All transactions are not final for processing or payment until settlement, which occurs when all credit card transactions in the current Batch have been closed. Usually, a batch begins with the first transaction of the business day, and ends with the last transaction of the day before the Batch is closed (settled). During settlement, a report is electronically submitted to the processor finalizing the day’s sales as complete. Funds are deposited in the merchant’s account usually 48 business hours after the batch settlement. Voids can not be issued after settlement. Instead, a Credit must be issued within 90 days to refund the cardholder. (see also batch header fee).
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