Every time a resident charges an EV at their apartment, money changes hands: the resident pays for the electricity used, and the community that owns the chargers should receive it. Daily payment settlement is the process that makes sure this money moves reliably, every day, with a clear record. This guide explains what it is and exactly how it works in Plugzmart’s Charging Management System (CMS), step by step.
What is daily payment settlement, in simple words?
Daily payment settlement means that all the money collected from a day’s charging sessions is added up and transferred to the charger owner’s bank account the next day. In an apartment, the charger owner is usually the apartment association or the community that installed the chargers.
Think of a shop that accepts card and UPI payments. Customers pay through the day, and the payment provider sends the day’s total to the shop’s bank account the next day, with a statement listing every payment. Daily payment settlement works the same way for EV charging.
In Plugzmart CMS, residents pay into a digital wallet, charging costs are deducted from that wallet, and the day’s collections are settled to the community’s bank account by the next day through the Razorpay payment gateway.
Why apartment charging needs a clear money trail
Shared chargers in an apartment are paid for and powered by the community. As more residents start charging, the number of payments grows quickly, and keeping track of them by hand becomes difficult.
Without a proper settlement process, associations end up collecting money informally, waiting for monthly reports, or matching payments to sessions manually. Residents, in turn, are unsure whether their payments were recorded correctly.
Daily payment settlement fixes this. Payments are collected digitally, every session is recorded, and the money reaches the community’s account in a predictable, next-day cycle.
How a resident pays and charges
From a resident’s side, the process takes only a few taps. Everything is done digitally through the charging app connected to Plugzmart CMS.
- Top up the wallet. The resident adds money to their charging wallet in the app. Payment is made through the Razorpay payment gateway, using any digital mode: UPI, net banking, bank transfer, or other supported digital payment methods. The amount appears in the wallet as soon as the payment succeeds.
- Start charging. The resident plugs in at a community charger and starts the session from the app.
- Session is recorded. While the vehicle charges, Plugzmart CMS records the charging time, the energy used (kWh) and the tariff that applies.
- Cost is deducted. When the session ends, the CMS calculates the cost (energy used × tariff) and deducts it from the resident’s wallet. The session appears in the resident’s charging history straight away.
Frequently Asked Questions
1. What is daily payment settlement in EV charging?
It is the process of adding up all the money collected from a day’s charging and transferring it to the charger owner’s bank account. In Plugzmart CMS, this settlement reaches the account by the next day.
2. How do residents add money to their charging wallet?
Through the charging app, using digital payment modes such as UPI, net banking and bank transfer. Payments are processed securely through the Razorpay payment gateway.
3. How is the cost of a charging session calculated?
Plugzmart CMS multiplies the energy used in the session (kWh) by the applicable tariff, and deducts that amount from the resident’s wallet when the session ends.
4. When does the community receive the money from charging?
The day’s collections are settled through Razorpay to the community’s bank account by the next day.
5. What is Razorpay’s role in this process?
Razorpay is the payment gateway that processes residents’ digital wallet top-ups and handles the next-day settlement of collections to the community’s bank account.
6. Can residents see their payment and charging history?
Yes. Every top-up and every charging session, with energy used and amount deducted, is recorded and visible in the app.
7. Does the association need to collect payments or chase dues?
No. Residents prepay digitally, sessions are deducted automatically, and money is settled daily, so there is nothing to collect manually.
8. How does daily settlement help an apartment association?
It gives a steady, predictable flow of money, a clear record of every session behind each settlement, and far less manual accounting.
9. Is daily settlement useful for small apartment communities?
Yes. Even with a few EV owners, it removes manual collection and keeps accounts clear. As more residents switch to EVs, the same process scales without extra effort.
10. Do residents need to do anything for settlement to happen?
No. Residents only top up and charge. Settlement happens automatically in the background between the CMS, the payment gateway and the community’s bank account.
