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Fred98 -> RE: Digital River rather slow ? (7/27/2007 1:49:57 AM)
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I have been a banker for 22 years.
In the days everybody paid by cheque, it took a while for the bank to verify the funds are available and so it takes some days to clear a cheque.
An electronic payment cannot be made unless the funds are available.
When a large corporation makes payment by electronic transfer, the receiving bank can confirm the same day that the funds have been received.
If the payment is routine in nature, the staff at the receiving end might not check until the next business day. This is because the bank’s electronic clearing process happens in the middle of the night and is administered by hard working highly stressed bankers. [&o]
In the case of a game purchase, it is likely that they receive many payments of the same amount on the same day. It can take some time to verify which payment came from which customer.
If the payment is overseas in a foreign currency, all the above continues to be true. But there can be a delay that should never exceed one day.
The delay is because your bank will have a Correspondent bank in NY where they hold their USD account. The funds are drawn from that bank to pay for the goods in USD. It is electronic but sometimes good experienced staff [&o] notice something unusual and stop and double check before proceeding. As they should. Sometimes it is not all electronic and a human error by hard working highly stressed bankers leads to a delay.
But the most likely delay is by the beneficiary. Once he has the funds, he needs to verify which customer made the payment. Please don’t blame the banks [:-]
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