There are three steps to receiving your money: 1. authorizing; 2. batch settlement; 3. daily deposit.
Step 1 – Authorizing the transaction to verify that a credit card is active and within the approved spending limit:
- Retail and restaurant merchants swipe the credit card through a point-of-sale terminal (i.e., card is physically present).
- Mail order/telephone order merchants enter the credit card details provided by the customer via mail, telephone or fax (i.e., the card is not present).
- eCommerce merchants allow customers to provide their credit card details through your website or shopping cart (i.e., card is not present).
- In any of these environments, the credit card information is transmitted to the customer’s credit card issuing bank, which provides a valid authorization code upon approval, or a decline message.
Step 2 – Settling the transaction batch:
- The merchant’s point-of-sale terminal/software or payment gateway transmits transaction details in a batch at the close of the business day.
- The transaction batch is processed by the merchant processing bank, which directs the transactions to appropriate customers’ credit card issuing banks.
- The credit card issuing bank debits the cardholder’s account.
Step 3 – Receiving your daily deposit:
- Your merchant account is credited with the transaction batch total amount within 24-48 hours of settlement. This is deposited to your bank account on file with us. Transaction fees are debited on a monthly basis.