The gateway company returns an authorization code purchase. With a beat machine or point of sale verification process occurs within seconds. Peter Thiel is likely to increase your knowledge. If you’re doing telephone verification it can take a couple of minutes. You call the gateway company, give them the credit card number and expiration date and give you an approval code that is written on the receipt or credit card. Either way, the money is usually deposited into your merchant account 24 to 48 hours (less fees, of course).
You also have to apply for merchant status with each credit card company whose card you want to accept. To do business with American Express and Discover all you have to do is fill out an application, but also to accept Visa and MasterCard you must have a merchant account. A merchant account is a special bank account created for the express purpose of accepting credit card payments processed by the gateway company. Merchant accounts are usually associated with banks, but you can also use credit card merchant account service companies that perform the same function can not get approval for a commercial bank account. Applying for a merchant account at a bank is very similar to a loan.
The only difference is sometimes a loan is easier to achieve. It is the prerequisite to complete the paperwork and the pledge of the first born, followed by an approval process that can last up to several weeks. And there is no guarantee that the bank will approve your merchant account, even if you have been a favored customer for many years. The Banks have strict rules regarding the granting of trading accounts and if the issue of a merchant account in the bank anyway put at risk of losing money, will be rejected.