Settlement
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      Settlement

      Funds from trading are typically credited to your business account late at night.

      What is settlement?

      Settlement refers to the process of transferring funds from a customer's bank account to a merchant's account after a transaction has been completed. Your bank facilitates the collection of funds on your behalf, which are then 'settled' into your merchant bank account. 

      NOTE: To change the bank account your funds settle into, contact the bank that provides your merchant facility.

      When does it occur?

      Settlement typically takes place between 10:15 PM and 11:55 PM.

      NOTE: Please note that funds from some transactions (e.g. AMEX, gift cards and other third-party payment methods) can have a longer settlement period, and you may not receive the funds for these transactions in your current settlement.

      What is a 'settlement cut-over'?

      A settlement cutover prompts your terminal to 'cutover' to the next settlement window. If your terminal is connected to the Verifone network, it will automatically initiate the cutover process by 9.45 PM each day unless you perform a manual cutover prior.

      You do have the option to manually initiate a cut-over at the end of your trading day. Keep in mind that any transactions processed after a manual cut-over will be included in the next settlement.

      After a manual cutover, your terminal will print a receipt for the current settlement period showing your 'settlement total'. This is the total value of EFTPOS transactions processed in that settlement period. Your settlement totals will reset to $0.00 and any transactions processed after this point will be included in the next day’s settlement totals.

      TIP: If your business operates outside typical trading hours, you can arrange a customised settlement cut-over time by calling our Technical Helpdesk on 0800 EFTPOS (0800 338 767, option 2).

      How to check a settlement total

      Check on what your current settlement total is for the present trading day, or a previous settlement window, on your EFTPOS terminal.

      Android

      View your current settlement total using the Settlement Enquiry report or view detailed daily settlement reports for any of the last 14 days with the Settlement History report. Both reports can be printed on the device or emailed as a PDF.

      Settlement Enquiry report

      This report shows:

      • Start and end date of settlement
      • Transactions by card type
      • Totals by card type
      • Your current settlement total (purchases less refunds)

      To access your Settlement Enquiry report:

      1. From the Payment screen, tap the hamburger menu 
      2. Tap Reports
      3. Tap Settlement Enquiry
      4. Swipe up to scroll through the report on screen

      Settlement History report:

      Your Settlement History report shows:

      • Start and end date of settlement
      • Start and end time of settlement
      • Transaction types by card type
      • Your settlement total (purchases less refunds)

      To access your Settlement History reports:

      1. From the Payment screen, tap the hamburger menu 
      2. Tap Reports
      3. Tap Settlement History
      4. Reports are listed by settlement date. Tap the settlement date you want to view a report for
      5. Swipe up to scroll through the report on screen

      VX 690

      Verifone

      1. Select Menu
      2. Scroll down and select Settlement
      3. Select Inquiry
      4. Select either the Current date or Other
      5. If Other is selected, enter the date (DDMM) and press Enter

       Worldline

      1. Press # to enter menu
      2. Select Settlement
      3. Select Inquiry
      4. Either select Date or press Other Date for manual entry
        * Date format is DDMMYYYY
      5. Terminal will print the settlement receipt

      How to do a settlement cutover

      Android

      1. From the Payment screen, tap the hamburger menu 
      2. Tap Settings
      3. Tap Account
      4. Tap Settlement Cutover
      5. Tap Settle Now
      6. Settlement report will display on-screen. Swipe up to scroll through the report and tap 'Print' to print it. The report can also be emailed
      7. Your terminal will start a new settlement period

      VX 690

      Verifone network

      1. Select Menu
      2. Scroll down and select Settlement
      3. Select Cutover
      4. Cutover? No / Yes will be displayed
      5. If Yes is selected the terminal will perform a cutover and print a settlement receipt
      6. If No is selected the terminal will return to the idle screen

      Worldline network

      1. Scroll down and select Settlement
      2. Select Cutover
      3. Cutover? No / Yes will be displayed
      4. If Yes is selected the terminal will perform a cutover and print a settlement receipt
      5. If No is selected the terminal will return to the idle screen

      V240m & V210

      1. Press # to enter menu
      2. Select Settlement
      3. Select Cutover
      4. Terminal will print Settlement Receipt