I worked at Visa for about ten years

There are three steps to every CC transaction.

1. Authorization - Is johnny good for the $100?
2. Clearing - , the receipt of the sales record by the network from the merchants, passed to your card issuer(your card's bank like Chase or Wells for example)
3. Settlement - Your card issuer sends the merchants' money to the network for distribution to the merchant's bank.

Step 1 doesn't HAVE TO happen for step 2 to happen. Thus, they could have just shot through the transaction to your bank. There are risks to the merchant in doing this, like losing a chargeback is the biggie.

The three steps are distinct, and the computer systems are ancient, mainframe based.

I am creating a blockchain alternative to Visa right now if interested in checking it out, see link below.
[Post edited by MrBayAreaHokie at 05/02/2021 4:57PM]

In response to this post by `lag

Posted: 05/02/2021 at 4:57PM

So, just got an email saying my CC was declined... -- `lag 05/02/2021 4:05PM

I worked at Visa for about ten years -- MrBayAreaHokie 05/02/2021 4:57PM

Thanks, I'll check it out. -- `lag 05/02/2021 5:35PM

Got curious and called, apparently they can do that -- `lag 05/02/2021 4:46PM

Thought you had followed PHNC's lead by applying for a CC permit in MD -- EDGEMAN 05/02/2021 4:22PM

MD? Lol. ** -- `lag 05/02/2021 4:49PM

I thought he'd tried to carbon copy somebody. ** -- PhotoHokieNC 05/02/2021 4:27PM

Fortunately, I planned ahead and still have a few cases of carbon paper -- `lag 05/02/2021 4:42PM

My experience with AT&T is they can do WTH they want. ** -- PhotoHokieNC 05/02/2021 4:15PM

I worked at Visa for about ten years

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