G2 Crowd User in Internet

Credit Card Processing

9 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

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The processing fees are automatically withdrawn from your account at the beginning of the month following the transaction.