batch settlement time in authorize.net and deposits

A merchant has an ecommerce store using Authorize.net as the gateway and Chase Paymentech for payment processing. What happens if the settlement times are both set up for the same time at 6 PM? How long before the merchants bank account is funded?

MERCHANT QUESTION: I noticed that the settlement times on Authorize.net and Chase are set to 6pm. Does that mean a batch going from authorize.net to chase will be delayed a day because of transit time? Should Chase be set to a later time?

ANSWER: No. The settlement time at Chase Paymentech was initially set up when the merchant was using the Orbital Gateway for it’s ecommerce store. However the merchant changed ecommerce software; there was an API written for Authorize.net, but not the Orbital Gateway, offered by Chase Paymentech, for the new software.

Authorize.net is now doing the batch, not Chase. The batch setting that counts is auth.net. Settlement is per schedule. The merchant is funded 48 hours, 6 days per week.

Below is an example daily email the merchant receives from authorize.net:
The following is your Credit Card settlement report for Tuesday, May 05,
2009. This merchant has funds deposited in 48 hours, or 07-May-2009 for the batch shown below.

Dear customer:
The following is your Credit Card settlement report for Tuesday, May 05,
2009.

Transaction Volume Statistics for Settlement Batch dated 05-May-2009
21:27:45:
Batch ID: 9———-6
Business Day: 05-May-2009
Net Batch Total: $———.80
Number of Charge Transactions: —55
Amount of Charge Transactions: $——–.80
Number of Refund Transactions: 0
Amount of Refund Transactions: 0.00

To view details for a specific transaction, please log into the Merchant
Interface.

1.Click “Reports” from the main menu
2.Select “Transaction Details by Settlement Date”
3.Select “Settled Transactions” from the Item Type drop-down box.
4.Select the Settlement Date for the batch you would like to view from
the “Date” drop-down box
5.Click “Run Report”
6.In the results, click on any transaction ID to view specific details
for that transaction.

If you have any questions regarding this settlement report, please
contact your bank or you can call Customer Support at 1-877-447-3938.

Thank You,
Authorize.Net