are cashed out of the merchant’s Moov wallet at 7 AM ET via same-day ACH. On Wednesday, the withdrawal could be expected to contain:

  • Transfers created before the Monday cutoff times and completed on Tuesday
    • confirmed status on Monday
    • settled status on Tuesday AM
    • completed status by Tuesday EOD
  • Chargebacks received between 7 AM Tuesday and 7 AM Wednesday
  • Refunds created between 7 AM Tuesday and 7 AM Wednesday