The example below is a typical business that accepts credit cards.
A Business Merchant slides the customer's card through the credit card terminal and enters the ticket amount.
The terminal then connects to Swipers.com processor for authorization.
The processor returns the information onto the bank that issued the credit card where the bank checks to see if the card is valid and see if the charge amount is available.
The issuing bank sends back an approval code or a decline message to swipers.com processors.
The information is passed back to the credit card terminal and prints a record for the customer to sign.
It takes approximately 13 seconds to complete on a credit card machine using a standard phone line. Newer internet enabled machines can cut this time to just a few seconds.
At the end of each business day the merchant must "batch out" or "settle" their terminal which will begin the final process of each transaction.
In most cases Swipers.com can automatically settle the transactions at a specified time each day.
Once the settlement process is initiated the funds are transferred from the card issuing bank and are electronically deposits into the merchant's checking account.
It typically takes no more than one - two business days from the time of the original transaction for the funds to reach the merchant's checking account.
