EFTPOS Settlement

EFTPOS settlements are usually performed as part of the end-of-day routine when shifts are closed. Where a shift is shared by more than one EFT enabled terminal then separate settlements must be performed from each terminal whereas the shift closing need only be done once on a single terminal. The terminal closing the shift will be given an in-line prompt to settle and this is particularly useful where shifts are not shared.

The EFTPOS switched network will only allow one settlement per pin-pad for each day and this must be within the start and end times you have declared to your Acquirer as your settlement window. If you do not perform a settlement before the end of your window the Acquirer will automatically settle with your bank and no settlement information will be recorded in your Exo Business database.

Note: An Acquirer is defined as "The entity or entities that hold(s) deposit accounts for card acceptors (merchants) and to which the card acceptor transmits the data relating to the transaction.  The acquirer is responsible for the collection and settlement with the acceptors." Typically your acquirer is also your bank.

Settlement in POS is optional but recommended. As you may bypass this step (i.e. leave it to automated action by the Acquirer) there is no explicit shift status for it. If you attempt to settle more than once per settlement window the Acquirer will simply return a settlement enquiry of the last settlement.

When settling, POS will also create separate banking batches for EFTPOS enabled transactions to facilitate easier bank reconciliation.

Note:  A mixture of EFTPOS and non-EFTPOS payment types may exist within one payment group (especially when using the single DEFAULT payment group). Where such a mixture occurs, the payment group may create two banking batches instead of the usual one per group (one each for the EFTPOS enabled payment types and one for the non EFTPOS enabled payment types).

Performing an EFTPOS Settlement

If the workstation is enabled for EFTPOS then POS will automatically prompt to do a settlement as part of the end of day workflow. This occurs before any other step such as declarations and/or generating banking batches. Click Yes to perform a settlement or answer No to bypass the settlement and continue the end-of-day workflow.

Note: To permit the end of day to be done in cases when the EFTPOS unit is down, POS will allow cancellation of the settlement and will continue to the next step in the workflow. The Settlement F5 button on the End Shift screen may also be used to recommence a stalled workflow.

When a settlement is activated the EFTPOS client software immediately commences a settlement request against the EFTPOS network. The settlement process displays appropriate messages as it progresses.

A successful settlement will display the settlement receipt (created by the EFTPOS network) in the notepad area of the screen and also print to the printer. This receipt is not editable.

POS then updates the Exo Business database with settlement information. The report will be printed from this data within the Exo Business application. This may be reconciled to the settlement journal entry within the EFTPOS Client.

The settlement function is initiated from the Shifts screen and must be performed on each terminal that has a keypad attached.

To perform an EFTPOS settlement for an additional terminal in a shift:

On the Shifts screen, select the appropriate shift and click Banking or press F7, then click the Settlement button or press F5. The settlement process automatically commences as described above.

Note:  It is important that settlements occur before additional EFT enabled transactions are processed (i.e. in a new shift). The settlement process does not provide any control of which transactions to include as the EFTPOS network will settle any unsettled transactions they have received. Running a settlement other than in the same time frame as a shift end is permitted but makes reconciliation harder. If settlements do not coincide with shift boundaries then by default separate banking batches could result per settlement at shift boundaries.