Settlement

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Credit Card Settlement


Ready

Once authorization request has been approved and captured, the funds are ready to be settled.


Settled

Funding is settled.


Review

Settlement is being reviewed due to settlement problems.  This could be caused by errors during settlement processing caused by vendor errors or time-out error.  Upon review, 2 things can happen


                a.  Transaction can be “Settled”

                b.  Transaction can go back to “Ready” state and go through the end of day settlement process again.

Note:

All credit card settlement activities go into a settlement file and are made available for download at:

  •  03:00 AM Central Time for prior day’s settled files.
  •  It outputs Approved/Settled transactions.
  •  It will not output Declines and Errors.          

EFT Settlement

Settling

Submission process.  In this state, EFT/ACH transaction can be ‘Rejected’ or ‘Funded’


Rejected

Transaction is rejected.  If reject code is “R01” or “R09” for NSF and merchant/customer is setup for resubmission, then the transaction can be rescheduled up to 2 more times, in which case the transaction goes to the “Settling” status.


Funded

Merchant’s account is funded after ACH holding days (varies from 0 to 4 business days)


Unfunded

Transaction is rejected after funds have been deposited into merchant’s account.  This could be caused by NSF, customer telling their bank the transaction was unauthorized.  If reject code is “R01” or “R09” for NSF and merchant/customer is setup for resubmission, then the transaction can be rescheduled up to 2 more times, in which case the transaction goes to the “Settling” status.


Note:

Settlement process runs 3 times daily.  The daily settlement cutoff times are:

  • 06:30 AM Central Time
  • 11:30 AM Central Time
  • 06:30 PM Central Time