Settlement describes when funds are transferred from the cardholder’s account to the merchant’s. Generally, time is required to verify the payment information via a clearing process before settlement. This process can occur quickly, as with credit card transactions, or it can take time, which is typical of bank account transactions.
Settlement Time #
The time a transaction takes to settle depends on which payment gateway you use. For example, some gateways utilize a “Transaction Cut Off Time” to determine which transactions will be processed on a given day. Other gateways might utilize a settlement batch that can be determined by contacting your gateway’s support team.
Please contact your gateway provider to learn about the settlement times specific to your gateway. Our Gateway-Specific Guides provide contact information for most gateway providers.
Refunds and Voids #
Refunds and voids are both designed to reverse a transaction. Whether you process a refund or void depends on whether the transaction has already settled. A void is designed to cancel a charge or authorization before it has settled, whereas a refund is designed to apply a credit to a transaction that has already settled.
For more information, see Refunding and Voiding Transactions.
Transaction Sync #
Since ACH transactions take time to settle, Transaction Sync will keep your ACH transactions up to date in Salesforce via the Transaction Sync Batch. Chargent can sync your ACH transactions from when they are initiated until they are settled.
For more information, see Transaction Sync.
See Also
Understanding Payments
Understanding Chargent Transactions
Chargent Transaction Fields
Chargent Terminology
