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ABOUT SETTLEMENT
A Settlement operation is used to close the current batch and open a
new batch for logging and accumulating transactions.
Your VeriFone terminal uses a Terminal Capture System (TCS),
meaning it stores transactions throughout the day and sends batch
totals of sales and refunds to the host (Chase Paymentech) after the
close of business.
There are two settlement options: Manual Settlement and
Auto Settlement.
1 - MANUAL SETTLEMENT
If your terminal is set to manually settle, select
Settlement
from the
main menu and follow the prompts displayed.
2 - AUTO SETTLEMENT
If your terminal is set to automatically settle, it will automatically
settle transactions in the current batch at a specific, predetermined
time, within a 24-hour period. When configured, auto settlement
begins any time after the set time occurs if there are transactions in
the batch.
For example, if auto settlement time is set to 22:30:00 (10:30 p.m.) then
auto settlement occurs any time after 22:30:00. If the terminal is
turned off before the set time, and turned on again (usually the next
morning), auto settlement occurs at that time.
Settling
the Batch
Your transactions must
be “settled” daily. Read
this section to ensure
the settlement process
operates smoothly.
