Sending payment information to us for processing

A group of transactions is called a batch, and the process for sending these transactions to us is called settlement. When you settle a batch, you send all of your card transactions to the service provider for payment. Transaction information goes through clearing networks to the corresponding issuer so they can charge the cardholder. Then funds for the transaction are deposited into your settlement or DDA account. During settlement, you are paid and cardholders are billed for previously-approved transactions.

It’s important that you settle your transactions each and every day to obtain the most favorable pricing. You will not be funded for transactions until they have been settled. Note that higher rates could apply to transactions not settled the same day, usually all transactions within the batch settled after 72 hours are downgraded to a higher interchange level. To settle the daily batch:

Total the day’s transaction receipts and credit transaction receipts.
Verify that the transaction receipts equal the POS device totals.
Close the Batch according to the instructions for your POS device.

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