Settlement

Settlement is the next step after clearing (taking credit card payments and card processing) and the actual exchange of funds.

Settlement takes place when the issuer sends a record of money that is being transferred from the issuer’s account to the aquirer’s account. From this account the acquirer pays the merchant account. Funds are settled between issuers and acquirers through accounts with large banks that are members of the Bank of England. Settlement payments are processed through an Automated Clearing House (ACH), an electronic funds transfer system.

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Payment Processing Services by NOIRE PAY

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