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The Payment settlement is the process through which a merchant receives money paid by their end-users for a particular product/service.
Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement. Settlement Payment means an Up Settlement Payment or a Down Settlement Payment, as applicable.
Settled payment generally refers to the transfer requests that have been completed successfully. Hence, the payment has been settled for any payment request simply meaning the money has been transferred.
As nouns the difference between settlement and payment is that settlement is the state of being settled while payment is (uncountable) the act of paying.
A settlement bank is the last bank to receive and report the settlement of a transaction between two entities. It is the bank that partners with an entity being paid, most often a merchant. As the merchant's primary bank for receiving payment, it can also be referred to as the acquiring bank or the acquirer.
Settlement is the process through which a merchant receives money paid by their end users for a particular product/service. There are a number of entities involved in the settlement process. Once Razor pay receives the amount, it is settled to your bank account after fees deduction.
A settlement bank refers to a customer's bank where payments or transactions finally settle and clear for customer use. Often times, the (payer) of a transaction will be a customer of a different bank from the receiver, and so an interbank settlement process must occur.
Once a customer buys a service or goods, the issuing bank will send the funds to the payment processor used by the seller. The term settlement is used to refer to the number of funds that are transferred to the merchant from the acquirer for the specific amount of the sale for the acceptance of the card transaction.
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