Interactive Payment Settlement For Free

Payment settlement refers to the process of the issuing bank transferring funds from the cardholder's account, via a payment gateway, to the acquiring bank - the financial institution that accepts card payments on behalf of the merchant.

Once a transaction has been approved, settlement is the second and final step. This is when the issuing bank transfers the funds from the cardholder's account to the payment processor, who then transfers the money to the acquiring bank.

Clearing involves network operators routing messages and other information among financial institutions to facilitate payments between payers and payees. Interbank settlement is the discharge of obligations that arise in connection with faster payments either in real-time or on a deferred schedule.

Payment settlement involves collecting the funds for the amount recorded for an order. For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card.

Use the Instant Settlements (previously called On-demand Settlement) feature to settle your current balance to your bank account instantly. You can use the Instant Settlements (previously called On-demand Settlement) to settle your current balance to your bank account instantly 24x7 for a small fee.

It involves a series of steps that occur after a customer makes a purchase, ensuring the funds are aptly transferred from the customer's account to the merchant's account. This process involves various intermediaries, including the payment gateway, acquiring bank, issuing bank, and card networks.