What is the name of your state (only U.S. law)? Massachusetts
I have my merchant account at Sovereign Bank. They process their credit card transactions through First Data. I put through my first credit card order to see how smoothly the process worked. I used my credit card from another bank, called Mayflower Coop, to make the transaction. Seconds after I did I saw sat that the amount that I charged through Mayflower was deducted from my account. That looked okay. Then I checked my merchant account at Sovereign and the charge from my card was not as yet posted as a credit. A whole day went by. No credit. Two days. Nothing. I called First Data's customer service and they told me it typically takes 24 - 48 hours for a charge to be credited. Now it has been 80 hours and I still see nothing. Is that legal? What are they doing with my money while I wait for the credit to be deposited into my merchant account. Are they getting interest on it?
Please, someone, enlighten me!
I have my merchant account at Sovereign Bank. They process their credit card transactions through First Data. I put through my first credit card order to see how smoothly the process worked. I used my credit card from another bank, called Mayflower Coop, to make the transaction. Seconds after I did I saw sat that the amount that I charged through Mayflower was deducted from my account. That looked okay. Then I checked my merchant account at Sovereign and the charge from my card was not as yet posted as a credit. A whole day went by. No credit. Two days. Nothing. I called First Data's customer service and they told me it typically takes 24 - 48 hours for a charge to be credited. Now it has been 80 hours and I still see nothing. Is that legal? What are they doing with my money while I wait for the credit to be deposited into my merchant account. Are they getting interest on it?
Please, someone, enlighten me!