credit card machines how do they work i need some1 that knows there stuff?
Aug 22, 2009
in
Credit Card Machines
Guys i made a debit card transaction on 11/16/2007, now here is my question if i made the transacion on 16 when i got paid why did it take till 12/03/2007 to post to my account?/????? how do those credit card machines work in stores is there paper work that has to be turned in, in order for the sale to post to the account, or it goes through that moment when they swipe ur card??????
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One comment
Hobbes on August 22, 2009 at 12:08 am
It depends on whether the store clerk ran the transaction as a debit or credit (did they ask?). Works like this: card swiped, machine checks pin entered (if debit) against the mag stripe, machine dials out to Visa (or MC, or . .) checks acct # for current, then trans amt against avail. funds (if debit) or credit limit, then issues approve or non-approve. Then - that night (or whenever store gets around to it, all trans are ‘batched’ together & transmitted to the store’s bank, which charges a clearing bank which then collects amt from the cardholder’s bank. Debit’s usually take 2-5 days to post, credit sometimes longer. Delays most likely caused at the store. Hope that helps.