http://smallbusinessmerchantaccounts.org/credit-card-machines-how-do-they-work-i-need-some1-that-knows-there-stuff.htm Sat, 19 May 2012 13:03:04 +0000 http://wordpress.org/?v=2.7.1 hourly 1 http://smallbusinessmerchantaccounts.org/credit-card-machines-how-do-they-work-i-need-some1-that-knows-there-stuff.htm/comment-page-1#comment-896 Hobbes Sat, 22 Aug 2009 05:08:16 +0000 http://smallbusinessmerchantaccounts.org/credit-card-machines-how-do-they-work-i-need-some1-that-knows-there-stuff.htm#comment-896 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. 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.

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