What is an authorization?
When you pay for something, the merchant needs to confirm your account is active and has enough money in it to cover the purchase.
To do this, they send an authorization request to us. While this is happening, either the full transaction (or part of it) is deducted from the available balance in your Invoice2go Money bank account and the transaction labeled as pending.
It can take up to 5 business days to finalize the authorization check - resulting in the transaction being approved or declined
What does available balance mean?
Your available balance shows how much money you have in your account that can be spent on purchases or ATM withdrawals.
It doesn’t include upcoming payments, though e.g. recurring expenses. And may not include transactions where the original charge was different from the final authorization e.g. if you added a tip to the final restaurant bill.
What’s a pending transaction?
Some purchases will appear as pending transactions on your account until the payment is fully processed.
This happens while your payment is being authorized - confirmation you have an active account with enough money in it.
Occasionally the final payment and what’s shown as pending aren’t the same e.g. if you added a tip to the final restaurant bill or paid for a hire car and are temporarily charged a fee to cover accidents (but are never charged this if you return the car undamaged).
When will the final purchase amount replace the pending amount and post to my checking account?
It may take several business days for the final purchase amount to replace the pending transaction amount on your account. The pending transaction reduces your available balance. When the transaction is presented to the bank, the final or actual purchase amount is deducted from your account, usually within 3 to 5 business days (3 business days when a card is swiped or inserted in person or 5 business days when used via the internet, phone or mail order transaction).
Where will purchases I make appear?
Any time you use your Visa® business debit card or get paid into your Invoice2go Money bank account, it’ll appear in your Transaction history.
What limits apply to my card?
Purchases (online, in-store): Up to $2,500 to $10,000 USD daily
ATM deposits: Up to $2000 daily
ATM withdrawals: Up to $250 to $2000 daily
Can I add any control or spending limits?
Not yet but we are looking to add greater controls and card management capabilities in future releases!
Can I use my debit card in other countries?
Yes. You can use your Visa® business debit card to make international purchases. Foreign transaction fees apply.
To learn more about Invoice2go Money Banking, click here.