January 1, 2010
How long after processing a credit card will I see the money in my account?
Junior 79 asked:
I am setting up a merchant account and I’m wondering how long it will take before I see the money in my account after processing. Also does it differ depending on the credit card? (Amex, Discover Visa)
I am setting up a merchant account and I’m wondering how long it will take before I see the money in my account after processing. Also does it differ depending on the credit card? (Amex, Discover Visa)
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Not the card, but the bank most banks process the account in about 5 business days.
If you setup an account it takes about 5 business days before the account is ready to go. After each transaction it takes 2 business days before the money is in your account.
If you have a true merchant account (e.g. not a Paypal account) you will see Visa and MasterCard payments within two business days of your terminal batching. American Express and Discover will take three business days.
Notice it is business days. This means transactions processed on a Monday will be deposited on a Wednesday. Transaction processed on a Thursday will be deposited the following Monday since Saturday and Sunday are not considered business days.
It is possible to have Visa and MasterCard transactions deposited within one business day if the merchant account provider has a direct relationship with your bank. A good example would be Elavon (processor) and Regions Bank (Bank). If your business checking account is with Regions Bank and your merchant account through Elavon your funds will be deposited within one business day.