![]() ![]() ![]() you raise an “invoice” or “sales receipt” that increases your revenue and your accounts receivable in your accounting system.a customer checks out of your shopping cart.So your workflows may look like without a clearing account: Technologies like blockchain & smart contracts will eventually fix this, a discussion for another day.įor now, if you’re an e-commerce merchant and you use a payment gateway to collect money from customers (whether that be a credit card, Amex, or other payment forms), there is a delay in the funds coming into your bank account, normally 1-3 days. The more parties there are in between, the longer it takes. The underlying problem is that it takes 2-3 days for funds to clear through the various banking systems around the world. Banks & other financial institutions will tell you they’re cutting edge from a technology standpoint – the real truth is they’re not, with a few exceptions. ![]() It is one of the banking systems' little secrets that this isn’t the case, and it’s going to take a major change in the technology that underpins our financial system to change that. In our highly connected, networked, real-time information world, you’d think when you make a payment on a credit card, the amount is immediately transferred to the merchant (the business you’re buying from).
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