Bulk Settlement means any settlement agreed to between Radian and a Servicer with Freddie Mac ’s consent pursuant to which Radian agrees to pay a specified amount in aggregate in order to resolve Claims in respect of ten (10) or more Subject Loans (it being understood that a Bulk Settlement may be entered into with respect to a universe of mortgage loans (which may include Subject Loans and other mortgage loans) prior to or after the submission of some or all of the claims (including Claims) with respect thereto).
What is a batch settlement?
Settling a batch triggers the process of delivering funds to the merchant and charging the customer's account. Here are the steps involved in a batch settlement: Several transactions, usually within a 24-hour time frame, are aggregated together into a batch and all the transaction information is sent to the payment processor.
What is a gross settlement and how does it work?
Some merchant accounts are configured for gross settlements, meaning that the total batch amount you processed will be deposited into your bank account for that day. The actual processing fees that applied to those transactions, and all other transactions that month, are then withdrawn from your bank account on the 1st day of the following month.
What is a bulk payment?
Bulk payment is a simple, fast and secure way to make regular payment such as wages, expenses and supplier payment through online transfer. A company can make more than one payment in one batch through this payment method.
What is the settlement of a credit card transaction?
This second step, whereby the funds leave your account and get transferred to the merchant, is the settlement of the transaction, or when the purchase is "posted" to your credit card balance. The merchant sends the batch off to their payment processor, who in turn ensures the merchant is paid for all of the transactions submitted.
What is a Settlement?
Once a batch is closed and submitted, the business’s credit card processor receives the processed funds from each issuing bank whose credit cards were part of the batch (in other words, retrieving the money from every customer’s account). The total batch amount will then be transferred via bank-transfer to the merchant’s bank account.
What do you need to know about batch settlements?
What You Need to Know About Batches and Settlements. If you’re a merchant accepting credit and debit payments for your business, then batches and settlements are an important part of your day-to-day. Settling the day’s transactions is what gets the money you earned from your customers into your business’s bank account.
Why is it important to settle a business?
If you’re a merchant accepting credit and debit payments for your business, then batches and settlements are an important part of your day-to-day. Settling the day’s transactions is what gets the money you earned from your customers into your business’s bank account.
How long does it take to settle a batch of cash?
If batches are left open for too long (typically 48 hours to 6 days), some processors will choose to automatically close and settle the batch, while others will let the unsettled transactions expire.
How long does it take for a closed batch to settle?
Without holds, funds should appear in your bank account within 1-2 business days. Some processors have longer wait times and might make you wait 7-10 business days to receive your funds, while others might offer same-day deposits, but for a higher fee.
How long does it take for a transaction to be aggregated?
Several transactions, usually within a 24-hour time frame , are aggregated together into a batch and all the transaction information is sent to the payment processor.
Who posts the transaction to the cardholder's monthly credit card statement?
The issuing bank posts the transaction to the cardholder’s monthly credit card statement.
