Can I configure when payment batches are submitted for settlement? If yes, how can I do it?

Yes, you can! Authorize.Net submits a batch of payments for settling at a customizable cut-off time every day (see screenshot). The default cut-off time is 4pm PST (Pacific Standard Time). We recommend setting Authorize.Net to your time zone at Settings >> General information settings >> Time Zone before you choose a convenient transaction cut off time at Settings >> General Information Settings >> Transaction Cut-Off Time.