How will u make transactions with creditcard? I.e., will u deduct money from the card Immediately after making transaction?

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ACE_GEEK

  • Jul 22nd, 2008
 

Actually Credit card transactions are not instant. The transactions generate a what is called as Auth code (authorization code) which entitles you to get the money and at the same time the money is blocked at the customer's account.  The auth codes needs to be settled to the bank that you are subscribed with (The bank that provides you with Payment gateway or terminal) and then the money is electronically transferred to your account within 30 days of the transaction (ie. the auth code is valid only for 30 days. if you do not submit the auth code to the bank, the transaction is voided).

The terminals or payment gateways are programmed to settle the batch. It may take anywhere between 2 - 3 business days for the money to be transferred to your acct once you settle transactions. it depends on the Bank.

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