Payment settlement involves collecting the funds for the amount recorded for an order.
For example, when using credit cards, the settlement process specifically involves contacting the payment system and collecting the required amount of funds against the credit card. Payment types may or may not require this settlement step. This is configurable in Sterling Order Management in the seller's payment rule. Note that if an order requires payment processing, it is not purged unless settlement is completed and order is in PAID status. For more details on the available events, see the payment processing APIs in the Sterling Selling and Fulfillment Foundation: Javadocs.
Payment Collection analyzes orders to create settlement requests. A settlement request is a request for Sterling Order Management to complete a settlement. If the payment rule applicable for the order requires both authorization and settlement, the settlement requests are created only against existing, non-expired authorizations.
If settlement is handled through an external collections system, you may choose not to record payment collections through accounts receivable. If settlement is not recorded in the Sterling Order Management database, a settlement request is not created for the order. It is assumed that settlement is performed through an external system using the information published with the invoice.
Payment Execution monitors settlement requests. This time-triggered transaction provides user exits to carry out the settlement. The user exits can process the settlement request in one of the following ways:
The Sterling Order Management time-triggered transactions change the payment status of the order to PAID once payment is received for the complete order amount.