Final answer:
A batch refers to a group of transactions that have been processed but have yet to be settled. When a business receives multiple orders or transactions, it is often more efficient to process them together as a batch. This allows for streamlined handling and processing, reducing the time and resources required.
Step-by-step explanation:
A batch refers to a group of transactions that have been processed but have yet to be settled. When a business receives multiple orders or transactions, it is often more efficient to process them together as a batch. This allows for streamlined handling and processing, reducing the time and resources required.
For example, imagine a company receives 100 online orders in a day. Instead of processing each order individually, they can batch the orders and process them together. This means that the company can handle all 100 orders at once, reducing the time and effort needed to process each order separately.
In addition, the settlement of the batch amount can be done via a bank transfer to the business' bank account. Once the transactions in the batch have been processed and verified, the total batch amount can be transferred in a single transfer, making it more efficient and convenient.