What Happens When A Credit Card is Swiped?
FEEFIGHTERS HAPPENS WHAT WHEN YO CHARGEACUSTOMER'S CARD? 1 IMMEDIATELY, the authorization process starts by ensuring that the customer has enough money in his/her bank account. No money is being transferred at this point, just information about the customer. THEN, The money starts making its way to the merchant's bank account. This process is spread over a few days with the total gateway fees being collected at the end of each month. FLOW OF FLOW OF DATA MONEY (AUTHORIZATION) (SETTLEMENT) CUSTOMER'S ACCOUNT CUSTOMER'S CARD $100 INTERCHANGE FEE Varies by card-type, merchant-type, transaction size. -$2 MERCHANT ISSUING BANK ISSUING The bank where the customer was BANK ASSESSMENTS issued his/her credit card TRANSACTION APPROVED / DENIED Fixed fee for using the Visa/Mastercard networks. GATEWAY DATA -$0.10 -$1.50* ?) FUNDS AVAILABLE? VISA/MC PROCESSOR'S ACCOUNT PROCESSING CUSTOMER'S NETWORK ACCOUNT MERCHANT'S ACCOUNT -$0.05 ISSUING $96.35 GATEWAY BANK * If the transaction does not happen online, data will flow from the merchant's terminal straight to the processing network. The processor's markup varies depending on the pricing of your merchant account. To be sure that you are getting a good deal, get competing bids from FeeFighters.com.
What Happens When A Credit Card is Swiped?
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