End-of-day credit card settlement
Typically, during the day when a credit card receives authorization, the funds are reserved and the order’s dollar amount is deducted from the cardholders’ credit line; the money has not been deducted from the cardholder’s bank. Then, at the end of each day, when invoice processing communicates to the CenPOS system that the system can place the transactions in the current CenPOS batch.
When the current batch is closed ("Auto Close Batch Time"), CenPOS sends a settlement file to the processor requesting they settle that batch. After the processor settles the batch, the cardholder’s bank transfers the money into your company’s bank account. The funding process can take up to 72 hours.
Caution:
The CenPOS default
settlement time ("Auto Close Batch Time") for all customers is 10:00 PM (your time zone,
as specified in your CenPOS setup). Any transactions that have not completed processing
at that time are held for settlement until the next day. You must run the Sales Entry Invoice Processing Report such that the
report takes the settlement close time into consideration and ensure it meets your
end-of-day accounting needs. You can change the default settlement time using the
CenPOS Virtual Terminal.