Rovers will be entitled to a further £280,000, making the overall fee rise to £520,000, depending on appearances and promotion.
The Wirral club will be paid £45,000 for every 15 times Cresswell turns out for his new club, up until a total of 60 appearances, while £100,000 will change hands if Ipswich are promoted to the Premier League either this season or next.
In addition, Tranmere will receive 20% of any money Ipswich receive for Cresswell.
Rovers chairman Peter Johnson said: “Although it didn’t meet our expectations I am pleased with the result of the tribunal.
“Aaron Cresswell is the sort of player who will fulfil their requirements and no doubt appear in the 60 games we need to maximise the additional income.”
A goal apiece from James Tomkins and Luka Milivojevic handed Crystal Palace a crucial 2-0 win over Huddersfield at the John Smith's Stadium on Saturday evening.
Manchester United bounced back from their Champions League exit as they beat Brighton 2-0 at Old Trafford on Saturday night to reach the FA Cup semi-finals.
Tottenham reached the FA Cup semi-finals after they cruised to a 3-0 victory over Swansea in their quarter-final clash at the Liberty Stadium on Saturday.
Premier League basement club West Brom squandered the lead as they suffered a 2-1 defeat to Bournemouth at the Vitality Stadium on Saturday.
Chesterfield boss Jack Lester felt his side were unlucky not to claim all three points after their 1-1 draw at Cheltenham.
New Swindon manager Phil Brown revelled in his side's victory at Cambridge in his first game in charge.