Whether you're using an Ingenico Move5000, a Verifone T650p, or a Till Portable terminal, you’ll have access to a function that allows you to initiate a settlement. If you encounter different types of settlements and aren't sure what they mean, here’s a quick overview of the settlement reports you can generate:
Pre-settlement reports: If the pre-settlement option is available on your terminal or POS, it allows you to view the total funds you'll receive up until that point in the day without actually settling your terminal. This is most useful if you’d like to see your takings are going for the day or if you are running different shifts.
Last settlement reports: If the last settlement option is available on your terminal or POS, it allows you to view the settlement amount you received for the pervious day.
Settlement reports: Settlement reports reflect the settlement you will receive on the business day. The settlement reports can be initiated manually or automatically. You can settle manually via the Settlement button available on the terminal any time before your pre-configured auto-settlement time available on your terminal. This will be the amount you should receive in your bank account.
- Manual Settlement
- If you initiate a settlement manually, the amount will be included in your next settlement. If you continue to use your terminal that day, these transactions will be combined with the funding on the next day and will be processed in the subsequent settlement (which will be the next day for Same Day Funding schedule, or the working day after for Next Day Funding schedule). You can only settle a terminal once per 24 hours.
- Auto Settlement
- If you leave your terminal without settling before the end of business day, your terminal will settle automatically on the pre-configured auto-settlement time.