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July 31st, 2003, 02:15 PM #1
- Join Date
- January 17th, 2005
How much time could pass, till a merchant approves cc payment. Some of my merchant take weeks, some just a few hours. But I think it should only take minutes. What do you think?
July 31st, 2003, 05:51 PM #2
thing is, US interstate commerce laws give consumers something like 30 days to refuse a CC payment, and if the merchants pay out in advance of that, they are responsible. So, some merchants handle it with a chargeback situation, while others hold the payment for a month, and don't count it as "accepted" until it's locked..
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July 31st, 2003, 07:51 PM #3
30 Days after the date of the statement and not 30 days after the charge,
because the average Credit Card Holder does not know about a charge until he gets his statement.
You can't even challenge a charge BEFORE it's on your Statement. You have to try to contact the merchant first (what is not always possible).
That increases the timeframe of a possible "challenge" or chargeback by aprox. 20-30 Days.
as FFoc stated, the Merchant risks to lose money due to chargebacks, if he approves it before. The Money for the inital charge is usually on the Merchants Bank account 1-5 Business Days after the Transaction occurs.
Online Transaction may take longer because multiple parties are in between:
Payment Gateway (such as Verisgn or Authorize.net), Processor (Amex, FDMS, Nova etc.), Merchant's Merchant Account (Bank), Merchant's "Final" Bank Account.
If you can't move things, try harder!
[This message was edited by Carsten C on July 31, 2003 at 11:59 PM.]
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