The settlement is a weekly process where we balance the books and make sure all the money that EatClub owes to you is paid out and any money you owe EatClub is collected back or deducted from the settlement amount.
The settlement also exists to provide clarity on how much money you’re making from EatClub and transparency on fees using EatClub software and services.
The settlement amount is calculated by bringing together three areas; takeaway net revenue, the dine-in offers-given float amount and any other fees and adjustments for the period.
Takeaway net revenue is revenue collected by EatClub, when a customer completes a takeaway order in the EatClub app. This is paid out to your venue through the weekly settlement. So, if you have successful takeaway transactions during the relevant period, the settlement is when you receive the money for these transactions.
If you’re attracting EatClub customers into your venue for dine-in, then you will have the line item on your settlement called dine-in offers given, float amount.
This money is temporarily floated to you from EatClub. When a customer taps and pays their total bill with EatClub Pay via your EFTPOS, you receive the full amount (100%). The settlement is where EatClub collects back the offer amount you have given to the customer. This ensures that you’re left with the net revenue for dine-in transactions and customers only get charged the net bill amount, The total bill less the offer) Lastly, all fees and adjustments are deducted from the settlement amount. This will mainly comprise commission fees and Stripe fees, which are third-party fees passed on from payment processing. Depending on your setup and time period, a monthly fee or sign up fee may fall into the settlement as well as any previous adjustment required from the previous period.
The final settlement amount is then automatically transferred or charged to your account. This is usually processed between Monday and Wednesday for the previous settlement period.
On your settlement, you will find a line item called the dine-in offers given, float amount. Most importantly, this is an amount that has already been floated to you by EatClub. The settlement process is where this amount is being collected back. It is not an additional fee of any kind.
So why does an amount have to be floated? When a customer taps and pays with their EatClub digital card at your EFTPOS, their offer gets automatically deducted from the total bill. We get this magic to happen at the point of transaction. EatClub floats part of the transaction to you to ensure you receive the total bill, while the customer only gets charged the net amount.
So the float amount and the general uplift in experience is the reason that customers no longer need to present their digital voucher and staff don’t require training or need to manually process offers at the point of sale. This results in happier customers, less staff training and a system that requires less ongoing processing and management.
The float amount, (Dine-in offers given to your customers) is collected back by EatClub during the automated settlement process. Once this is collected back along with the relevant fees, you are left with the net revenue for all of your dine-in transactions sitting in your account.
EatClub customers on a valid dine-in offer are able to arrive at your venue and tap and pay for the total bill directly at your EFTPOS. Therefore, you already have the gross revenue for the transaction in your account.
It’s through the settlement process that EatClub collects back the temporary float amount along with any relevant fees, which finally leaves you with the Net Revenue for dine-in transactions.
The settlement displays every dine-in transaction where you can see the bill total or Gross Revenue, fees and the final Net Revenue amount.
EatClub customers with a valid takeaway offer can browse your menu in-app, add their favourite items to a cart, then checkout and pay. The offer is automatically deducted from their transaction, leaving net takeaway revenue being collected by EatClub.
This money is paid out to you as a part of the weekly settlement. You can find this total on the front page of your settlement statement.
The settlement amount usually gets processed 2-3 business days after the weekly settlement period ends. So as an example the weekly settlement might run from Monday-Sunday, then the payment or transfer would occur on the following Wednesday.
Brand exposure refers to how many times your brand has been seen by EatClub customers in-app. We measure exposure by a metric called impressions, which is how many times you’ve been seen in the list view or map view.
This is just another way that we help your restaurant build an audience and create brand awareness. Getting your brand out there to a targeted audience of locals looking to try new places should be a part of every venue’s marketing strategy. Exposure or Impressions is a great way to measure how much value EatClub is bringing to you in that department.
EatClub also creates exposure for your brand across a range of other channels. While this isn’t reflected in the exposure metric, your brand further benefits from visibility from our weekly email comms to half a million diners Australia wide and placed on our socials to over 10 thousand people. Our website, push notification system and other channels also support getting your brand out there.