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G2 Crowd User in Internet

Credit Card Processing

11 months ago

How do we receive funds from credit card process and how quickly? How are processing fees paid?

Vendor Responses

Response by Silent Auction Pro

11 months ago

Monies charged on credit cards are posted to Vantiv's website immediately and then batched over to your bank account within 2 business days of the transaction. Note that charges posted the same day will be aggregated together and sent to your bank account as a single batch transaction. If for instance you received three payments on the same day, one $15, one $35 and one $50, your bank would see a $100 deposit. To reconcile that $100 deposit into the three individual transactions you can use Vantiv's Core Management System that shows each batch amount with a link to drill down into the individual transactions.

The processing fees are automatically withdrawn from your account at the beginning of the month following the transaction.