Every transaction in the Lendsqr ecosystem has a unique transaction reference. For most transactions, this would be the same transaction reference by the payment’s processor. Every transaction settled has the original transaction reference that allows you to reference the original transaction, confirm the actual status, and reconcile that transaction.
To aid with the reconciliation process there are two reports that can be very useful. These are the “Daily Settlement Report” which provides the settlement data and the Transaction report which provides all your transaction data.
| Report/data type | Details |
|---|---|
| Settlement data | You can view and download the transaction data of your settlement from the Lendsqr Admin console using the Reports Menu and selecting the Daily Settlement report. You can filter your data with start and dates. |
| Transaction data | You can view and download your transaction data from the Lendsqr Admin console using the Reports Menu and selecting the Transaction report. You can filter your data with start and dates; and also with transaction status. |
Our Settlement Process Journey
At the close of each business day, Lendsqr aggregates all funds from your active services into one pool. Processing fees are deducted, and the net amount is sent to your registered bank account as a single transfer.
Settlements occur only on business days. For public holidays (e.g., Monday + Tuesday), we may settle multiple days in one go. Still, you’ll receive one bulk transfer per day, which simplifies reconciliation.
Settlement transfers typically happen between 3 PM and 6 PM daily because we depend on the payments providers integrated into Lendsqr.
If there’s a delay, our operations team will notify you by email.
Your settlement transactions are usually labeled as SC YYYYMMDD Settlement. Where SC represents a short code assigned to you by Lendsqr, YYYYMMDD representing the transaction date in question. This formatting allows you to instantly recognize the date for which a specific transaction format is for.
Read more: Banking as a service explained: All you need to know