How It Works

Credit Card Processing

Credit card processing takes place in the following manner:

  • Step1: First, customer pays through credit card.
  • Step2: Credit card information is captured by merchant.
  • Step3: MGI credits merchant account and submits transaction for settlement upon approval by card issuing bank.
  • Step4: Bank end processor debits the card issuer account as the acquirer; transaction is sent to issuer.
  • Step5: Merchant account is funded by acquirer.
  • Step6: Transaction is posted by the issuer to the customer’s account.
  • Step7: Customer receives statement and pays the issuing bank.

Merchant Application Process

Maverick Paycard is a three step procedure:

  • Step1: First, you file an application; verification takes around three days.
  • Step2: Documentation and approval; verification takes around four days.
  • Step3: Online setup, which is completed in one day.

So, in total it takes around just 8 days!

Merchant Payment Schedule

The sum total of customer transactions from Monday to Sunday (1 week) is taken into consideration, while making a payment to merchant’s bank. So, the total payment processing period in this case is one week. Payment is deposited to the merchant’s account by direct deposit for all the transactions conducted during that week.

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