Payments
An acquiring bank will pass payments (also known as a credit), for cards a merchant has accepted, to their nominated bank account. The acquiring bank will also debit a merchant’s nominated bank account on an agreed date for any service charges, card processing fees or other bank charges e.g. chargebacks as they occur.
The time it takes for a card payment to reach a merchant’s bank account will vary depending on the type of transaction and are ranked below showing the fastest first:
- Card present transaction - up to four working days
- Card not present transaction (mail order or telephone order) – can be more than four working days
- Card not present transaction (internet) – can be 30 working days or more
A merchant can check that their bank account has been credited with the correct amount of funds by printing a daily summary of what card business has been transacted. This can be done by performing the end–of–day procedure through their terminal and then reconciling this figure with the entry in their bank account. Where these do not match, an acquiring bank will be able to assist in understanding any discrepancies.
