Transaction Expired?
I don’t know the technical aspects of the credit card business, but recently we had fraudulent activity on our Visa check card. One transaction was “pending” for several days, but the merchant didn’t complete the transaction, so it expired. That uncompleted charge disappeared completely off our account, and even the bank said there was no record of it after a few days. The other transaction was pending for five days before it went from “pending” to “posted” and was drawn from our account. Even knowing it was fraudulent, Visa paid it when the merchant completed the request. Apparently they are obligated to pay once they have approved a request, hence the “pending” category. Five to six days seems to be the maximum for the bank to hold open an accoung for a merchant to complete payment. So, as far as I understand it, the error would be from whoever you used the card to purchase from. If they are legit, I’m sure they will get back to you to re-initiate the payment. On preview, I have no i
Here’s the short answer, the long answer follows it. Short answer: I opened up the live help window for my account at authorize.net and asked this: Brandon W: Hello Phearlez! How can I help you today? Phearlez: I’m trying to figure out – if I get an authorization number from the virtual terminal, how long do I have to run it as a capture before it “expires” ? Brandon W: An Authorization will expire after 30 days. Phearlez: is that a setting for me or just an industry thing? Brandon W: It is the industry standard. So that money might disappear from your account anytime between now and 5/21. Long answer: Your bank is confusing their internal policy for fund holding with how long a credit authorization is valid. When someone charges your card there’s actually a 3-step process. Steps 1 and 2 often happen together. Step one is authorization, which is when a merchant queries the lending bank (via a clearinghouse like authorize.net) if they approve the charge. If you’re old enough to remember
For the record, if a restaurant gets an authorization for more than the bill, they’re violating their merchant agreement, same as if they have purchase minimums or maximums. It’s not as if they need to authorize the bill plus some to add on a tip, anyway. The merchant in question can get the money even if the original authorization expired.
Its normal for an authorization to be placed on an account for a purchase. It often happens with gas. You merchant is authorized to deduct X amount of money but can not do so until the card company recieves proof of the transaction. This also happens with airline tickets. I believe the normal time ranges from 3-7 days for the merchant to privde the required documents (paper or electronic) to thus recieve the funds. I’ve never had the time expire before the funds where gone but my airline tickets did take up to the very last moment once. I’m not sure if the merchant has a way of dealing with this is they do not follow due course fast enough. However I am rather confident that their aggreement with the card company hold them responsible and not you in the event. Sounds like you got a free purchase. Though that doesn’t mean they might not all you and try to get you to submit payment again.
Sorry, I didn’t understand exactly who didn’t complete their transaction, thanks for the clarification. Even if the online Visa card seller didn’t take any money from your account, I am guessing that you still don’t have to worry (except to make sure you don’t spend the money they WILL be back to take). If your bank approved them for pending status once, they will probably do it again. Unless the virtual card is a scam. But even then, as contraption said, I don’t see how the Visa merchant gains anything by not taking money from your account.
