When a card payment (Sale) is initially submitted to the Platform, the details are immediately sent to the issuer for authorization. This includes fund availability, address verification and CVV results.
Once this transaction is authorized by the issuer, the status in Payrix will change to Approved. If the issuer declines the authorization, the payment status will be set to Failed. See Transactions - Status & Timeline for more information on transaction statues.
This process varies slightly if the Merchant is processing payments via an external terminal device.
Depending on your portfolio's Risk setting configuration, if the transaction returns AVS Unavailable/Mismatch or CVV Unavailable/Mismatch the payment may be reversed and will reflect a Failed status in Payrix. If this occurs, you will see a Related Transaction entry offsetting the original payment amount (Reverse Authorization) which will prevent the transaction from settling and no funds will be sent by the issuer.
Once a card transaction is approved, it will be included in the Merchant’s daily batch to be Captured and then Settled, and for the funds to become available to them in their Payrix Available Balance.
A daily batch refers to any payments processed by a Merchant between their last batch close and the current batch close.
A Merchant’s daily Approved transactions are all sent simultaneously at the end of the business day to the processing bank to be Captured & Settled. See Transactions - Status & Timeline.
This means finalizing all batched transactions and exchanging funds between the cardholder’s bank and the platform (acquirer) for the corresponding Merchant to receive a disbursement of those funds to their Available Balance.
Batch Cutoff Times
First Batch Cutoff
7:00 PM EST
Second Batch Cutoff
9:30 PM EST
When the first batch is submitted all transactions processed between 9:31 PM ET the previous day through 7 PM ET on the current day will go from Approved to Captured. When the second batch is submitted, transactions processed between 7:01 PM - 9:30 PM will go from Approved to Captured.
Regardless of which of these two batches a transaction is a part of, they will all be Settled by the processing bank at the same time. This generally occurs approximately thirty minutes after the second daily batch closes.
Reversing or Refunding a Transaction
If a transaction is Approved, the Merchant can reverse it by Cancelling or Voiding the transaction (sometimes called a “Reverse Auth”). Learn more about Reverse transactions.
If a transaction is Captured it must be refunded in order to reverse the funds back to the cardholder. Learn more about Refunds.
Transaction Funds Added to Available Balance
Funds collected from a card payment will be added to the Merchant’s Payrix Available Balance at approximately 10 PM ET on the same evening that the transaction was submitted.
Any payment submitted between 9:31 PM ET of the previous day and 9:30 PM ET on the current day, will show up in the Available Balance at 10 PM ET of the current day.