Important information for merchants, whether you are new to credit card transactions or have been in business for years.
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What is a deposit ? Is it needed to process deposit for every sale?
Deposit’s are transactions that withdraw funds from the cardholder’s credit card line and deposits them into your sponsoring bank account (or other account you’ve designated). Every sale must include an authorization and a deposit, in that order. Usually, in a retail business setting, the authorization and deposit are handled as a single point of "sale" transaction.
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What is an Authorization ?
An authorization is to help in the process of information that the credit card or transaction at hand is not counterfeit and that the user of the credit instrument has funds sufficient for the transaction.
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Do you need to run the authorization separate from a deposit transaction ?
NO, when goods and services are actually being delivered at the time, your staff will use the Sale transaction and Deposit transaction at that time. In addition to authorizing the charge it will deposit the funds for the sale into your business checking account.
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What does an Authorization number mean ?
Authorization numbers are made electronically through your POS system or PC processing or from a Visa/MasterCard authorization center that will inform the merchant that credit is available on the card and that the present card is not in any dispute at the time.
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| What are important Credit Card Center phone numbers ?
VISA/MasterCard – 1-800-228-1122
AMEX – 1-800-528-2121
Discover – 1-800-347-1111
Revolution Card – 1-800- 597-0184
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What is a Credit?
Credit is a refund issued by you the merchant to the legitimate customer upon a return or an error entry or cancellation of a sale. Once this transaction is complete this will reduce you business day’s processing total.
Please note that if a customer disputes a Visa or MasterCard transaction sale, you will receive a letter of notification to send the signed copy of draft and other information to your processor
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How long does it take for a credit card deposit take to go into the merchant’s bank account s?
The average bank deposit is available between 2 to 3 business days. If you have another bank to receive deposits then this process may take additional time.
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What the typical Chargeback Procedure ?
The procedure for a chargeback may come from the (retrieval Request). A retrieval request is from the card – issuing bank that will request the original, photocopy or fax method to prove the validity of the actual sale.
Please note that if a customer disputes a Visa or MasterCard transaction sale, you will receive a letter of notification to send the signed copy of draft and other information to your processor.
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What constitutes some of the different types of Charge backs? An unauthorized signature No signature on Sale Draft No signature on Sale Draft Unauthorized Purchase
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Is the Merchant Liable for Charge Back ?
Yes, if the customer proves a valid dispute with the charge in question and you the merchant do not have satisfactory evidence to support your defense then you may be liable for the charge back.
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What is a Charge Back ?
A charge back is a dispute from the customer that a charge is in question for a host of many reasons. The cardholder is within their legal right to begin procedures to dispute the charge up to 6 months after the actual sale.
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