Settlement guide for Quest EFTPOS terminals

Settlement times

Settle by 9:30pm and you'll see your sales on your statement by 11:30pm the same day (AEST/AEDT) if you’re settling to a NAB account.

Frequently asked questions

What happens when POS settlement time is not in line with bank settlement time?

Settling to a NAB account

If your POS settlement time is:

• before 9:30pm AEST/AEDT, you’ll be able to see your sales on your statement by 11:30pm AEST/AEDT the same day.
• after 9:30pm AEST/AEDT, you will see it the following day.

Settling to an account with another financial institution

Regardless of settlement time, it generally takes 1 to 2 business days for the other financial institution to process the funds, however this may vary depending on the financial institution.

What happens if the settlement time is during the PCI reboot times?

This is unlikely to occur as PCI reboots usually occur between 4:00am to 5:00am AEST/AEDT. In the event this does occur, the settlement attempt will fail and a force settlement will occur at 9:30pm if a manual settlement hasn’t been performed prior to this.

What is the difference between auto versus manual settlement?

For auto settlement, you can set the time you want to settle each day, which the terminal will settle automatically. This is usually recommended if you are trading past 9:30pm and you can go back to view the settlement history.

Manual settlement means that the merchant will need to initiate and manually settle the terminal at the end of the business day. Note that auto-settlement must be turned off to manually settle.

What happens to settlements during daylight savings time?

During daylight savings, the 9:30pm AEST/AEDT settlement cut-off applies to merchants nationwide. This means there will be earlier effective times in states that do not observe daylight savings.

Merchants should review their processes to ensure transactions are settled before the adjusted cut-off to avoid delays in fund availability.