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Common terminology and their descriptions.

Authorisations (also known as purchases)This transaction type will hold funds on the Customer’s card. In the case where the Merchant is instant settlement (i.e txnType=8), these funds will be instantly credited to the Merchant as part of Latitude’s daily settlement process.

Where the Merchant is delayed settlement (i.e txnType=18), these funds will be credited to the Merchant at a later time upon completion of the subsequent capture request from the Merchant.
Captures (also known as settlements or completions)Where the Merchant is configured for deferred settlement (i.e txnType=18), an authorisation must be followed with a capture request for the funds to be settled with the Merchant
Refunds (of settled goods)Refunds are only applicable to purchases/orders which are in a settled state. Thus, refunds are applicable to Merchants who

- are instant settlement, or

- have performed captures
Settlement MethodLatitude’s contractual agreement with the Merchant will indicate when the Merchant will be paid for items purchased by the Merchant’s Customers.
Instant Settlement (settlement method 1) indicates the Merchant will be automatically paid without the need to perform a Capture.
Merchants with Deferred Settlement (settlement method 3) are required to manually perform the Capture via Latitude APIs (or Merchant Portal (SMP) if API integration has not been completed).
Voids (unsettled goods, also known as merchant reversals)Where the Merchant has not been settled (paid) for the goods, if a Customer cancels their order, this transaction type will void the initial Authorisation and release the "held" funds.