Definitions for "Batch Settlement"
A procedure that causes all funds from captured transactions to be routed to the merchant's acquiring bank for deposit. Payment gateways automatically submit all captured transactions for settlement on a daily basis. Some retail swipe terminals can also be programmed to perform automatic daily batch settlements.
A sort of electronic bookkeeping procedure that causes all funds from captured transactions to be routed to the merchant's acquiring bank for deposit. Signio automatically submits all captured transactions for settlement on a daily basis. The time that it takes for these funds to reach the merchant account after settlement is 1-5 days, but varies by acquiring bank.
Each time an order is placed, it is approved and added to a "batch". But the funds have not actually been charged against the credit cards nor transferred to the merchant's bank account. That happens when the business manager accesses the Backoffice Order interface to first "capture" the funds for orders in a batch and then to "settle" the batch. Capturing the funds causes the credit cards to get charged and the funds to be transferred to the merchant bank account.