Payment processing

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ATSTD

Active member
Feb 21, 2025
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#1
Why when I buy something online it’s usually instantly processed but you make a payment to a credit card company or affirm, it takes them one or two extra days for them to take money out of your account and process the payment? @CarriePie and I have decided this is some kind of conspiracy.
 

maxwel

Senior Member
Apr 18, 2013
9,813
2,865
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#2
Usually when a company "sends" money slowly, it's so they can hold it as long as possible.
So if you're paying the CC company from your bank acct, the holdup may be your bank.
(Holding everyone's money a few extra days can increase their cash flow by millions. And money is never sitting still, they'll be using everyone's cash to generate more money.)

There could also be other things going on.
Be interesting to hear what others have to say.
 

Gideon300

Well-known member
Mar 18, 2021
5,788
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Frankston, Victoria
christianlife.au
#3
Why when I buy something online it’s usually instantly processed but you make a payment to a credit card company or affirm, it takes them one or two extra days for them to take money out of your account and process the payment? @CarriePie and I have decided this is some kind of conspiracy.
To what end? Some businesses do not submit their payments to their bank immediately, especially smaller companies.
 

Gideon300

Well-known member
Mar 18, 2021
5,788
3,520
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Frankston, Victoria
christianlife.au
#4
Usually when a company "sends" money slowly, it's so they can hold it as long as possible.
So if you're paying the CC company from your bank acct, the holdup may be your bank.
(Holding everyone's money a few extra days can increase their cash flow by millions. And money is never sitting still, they'll be using everyone's cash to generate more money.)

There could also be other things going on.
Be interesting to hear what others have to say.
Nothing new about this. Cheques used to take days to clear. In theory, this is to allow a cheque to be cancelled. In practice, the bank lends the money on the short term money market while you wait for it to be deposited.
 
Feb 15, 2025
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#5
Usually when a company "sends" money slowly, it's so they can hold it as long as possible.
So if you're paying the CC company from your bank acct, the holdup may be your bank.
(Holding everyone's money a few extra days can increase their cash flow by millions. And money is never sitting still, they'll be using everyone's cash to generate more money.)

There could also be other things going on.
Be interesting to hear what others have to say.
And I thought it was just me. lol

When we went to amend our mortgage a few years ago was when I found out the bank that we applied to was not the one that gave us the money.

They told us our mortgage money was through a private lender. An individual.

So,after that, besides wondering why don't banks have the money anymore so to grant a mortgage, slow CC company payment processing and why that is, is just par for the course.
 

ATSTD

Active member
Feb 21, 2025
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Southern California
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#6
To what end? Some businesses do not submit their payments to their bank immediately, especially smaller companies.
From my Citibank checking account to either a Capital One Credit Card or an Affirm loan. Not sure why I can buy a candy and it is instantly process but a payment toward a cc or loan takes days. Just take my money!
 
Apr 21, 2021
8,805
3,836
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#7
A conspiracy of not taking your money?

My bank always shows "Pending" instantly. It may take some time for it to go through, but at least I can see what's happening. The only exception to this is if I pay with an E-Check. It usually takes a few days to show pending, then a few more days to actually go through.
 

ATSTD

Active member
Feb 21, 2025
100
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37
Southern California
www.linkedin.com
#8
A conspiracy of not taking your money?

My bank always shows "Pending" instantly. It may take some time for it to go through, but at least I can see what's happening. The only exception to this is if I pay with an E-Check. It usually takes a few days to show pending, then a few more days to actually go through.
A conspiracy of not taking your money?

My bank always shows "Pending" instantly. It may take some time for it to go through, but at least I can see what's happening. The only exception to this is if I pay with an E-Check. It usually takes a few days to show pending, then a few more days to actually go through.
Yeah. I don’t understand with the technology we have today, why it isn’t instant.
 
Apr 21, 2021
8,805
3,836
113
#9
Yeah. I don’t understand with the technology we have today, why it isn’t instant.
As someone else said, it's probably to allow time for cancelling the transaction. While it says "Pending" you can still cancel.
 

Gideon300

Well-known member
Mar 18, 2021
5,788
3,520
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Frankston, Victoria
christianlife.au
#10
From my Citibank checking account to either a Capital One Credit Card or an Affirm loan. Not sure why I can buy a candy and it is instantly process but a payment toward a cc or loan takes days. Just take my money!
Be sure that it is for the benefit of the bank, not you! I transfer everything by internet banking these days. Even then, some of my transfers are delayed.
 

ATSTD

Active member
Feb 21, 2025
100
34
28
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Southern California
www.linkedin.com
#11
Be sure that it is for the benefit of the bank, not you! I transfer everything by internet banking these days. Even then, some of my transfers are delayed.
I do the same. It either takes one or two, sometimes up to three days to process from a checking account.
 

kinda

Senior Member
Jun 26, 2013
3,986
1,521
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#12
Some quick insights. Bank transactions typically don't process on the weekend, so if you make a payment on the weekend, it might not actually clear until, Tuesday. It will process on Monday and maybe clear on Tuesday morning.

The banks probably do this, to prevent fraud as well. If it was instant, than that opens up the door for fraud. Ever hear of check kiting?

Also, I left article here, to better understand how it works.

Why isn't my credit card payment instant?

"The account you use to pay your credit card affects when your payment posts. Your payment typically posts fastest when you pay with an account from the same bank as your credit card. Payments made from an account with another bank take longer to post."

Why does it take 3 days for a credit card payment to go through?

"Credit Card Transactions: Typically take up to 3 business days to clear. Credit card payments often involve multiple layers of verification and authorization, contributing to this timeframe. Direct Deposits: Usually clear by the next business day."

Why hasn't my credit card payment posted?

"It can take one to three business days for an online or phone payment to post to your credit card account and reflect in your available credit. 1 That's because payments made using a checking account and routing number are processed in batches overnight and not in real-time."

Why do payments take 3 to 5 days?

"The reason a BACS payment typically takes 3 days to clear is that there's a cycle that posits the company submits the payment on the first day, the payment is delivered to the bank of the recipient on the second day and the payment is settled on the third day."

https://financeband.com/why-don-t-credit-card-payments-post-immediately
 
Apr 18, 2013
9,813
2,865
113
#13
Some quick insights. Bank transactions typically don't process on the weekend, so if you make a payment on the weekend, it might not actually clear until, Tuesday. It will process on Monday and maybe clear on Tuesday morning.

The banks probably do this, to prevent fraud as well. If it was instant, than that opens up the door for fraud. Ever hear of check kiting?

Also, I left article here, to better understand how it works.

Why isn't my credit card payment instant?

"The account you use to pay your credit card affects when your payment posts. Your payment typically posts fastest when you pay with an account from the same bank as your credit card. Payments made from an account with another bank take longer to post."

Why does it take 3 days for a credit card payment to go through?

"Credit Card Transactions: Typically take up to 3 business days to clear. Credit card payments often involve multiple layers of verification and authorization, contributing to this timeframe. Direct Deposits: Usually clear by the next business day."

Why hasn't my credit card payment posted?

"It can take one to three business days for an online or phone payment to post to your credit card account and reflect in your available credit. 1 That's because payments made using a checking account and routing number are processed in batches overnight and not in real-time."

Why do payments take 3 to 5 days?

"The reason a BACS payment typically takes 3 days to clear is that there's a cycle that posits the company submits the payment on the first day, the payment is delivered to the bank of the recipient on the second day and the payment is settled on the third day."

https://financeband.com/why-don-t-credit-card-payments-post-immediately
With modern technology, all of these verifications could be done nearly instantaneously... if they wanted to.
But the act of holding everyone's money a few extra days gives a bank or processor millions upon millions of dollars of extra cash reserves with which to create more money for themselves.

That's just how it is.

I don't think it's some kind of grand conspiracy... this is just how financial institutions operate.
There are usually far worse things they're doing than this.

Large banks have even been caught flying reps to South America to court the accounts of drug kingpins.


So if the WORST thing your bank has ever done is process your money slowly... your bank is run by saints.
: )

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