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Visa Debit - just how long can they wait?
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.Hi,
In such cases, the duration of time that the merchant’s business has been operating would make a telling difference. If his business has been around for a good length of time, it would act as an assurance to the merchant account provider. You can get more information from www.merchantacquring.co.uk0 -
MarkyMarkD wrote: »This is a very silly thread.
If you bought something using your debit card, you have had the benefit of the goods/services and you owe the retailer the money.
If they delay taking the money from your account, you are benefiting through a saving in interest or an increase in interest earned.
If you "forget" about the outstanding transaction, and spend the same money again, and hence go overdrawn without authority, that's your own silly fault.
It's the individual's own responsibility to keep an account of transactions which haven't yet debited their account. It's not rocket science - simply keep your debit card receipts at least until the item has gone through your statement.
or use an accounts package (eg quicken or Microsoft Money):o0 -
Surely in the 21st century we shouldn't have to rely on 1980s technology (albeit enhanced with chip & PIN).
How long will it be until we make a payment and this is electronically sent same time to pay a transaction? The banks have had long enough to sort out any potential fraud issues and have systems in place should anything go wrong.
That would end this type of thread once and for all0 -
I have made a purchase from a company in Canada using Visa Debit. The payment is pending in my account (not reflected on balance, but reflected on balance available). The company have not received payment, but my bank know who the payment is for and how much for in Canadian dollars. Does the trader have to do anything to finish off the process of the payment. Thanks0
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the company have received it, they will (or should) have the authorisation in their possession.
Once that authorisation is presented for settlement it will be taken from your account.
Also, since this thread has been dug up, I'll clear up a few bits of misinformation:
1) an authorisation is valid for as long as it is valid and nothing but nothing will stop the merchant from successfully presenting that for settlement. Once the authorisation has expired, that's it... authorisations are binary, they are either valid or not.
2) it has nothing to do with chip and PIN, an authorisation is always obtained no matter what method of transaction is used.0 -
it is actually 4-5 days, then the bank can bounce the transaction. If the bank bounces it and the company you used the card with knows your address they will write to you and ask you to pay again. James
That is completely incorrect. The process usually takes 4-5 days and if its not claimed the funds are released back into the account of the payee.
However the actual transaction produces an Auth code, which is vaild for 6 months from the time it is generated, guaranteeing payment to the acquiring bank as long as it is collected within this time. After 6 months it can't be claimed and can be bounced.
By using your card successfully you are guaranteeing that the payment will be made. Its in all current account terms and conditions. If the transaction is in Canada the exchange rate is usually used when it is posted to the account rather than the time the transaction is made.0
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