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The POS settlement works in the same way as a bank reconciliation in the sense that it retrieves all transactions since the previous POS settlement. This means that the sales that are registered after the completed POS settlement, are automatically registered on the next settlement.

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.

To accept online payments using your POS system, you need to have an online payment gateway integrated with your POS software and your e-commerce platform. An online payment gateway is a service that facilitates the transfer of funds between your customer's bank or card issuer and your merchant account.

When using a POS device the payment must be processed with the following steps: Authorisation - The customer inserts their chip card into the card machine and enter their pin. ... Authentication - Once the card details are verified, the bank then checks the transaction is authentic.

The duration of a POS transaction can vary depending on factors such as the payment method used, the efficiency of the POS system, and the complexity of the transaction. However, in most cases, a POS transaction takes only a few seconds to complete.

The POS settlement works in the same way as a bank reconciliation in the sense that it retrieves all transactions since the previous POS settlement. This means that the sales that are registered after the completed POS settlement, are automatically registered on the next settlement.

Banks can begin the settlement phase either immediately after clearing has taken place or later on. Most payment systems, CHIPS included, send a final settlement wire at the end of the business day to initiate this process. Unlike clearing, only a settlement network can facilitate settlement.