# Settlement

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⏱ 5 min
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👤 Merchant Onboarding Team (Marcel K.)
## 1) How does Ratepay settlement work?

Ratepay aggregates transactions and pays out to the merchant on a schedule defined in the contract. The payout only happens on banking days. Settlement files detail payouts and fees.

## 2) How often are payouts made?

Based on contract (e.g., daily/weekly). Check your [ORCA](/docs/orca/english_version/welcome_to_orca) reports for payout cycles.

## 3) Where do I find settlement files and payout details?

In [ORCA](/docs/orca/english_version/welcome_to_orca), in the report section. The files can be also received via the Ratepay [SFTP server](/docs/developer/sftp/introduction).

## 4) How are the settlement files structured?

You can find the explanation of the content [here](/docs/reporting/settlement/merchants/content). Take also a look into the [example file](/docs/reporting/settlement/merchants/example) to get a proper insight.

## 4) How are refunds reflected in settlements?

Refunds reduce the payable amount in subsequent settlements. Timing depends on when the refund is processed relative to payout cycles.

## 5) How does Ratepay handle SEPA chargebacks?

Chargebacks reverse a direct debit. They are reflected in reports and may initiate further processes (e.g., dunning).

## 6) What happens if a buyer does not pay the invoice?

The payment of the buyer is independent from the payout to the merchant. Ratepay manages the dunning process. Merchants see statuses in ORCA.

## 7) How are fees presented?

Fees and adjustments are itemized in settlement reports. [Ensure your reconciliation process maps line items correctly](/docs/reporting/settlement/merchants/content).