Authorize and Reserve Funds
iPay POS as the ability to submit transactions of type "auth", which is authorize, verify and hold funds. An example who would be in need of this would be a rental agency that pre-authorizes the charge card and settles the charge once the rental period is over. It also can be used by a contractor that wants to verify funds are in place before starting a job. Once funds are placed on hold, if the merchant takes no further action, the funds will be released back to the card holder after 30 days. To release funds back to the card holder before the 30 days have passed, a Void can be performed on the transaction. To claim funds, a Capture must be peformed on the transaction. A capture of funds can be any amount up to the original held amount. Only one capture can be performed on held funds. For example, you can't hold $100, capture $50, and then capture the remaining $50. After the first capture of $50, the remaing funds are returned to the card holder.

How To Authorize and Reserve Funds (AUTHORIZE ONLY)

1Enter a valid credit card number

2Enter the expiration date in the form of MM/YY two digits for month, followed by two digits for year. For example, April, 2009 would be 04/09.

3Enter an amount to authorize and hold.

4Although not required for a successful transaction (unless the default settings for this account was modified at the Authorize.net merchant account area), it is good practice to enter the Zip, CVC, and Address. You can quickly add the address by pressing the "AVS" button.

5You may enter a valid email address if an email receipt is requested by going to the Menu Screen and selecting "Receipt Email".

6Press "PROCESS TRANSACTION" and when the Alert pops up, confirm by pressing "Submit as HOLD".

 

ProcessAway!