Swipe machine accountng

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This query is : Resolved

Prashant Balkrishna Thanekar (Querist)
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01 January 2020 Dear all,
We are starting to use swipe machine. In this regards I have following doubts :

1. Is swipe machine checks availability of balance of customer while making payment through cr or dr card
2. How many days it will take to credit amount in merchants account
3. How to do accounts in merchants books of accounts
4. if payment declines after some time how we can find the customer

Aashok Kumar Sharma online

Aashok Kumar Sharma

(Expert)
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14 June 2020 1. Is swipe machine checks availability of balance of customer while making payment through cr or dr card
= I think it does not checks the available balance on Debit/Credit Cards
2. How many days it will take to credit amount in merchants account
= It is credited within 24 Hours normally
3. How to do accounts in merchants books of accounts
= Bank Needs to be Debited and Sales needs to be credited.
4. if payment declines after some time how we can find the customer
= Payment once successfully completed generally does not gets declined later on. But the organisation can find the customer based on address and contact details provided at the time of purchase.

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