What does it mean when a transaction is "Pending"?
So, "Pending" means your purchase got the thumbs up, but the funds haven't hit the road yet. Just a little hold, making sure your cash is ready for action.
Hang tight! Pending transactions usually take a few days to shake off, but it depends on the merchant. Usually most transactions clear within 7 days and at most 30 days.
What's the lowdown on a "Settled" transaction?
A "Settled" transaction means the completion of the payment process. The funds have successfully traversed from your account to the merchant's account. This transition from a pending to a settled status confirms the successful execution of the payment.
What's the deal with a "Canceled" transaction?
A "Canceled" transaction happens when an initially pending transaction does not progress to the settlement stage. This can happen for various reasons, including merchant intervention, technical glitches, or other unforeseen circumstances. It also means you're getting your money back!
What's an "Expired" transaction?
An "Expired" transaction happens when the authorization period , usually 7 or 30 days, passes and the merchant does not "settle", or confirms, the transaction. There's a finite window during which the transaction must be settled, and if this period elapses, the transaction is deemed expired. Consequently, the pending hold is released, and you're getting your money back! Some merchants decide to not settle the transaction instead of canceling it, for instance. Either way, you should see the money reflected in your account in no time.
Remember to keep an eye on your account statements. The time it takes for transactions to clear is a bit like a box of chocolates—varies from one to another. Stay in the know for some financial fun with Comun! 🎉