Merchant Deposits / Data Capture
TYPES OF DATA CAPTURE:
- If your system is a TERMINAL-BASED data capture system – the card data is held in your system and you initiate a “Settlement” transaction which transfers the data to GPS’s Host. Once GPS receives the Settlement transaction, it will process the data for deposit. The Settlement transaction must be done before 03:00 EST in order for you to be paid the next business day.
- If your system is a HOST-BASED: TIME-INITIATED system – the card data is held on the GPS Host for AUTOMATIC closing. GPS cuts off the account everyday at 01:00 EST and processes the data for deposit to be paid the next business day.
- If your system is a HOST-BASED: MERCHANT-INITIATED system – the card data is held on the GPS Host until you initiate a “Balance/Close” transaction request. Once GPS receives the Balance/Close transaction, it will process the data10/14/2014 Global Payments Inc. Canada - Global Payment Systems Questions and Answers for deposit. The Balance/Close transaction must be done before 03:00 EST in order for you to be paid the next business day.
Data is forwarded to the Financial Institutions during their operating days which is Monday to Friday excluding Holidays.
Therefore, Friday, Saturday and Sunday data is always forwarded to your Financial Institutions on Mondays (except if it’s a holiday).
On the day that the Financial Institutions receive your data, they will process the deposits and update your Merchant accounts. The updating of the Merchant accounts can occur at any time that day or overnight, therefore, you may not see the entry in your account until the next day. However, it will be valued for the day it was received at the bank. You can check with your Financial Institution (Merchant Services) on their processing time frames.
If you have selected services from your Financial Institutions that transfer your funds to other accounts and/or between banks, please ensure that you understand these processes before calling GPS to research where your funds have been routed. These services may entail further delays in processing the deposits to your bank accounts. Please direct any inquiries regarding these services and timeframes to your Financial Institution.