Payment processing is an essential part of the modern retail world, especially when it comes to running an eCommerce website. Do you want to learn more about how payment transactions are processed? If yes, just keep on reading below since this article is about how payments are cleared and how eChecks processing can help you.
How Payments Are Cleared: eCheck Payments
Before moving forward to seeing how long payments take to clear, let’s find out what key players are involved in the processes of authorization and settlement. So, these are the cardholder, the merchant, the acquiring/merchant’s bank, the issuing/cardholder’s bank, as well as the card associations, meaning Visa and MasterCard.
When a credit/debit card payment is submitted, it may require 2-3 business days to clear your bank or credit account. Card transactions get authorized just right off the bat, so the money will just immediately be pending for your transaction.… Read More