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psyko514 · 10-26-2002, 10:32 PM

It's not a pre-authorization, it's an authorization. The merchant gets an authorization code, the same way anyone who accepts a credit card does.
A transaction does not get posted to your account until the merchant closes the batch file on that transaction and deposits it. If they don't close the batch within 5-10 business days (depends on the transaction), the authorization is released and the funds become available once again.

As for the verification part, merchants selling tangible goods (computers, electronics, furniture, etc) usually call the issuer's bank to make sure the name and address the buyer gave them is the same address on the buyer's credit card account. If not, they don't ship the item. In cases where the account has been taken over by a fruadster and the address has been changed, this absolves the merchant from responsibility.

10-26-2002, 10:32 PM
psyko514 See sig. Join Epic Cash. Join Date: Oct 2002 Location: Montreal, Quebec. ICQ: 214702014 Posts: 22,366	It's not a pre-authorization, it's an authorization. The merchant gets an authorization code, the same way anyone who accepts a credit card does. A transaction does not get posted to your account until the merchant closes the batch file on that transaction and deposits it. If they don't close the batch within 5-10 business days (depends on the transaction), the authorization is released and the funds become available once again. As for the verification part, merchants selling tangible goods (computers, electronics, furniture, etc) usually call the issuer's bank to make sure the name and address the buyer gave them is the same address on the buyer's credit card account. If not, they don't ship the item. In cases where the account has been taken over by a fruadster and the address has been changed, this absolves the merchant from responsibility.