How fast the credit card payments really are?

It looks like the credit card payments in the Internet are immediate. You pay and the money are coming from your credit card to the bank account of the e-shop. Well, it’s only partially true. The credit card “cloud” promises that the money will come directly, but in reality this process is not that fast.

Let’s see how the process looks like from prospective of e-merchant, using Ogone as PSP.

4.jan.2011 around 14.05
– a customer buys something in the e-shop.
– via Ogone service the credit card information is send to an acquirer and the acquirer “authorizes” the payment. However Ogone doesn’t send the actual command to transfer the money

5.jan. 2011 after midnight

– scripts from Ogone are connecting to the acquirers and start the transactions from the day before:

As you can see the actual payment happened 1 day later.

10.jan.2011

According to our contract with the acquirer the money are coming to our account once per week every Monday. So the real money from this transaction will be transferred to the bank account of the e-shop only on 10 January. So much for the “direct Internet payments”

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