Compile Payment Settlement For Free

It's always better to pay off debt in full than settle debt. But if you can't afford to pay in full, settling your debt can be an alternative that won't damage your credit as much as not paying at all.

200b200b200bPhilippine Payments and Settlements System (PhilPaSS) RTGS is a fund transfer system where transfer of money or securities takes place from one bank to another on a real-time and on gross basis.

It is the process where the money is transferred or routed from the customer's bank to the merchant's bank. The payment gateway settlement is just another way of saying that as soon as the customer initiates and completes the payment, the amount will get credited to the merchant's account right away.

Simply put, payment gateway settlement is when the bank transfers funds immediately with no waiting. It is the process where the money is transferred or routed from the customer's bank to the merchant's bank.

Settlement involves exchanging funds between the two banks, while clearing can end without any interbank money movement. In the clearing process, funds move between the recipient's or sender's bank account and their bank's reserves.

The BPSS is empowered for authorising, prescribing policies and setting standards for regulating and supervising all the payment and settlement systems in the country. The Department of Payment and Settlement Systems (DPSS) of RBI serves as the Secretariat to the BPSS and executes its directions.

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. The business will then receive the authorized funds in its merchant account.