How do I get the money from my credit card sales?
When you set up your merchant account you specify on the application your DDA (Direct Deposit Account). That is the account that your processor will use to deposit your credit card sales.
Your credit card sales will typically be deposited in your direct deposit account within 24 to 48 hours from the time the settlement process is run. The settlement process is the operation that converts the authorized amounts into settled funds for deposit. The settlement process can be run manually or can be set up to run automatically. It is recommended that the settlement process be run within 72 hours of the authorization or you run the risk of the authorization expiring.
It is important to understand that a credit card transaction is a two part process. The first part is the authorization, which amounts to a hold on the funds at the customer’s bank. The second process is the settlement process in which the authorization is collected. The settlement process is typically run once a day and will convert all the outstanding authorizations (credit card sales) for the day into one deposit into your direct deposit account.
Next week we will discuss how to decrease the time it takes to receive your deposits. So, please be sure to check back.
As always our friendly staff is always available to help answer any questions you may have with regard to merchant services so please don’t hesitate to call. (800)917-8026