Batch is the accumulation of captured (sale) transactions waiting to be sent to the processors and settled. For example, if a retailer is paid with 30 cheques in a given morning, or 30 debit card transactiions, these cheques or transactions are collectively are called a batch. Multiple batch files may be settled throughout the day, this is called batch processing.
Settlement (of a batch) is when the money moves from a customer’s bank to the merchant account and eventually to the merchant’s own bank account. Batches are generated by taking all of the transactions, whose status has become “submitted for settlement” after, say, 5pm yesterday and before 5pm today, grouping them together and then sending these batches off to the processor, using batch control system. Each merchant account set up in a payment gateway has it’s own settlement batch cut off time; it may be 5pm or it may be earlier or later.
Batching out a settlement batch is part of the merchant services offered by a merchant account.
Settlement now occurs mostly during online payment processing through an online payment gateway, such as NOIRE.
Payment Processing Services by NOIRE
NOIRE provides industry leading online payment processing services & risk management technologies. Designed using NOIRE, “Simply Switch On”, approach to payment processing, our payment solutions are built using the latest payment processing technology enabling businesses to “Plug In” and “Switch On” payment modules with ease if and when required.
As a leading Payment Service Provider, you can trust NOIRE to find the right solution for your business. We provide everything in one simple agreement – your Internet Merchant Account, Payment Gateway and Payment Processing with all the leading cards issuers. Combined with NOIRE’s industry leading fraud & risk management solutions, merchants can be confident managing their payments safely and securely from beginning to end with NOIRE.