Received funds on merchant accounts can be verified through various ways like: phone inquiry, personal appearance, online confirmation, and statement of account. The duration of fund transfer may vary from one bank to another due to some factors like: relationship between the provider and the bank, prompt consolidation of terminal receipts, and presence of non-working days.
Funds transferred through credit card payment are usually received after 2 - 3 days banking days; however, this may vary depending on some factors. A merchant can verify transfer of funds by means of phone call, bank appearance, online verification and review of statement of account.
Here are some ways to verify if funds have been successfully deposited into your merchant account:
Most of the banks have customer technical support to answer all bank related concerns. There is no need for you to go to the bank and verify your account since phone inquiries are entertained by highly trained and capable staff.
If you are the type of person who wants to conduct a personal inquiry, authorized bank representatives also welcome clients who go to the banks for verification.
Another convenient way to check if funds are deposited directly to your merchant account is to log-in through the bank's website using your account number. Just remember to check your funds 2 - 3 business days after transactions have been made. During this time, your account has already been updated.
Statement of account
Some people find detailed information satisfying. They need visual proofs before they are convinced about a particular thing. Reviewing your statement of account is an ideal way of getting concise details, which include transaction fees, chargeback, and the like.
Since there are some merchant account providers who have established a good rapport with the issuing banks, sometimes it takes earlier than expected for your funds to be deposited to your account. Another factor that would also affect the duration of fund transfer is the promptness of the merchant to consolidate the terminal receipts. The presence of holidays and weekends also delay the transfer of funds to the merchant's account. Banks have clearly specified 2- 3 business or banking days, which means days over the weekends are absolutely not counted.