2007-11-07 02:46:04 · 6 answers · asked by meden03 1 in Business & Finance ➔ Credit
With out too much detail, I’ll try to keep this on the simple side…
1) You swipe your card through the terminal at the merchant…
2) Transaction is transmitted via the BASE I system (VISA side) which will go to the CC processing network – to the central Visa network – to the issuing member banks network and check for open status (the approval is actually ‘status: open to buy’ and this is the removal of available status from your specific account) – and the response is sent back through the same path. This takes between .8 –3.2 seconds once it hits the front-end (BASE I) processor’s network switch.
3) The approval is sent back to the merchant and then prints receipt – you sign.
4) End of the day, the merchant either ‘batches out’ manually or many systems do it automatically. Here the information (entire days data) is send to a BASE II processor (back-end) which has many more steps than the last – but in essence – the settlement message is sent to the issuing bank in much the same path as before.
5) Once the settlement information is process by the BASE II processor another message goes to the issuer of the card – allowing them to post to your account as monies due.
Bottom-line: it is typically processed the same day (or early the next day in batch mode), and the available credit is removed from your account instantaneously at purchase.
Hope this helps.
2007-11-07 16:39:15 · answer #1 · answered by brettmansdorf 2 · 0⤊ 1⤋
Credit Card charges I'm not to sure about but, Debit Cards yes, it is charged that very day.
2007-11-07 02:50:25 · answer #2 · answered by cherry apple 3 · 0⤊ 0⤋
yes.
the merchant has a good reason to deposit all his charge slips as early as possible -- he gets real money sooner.
not to mention that the charge verification system keeps a running balance of the promises you've made that haven't yet been deposited and considers them before it approves another charge -- which is why you can't vastly overcharge your card on a weekend when the banks are closed.
2007-11-07 02:53:20 · answer #3 · answered by Spock (rhp) 7 · 0⤊ 0⤋
yes ,
of course why do thinks give banks give credit card .so inorder to stop the charge you must make more than the credit card
2007-11-07 03:13:58 · answer #4 · answered by tom 1 · 0⤊ 1⤋
It will take the money off your credit card and then show it pending...
2007-11-07 02:50:13 · answer #5 · answered by lisa_chris_hays 2 · 0⤊ 0⤋
normally yes.
2007-11-07 03:55:41 · answer #6 · answered by Michael M 7 · 0⤊ 0⤋