9
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 (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, navigate to 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 anytime 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 PM)
then auto settlement occurs at approximately 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.
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