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How to change settlement cutoff time

Version: V3.2.7551
Added on: 10/07/14
Difficulty:
Time: 15 min
Category: Quick Guides

Useful Terms

Settlement    

How to change settlement cutoff time

  1. Are you ready?

    In this tutorial you will learn how to change authorized amount is withdrawn from the card holder’s account and transferred to merchant’s account. The general practice is to do this at the end of the business day. There are two possible settlement mechanisms commonly referred to as terminal capture and host capture: When terminal capture is used, the information about each transaction to include in settlement has to be supplied at the settlement time (generally through a settlement file). When host capture is used, the underlying processing system (the host) keeps track of all of the transactions and it is usually sufficient to simply send a settlement message without including transaction details. " >settlement cutoff time for credit card and direct debit transactions. As a rule, card and direct debit transactions are processed by different processors/banks. Thus, settlement time for these types of transactions can differ, which can cause funding delay for merchants. For this reason, it is needed to separate a settlement time for these types of transactions.

    We will use the following parameters:
    Settlement type: daily
    Cutoff (Cards): 11:00 PM
    Cutoff (Direct Debit): 5:00 PM
  2. Log in to the system using your Username and Password and switch to the Management => Merchant Perspective.

    Note: To learn how to log in and select perspectives, use the prerequisite tutorial Logging in and navigating the application.
  3. Select an appropriate Merchant and Merchant Account in the top left section of the screen.

    Note: Changing of Settlement cutoff time option is available only per Merchant Account level.
  4. You can change settlement cutoff time using the Settings form, which is available at the following places:

    Perspective => Management => Merchant Perspective => Details => Processing
    Perspective => Management => Merchant Perspective => Details => Profiles

    You can choose any place you like.
  5. Click   Detailsbutton in the top section of the screen.
  6. Choose   Processing  menu item  from the list.
  7. Choose   Settings  menu item  from the list.
  8. Locate   Settlement  groupbox
  9. Select daily in Typedropdown
  10. Select 11:00 PM in Cutoff (Cards)datebox
  11. Select 5:00 PM in Cutoff (Direct Debit)datebox
  12. Click   Savebutton
  13. Congratulations, you are done!

    You have learned how to change authorized amount is withdrawn from the card holder’s account and transferred to merchant’s account. The general practice is to do this at the end of the business day. There are two possible settlement mechanisms commonly referred to as terminal capture and host capture: When terminal capture is used, the information about each transaction to include in settlement has to be supplied at the settlement time (generally through a settlement file). When host capture is used, the underlying processing system (the host) keeps track of all of the transactions and it is usually sufficient to simply send a settlement message without including transaction details. " >settlement cutoff time for both credit card and direct debit transactions. Now you can do this by yourself.

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Tags

Merchant   Merchant perspective  
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