Take a Tour of Payment Processing for Wells Fargo.

The Quick Tour

The Details

A customer (cardholder) presents a card to pay for purchases. For card-not-present transactions (payments made by phone, mail or online), the customer provides you with the account number, expiration date, billing address and CVV2/CVC2/CID code (Card Verification Code for security purposes).

You then swipe the card, enter the dollar amount and transmit an authorization request to Wells Fargo Merchant Services. For card-not-present transactions, you may collect the account number and other information digitally (via a Web site) or key enter it (via a call center or processing center).

Wells Fargo Merchant Services electronically sends the authorization request to the card issuer (e.g. the cardholder’s bank).

The issuer approves or declines the transaction.

Wells Fargo Merchant Services receives the approved or declined response and forwards this response onto you.

Seconds after you complete step 2, you receive the authorization response and complete the transaction accordingly.

You submit your transactions for settlement.

Wells Fargo Merchant Services then deposits the funds to your account. If you have a Wells Fargo deposit account, you can receive your funds as soon as the next business day.

Merchant accounts are used for business transactions. If you write a business check, it can take a few days to clear. It can take 2-3 days before your debit/credit card will clear as well. It will show as pending transaction, till it does clear. Order cheap business checks is easy to do, and can save you money as well.