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Capitec Pay Settlements

A settlement represents a payout made to a client.

Capitec Pay payments are settled (paid out) based on whether you have opted to use Stitch as a System Operator (SO) or as a Third Party Payment Provider (TPPP). Additional considerations are made if you are a Payment Service Provider (PSP).

RelationshipDescription
Stitch as the System OperatorStitch acts as an intermediary and provides the technology rails to process the payments via Capitec Pay. All payments are settled into your provided account.
Stitch as the Third Party Payment ProviderStitch acts as an aggregator where funds from the payins will be paid into the Stitch intermediary nominated account. The reconciliation is handled by Stitch.
Stitch as a Payment PartnerStitch facilitates the Capitec Pay onboarding process as your payment partner.

If you've opted to use Capitec Pay, you will have to be onboarded with Capitec. The onboarding process requires that you provide various details including a merchantReference and a settlement account. The settlement account is known as the nominated account.

  • If you've chosen to use Stitch as your TPPP, the nominated account will be the Stitch settlement account, and we will provide the merchantReference.
  • If you've chosen to use Stitch as a SO, you will provide details of your settlement account and the merchantReference to Capitec as a part of the Capitec Pay onboarding process.
  • Should you opt to onboard with Capitec Pay directly, you or Capitec will need to provide us with credentials. These will allow us to initiate Capitec Pay payments on your behalf.
Merchant reference

The merchant reference is used to identify you on Capitec Pay. If you onboarded with Capitec independently of Stitch you will need to provide us with your merchantReference directly.

For more information about Capitec Pay onboarding, reach out to support@stitch.money.

Standard clients​

If you aren't a PSP or TPPP, the settlement process is as detailed below.

Stitch as the Third Party Payment Provider​

For clients onboarded with Stitch as the TPPP, Stitch will act as an aggregator and the funds from the payins will be paid into the Stitch intermediary nominated account. Stitch is responsible reconciling and sending funds to the account that was specified as the beneficiary bank account for Pay By Bank.

As a client, you will receive a bulk settlement of funds into the provided bank account. This bulk settlement's value will be made up of a set of paymentRequests over a specific period. You can query for the individual payments that make up a particular settlement.

Stitch as the System Operator​

As a SO, Stitch acts as an intermediary and solely facilitates the transaction between you and Capitec. The funds from the payin are directly allocated to the settlement account you provided as a part of the Capitec Pay onboarding process. Since Capitec is settling the funds directly into your account, Stitch will not have any record of receiving the funds and so, no reconciliation will be handled by Stitch.

You will still, however, be able to query for the details of the payment initiation by retrieving the payment request status.

For Pay By Bank, you can also subscribe to webhooks to retrieve the status of the payment initiations.

In this case, you will need to check your own nominated account's bank statement to validate that you've received the funds.

Bank statement references
  • For Pay By Bank, the reference on your bank statement will be the same as the reference supplied in the beneficiaryReference field on the initiating the payment

Payment Service Providers​

Capitec Pay onboarding for PSPs requires that each sub-merchant is onboarded individually. Regardless of whether Stitch will facilitate the onboarding on your behalf, or whether you onboard with Capitec directly, you will need to provide onboarding details for each sub-merchant including a distinct merchantReference per merchant and settlement account. This merchantReference will be provided as a part of the merchantDetails when initiating the payment.

For more information about Capitec Pay onboarding, reach out to support@stitch.money.

Stitch as the Third Party Payment Provider​

With Stitch as the TPPP, the payins will be paid into the nominated Stitch account. The settlement querying process is as described above.

Stitch as the System Operator​

With Stitch as the SO,the settlement and reconciliation process is as described above.

note

In this case, instead of settling into a single merchant's account, the funds will be settled into the account specified for each sub-merchant during the onboarding process with Capitec. This could be the same account or different accounts across sub-merchants.