What is the life cycle of a transaction processed through a credit card?

Jeana Hollingsworth

When someone enters a credit card number, Convio transfers their information to your card processor, hosted by IATS, ClearCommerce or Verisign. One of these agencies then turns the transaction over to a platform (eg VisaNet), where the card issuer's bank is consulted. The bank will consider the following:

Is the account active?

Are the funds available?

Is there a problem with the account?

Is the given expiration date correct? (NOT all banks do this)

Are the street address and zip code consistent (Only if AVS is turned on for your site, and NOT all banks do this)

Is the CVV correct? (Only if CVV is turned on for your site)

If everything is ok, the platform then arranges a (future) transfer of funds to your merchant account provider. It responds to your card processor, who in turn responds to Convio and a transaction is created and added into the contact's profile and reports. Finally, that night, we perform a "settlement". This is the process to get the money from the cardholder's account to your bank.

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Mary Cosgrove

Hello,

Is there any way to find out how other clients process their 'settled' transactions in Peachtree or other accounting software? Our accounting manager is having trouble matching the payflow deposits to the bank with the actual donation made in convio. We have been using the convio settlement date, but I understand that this date differs from the bank dates..

Can you help us out? Thanks, Mary