Once an Openpay plan/s has been processed, Openpay will transfer the total net amount into your nominated bank account the next business day. The amount transferred will be the 'total net value' which is the total balance once merchants fees and GST is deducted (as outlined in the merchant agreement). [How do I update my merchant bank account details?]
A Daily Tax Statement email will be sent automatically once payment has been processed, highlighting breakdown of the total net payment amount alongside a detailed attachment for reference. [How can I add additional recipients to my business' Daily Tax Statement emails?]
Merchants are also provided with access to an administration portal which can assist with reconciliation and reporting needs.
