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 Method||Latitude’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.|