Settlement is the next step after clearing (taking credit card payments and card processing) and the actual exchange of funds.
Settlement takes place when the issuer sends a record of money that is being transferred from the issuer’s account to the aquirer’s account. From this account the acquirer pays the merchant account. Funds are settled between issuers and acquirers through accounts with large banks that are members of the Bank of England. Settlement payments are processed through an Automated Clearing House (ACH), an electronic funds transfer system.
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.