BANKING AFFAIRS

Detailed explanation-1: -Some payment gateways have the default settlement cycle of T+2 or T+3 working or business days, where T stands for the date of payment capture from the customer’s bank or card.

Detailed explanation-2: -Once a transaction has been approved, settlement is the second and final step. This is when the issuing bank transfers the funds from the cardholder’s account to the payment processor, who then transfers the money to the acquiring bank.

Detailed explanation-3: -Razorpay gives you the flexibility to pick and choose how you want your Instant Settlements, based on your business needs. Choose when you want your customer payment to transfer into your bank account. Settle with 10 seconds the needed amount from the settlement balance.

Detailed explanation-4: -A settlement is essentially the process for a merchant to receive their funds of their submitted batch. After a batch is submitted, the payment processor sends the transaction to the issuing bank. The issuing bank verifies the transactions.