Settlement Function definition

Settlement Function means the procedures required of and carried out by the Merchant via the Mobisolutions mobile application for the purposes of transmitting the data consisting of all the Payment Card Transactions and mobile wallet Transaction on a daily basis to Mobi to enable Mobi to submit the payment claims to the Issuing Bank through either the Card Schemes Payment System or mobile wallet.
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Settlement Function means the transmission of payment request data carried out by the Merchant at the end of each day to initiate the process of clearance of the payment request made by a User for the provision of Goods by the Merchant enabling GKASH and/or the Acquirers to process such payment to the Merchant.
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Settlement Function means a pre-programmed function in the P0S Terminal which when activated automatically transmits the
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Examples of Settlement Function in a sentence

  • In the event the Merchant fails to execute the Settlement Function by the seventh (7th) Calendar Days from the Card Transaction date, FCSB is entitled to charge the Merchant a late settlement fee.

  • Where a User has been undercharged for Goods sold or services rendered by the Merchant, the Merchant may raise a new and unsigned Transaction Slip (based on the relevant Payment Card or e-wallet account used in such transaction) for the additional amount and produce the same to GKASH for payment after performing the Settlement Function.

  • Failure on the Merchant’s part to perform or carry out the Settlement Function on a daily basis as stated above will result in penalty charges being imposed by the Card Association i.e. Visa International, MasterCard International, American Express Travel Related Services Company Inc., JCB International and China Unionpay Co. Ltd.

  • The Merchant without so obtaining FCSB’s specific authorisation shall not under any circumstances present such Sales Slip/Terminal Receipt to FCSB for payment or execute the Settlement Function to effect payment from FCSB to the Merchant.

  • The merchant shall execute the Settlement Function (in respect of Card Transaction) every day before 2300 hours.


More Definitions of Settlement Function

Settlement Function. The procedures carried out via the Terminal for the purpose of transmitting data of Charges to the Bank to enable the Bank to make payment to the Merchant.
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Settlement Function means the function carried out on a Terminal which submits all Card Transactions and eWallet Transactions captured on a Terminal to the Bank or the Vendor or PayNet or the eWallet Operator as the case may be, for the Bank to make payment to the Merchant;
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Related to Settlement Function

  • School function means any school-sponsored extra-curricular event or activity.

  • Servicing Function Participant Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator, the Operating Advisor, the Master Servicer, the Special Servicer and the Trustee, that is performing activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage Loans by unpaid principal balance calculated in accordance with the provisions of Regulation AB.

  • Distribution Function means the functions with regard to:

  • Commercially Useful Function means responsibility for the execution of a distinct element of the work of the contract, which is carried out by actually performing, managing, and supervising the work involved, evidencing the responsibilities and risks of a business owner such as negotiating the terms of (sub)contracts, taking on a financial risk commensurate with the contract or its subcontract, responsibility for acquiring the appropriate lines of credit and/or loans, or fulfilling responsibilities as a joint venture partner as described in the joint venture agreement.

  • Governmental function means an activity that is expressly or impliedly mandated or authorized by constitution, statute, local charter or ordinance, or other law. Governmental function includes an activity performed on public or private property by a sworn law enforcement officer within the scope of the law enforcement officer's authority, as directed or assigned by his or her public employer for the purpose of public safety.