Same-Day Settlement
Quick Answer
Same-day settlement means merchants receive fiat in their bank account on the same day a crypto payment is made — significantly faster than card payments' 2-5 day settlement.
Full Definition
Same-day settlement means that a merchant receives the fiat equivalent of a crypto payment in their bank account on the same business day the payment was made. This is significantly faster than traditional card payments, which typically settle in 2-5 business days. Same-day settlement is possible because blockchain transactions confirm in seconds to minutes, and off-ramp providers process fiat payouts within hours. SpacePay provides same-day settlement for merchants accepting crypto payments.
Related Terms
Sanctions Screening
Sanctions screening checks wallet addresses and entities against OFAC, EU, and UN sanctions lists to prevent prohibited transactions — a legal obligation for all payment providers.
SDK (Software Development Kit)
An SDK is a collection of pre-built code libraries that simplifies payment integration — typically a few lines of code to add crypto payment acceptance to any website or app.
Self-Custody
Self-custody means holding your own private keys with sole control over your crypto — no third party can freeze or seize funds. Core to blockchain's 'not your keys, not your crypto' principle.
Settlement
Settlement is the final, irrevocable transfer of funds completing a transaction. Crypto settlement occurs in seconds to minutes versus 1-5 business days for traditional payments.
Slippage
Slippage is the difference between expected and actual trade execution price. In crypto payments, DEX aggregators and tolerance settings minimise slippage during settlement conversion.
Smart Contract
A smart contract is a self-executing program on blockchain that enforces agreement terms automatically — used in payments for escrow, settlement, revenue splitting, and conditional payments.