As a 20-year veteran of the credit card processing industry, I’ve heard my fair share of complaints surrounding how the industry works. One of the most common complaints I’ve heard relates to fees. I’ve told my sales team this a million times: we charge money to take money, so most of the time we’re viewed as the bad guys — regardless of how little our margin is — because the perception is that the whole fee goes right to us. However, today I am going to focus on a far less publicized topic that is significantly more frustrating to a business owner: the dreaded held ticket.
What is the held ticket? Basically, when a business charges a card for more than their approved processing parameters, the processor can hold that transaction to ensure it isn’t fraud or potentially something that could lead to a chargeback. This can be incredibly frustrating for the business owner, but the processor is not only doing what they are obligated to do as a processor — they are doing what they financially must do to protect themselves, as well.
What most business owners don’t realize is that, when an account is set up, there is a large amount of due diligence a processor performs to ensure that the account is set up correctly.