Reckon Accounts Payment Services - Transaction Handling

Legacy KB ID: 2015

Question

How long will a Credit Card Transaction take to deposit in my bank account?

Answer

Reckon Accounts Credit Card Payment service will verify the transaction immediately. The period which is required to actually clear the funds from the Customer's credit card to the Reckon accounts user's merchant account will depend on the Bank's agreement with the Credit Card institute.

For Example:

The Reckon accounts user has a merchant account with Westpac which they have setup to process Visa, Master and Bank Cards as well as American Express and Diners Credit Cards.

Westpac has agreements which constitute the processing time required to clear and transfer funds into the merchant account. This could mean that Visa, Master and Bank Cards payments can be processed on the same day while Amex transaction will take a full working day and Dinners 5 days.

Please consult your merchant account supplier for more information.

Daily transaction consolidation!

Transactions cleared and transferred to the Reckon Accounts user's merchant account will be consolidated and deposited as one. Reckon accounts will email the user on a daily basis a report of individual transactions that have been deposited in the user's merchant account.

 Need more help?

Ask the Reckon Community at: https://community.reckon.com/

OR

Raise a Support Ticket: https://www.reckon.com/au/support/ticket/