Receiving your money is probably the most important part of the overall process for you. This is what we refer to as settlement. In order to receive your daily funds, a batching process needs to take place that will initiate actual money flow.
This is usually performed at the end of your business day and therefore often referred to as end of day batching. All our terminals perform an automatic batch run at midnight to make sure that you receive your funds as soon as possible. If desired, you can also start a manual batch from the terminal menu whenever it suits you. For e-commerce scenarios the batching process depends on the individual setup.
Once the batch has been performed, the financial institutions start processing the transactions, then settle the transactions of all the customers with us so that we can start paying out the funds to the nominated customer accounts. If you nominated a Bank of Ireland account you will receive the funds within one working day after the batching of the transaction, if the batching day is a working day also. If transactions are processed and batched over the weekend for example they would go into processing over the weekend and settled on Monday.
For accounts of other banks funding will happen within 3 working days after the batching of the transaction.
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