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When will I get paid?

Discussion in 'BlackHat Lounge' started by dishnetboi, Jan 25, 2010.

  1. dishnetboi

    dishnetboi Power Member

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    Occupation:
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    If I am running my own merchant account through a company like authorize.net, When do they payout?

    Or when I sell something does the money go straight into my bank account?
     
  2. dishnetboi

    dishnetboi Power Member

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    Occupation:
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    Awesome,
    Anyone worked with a company that will do a same day transfer to bank account?
     
  3. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    according to authorize.net website, they do their part of the job in less than 3 seconds, here's a diagram how authorize.net works:
    Code:
    http://www.authorize.net/resources/howitworksdiagram/
    so it's not affecting much the time you get your money, the time depends on your bank and the buyer's bank, if there's no problem and the funds available on your buyers bank account, i guess it takes the usual 3-4 business days to get your money to your bank account

    proove me wrong, but i don't think this kind of service exists
     
    Last edited: Jan 25, 2010
  4. plunge

    plunge BANNED BANNED

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    depends on the settlement schedule of the gateway (authorize.net) and the bank (you didn't say who the merchant bank was)..

    the default setup for authorize.net is to settle batches nightly, so your bank should send out an ACH direct to your actual 'deposit' bank the next business day.

    example:
    business day 1 - card(s) charged successfully
    business day 1 - later that night, batch (all transactions from the day) settles successfully

    business day 2 - merchant bank sends ACH

    business day 3 - you receive it

    if it's taking longer than this, and your business needs faster cashflow, get a better bank :)
     
  5. plunge

    plunge BANNED BANNED

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    nothing like this exists, for a lot of good reasons