Holding a payment in account

bproctor — Wed, 18 Jan 2012 02:38:48 GMT

I am in the process of developing a site that has buyers and sellers of items. We would like to make it so that when a buyer purchases an item the the money would be held in the sellers account until the seller decided to do a withdraw which would then transfer that money into their bank account. Instead of doing a withdraw, the seller could also use that money to buy an item from another seller.

An example of a site that "holds" the money like this would be eventbrite.com. Not sure how this is being accomplished. Do I need to have a master account where money for payments goes into and withdraws comes out of? I'm hoping there is a better solution.

Any help would be appreciated.

Thanks,

Brad

Re: Holding a payment in account

TJPride — Wed, 18 Jan 2012 04:50:35 GMT

Authorize.net is not a money transfer solution. The money comes in; it doesn't go out. If you need the money to go both ways, you need to talk to your bank about an ACH solution of some sort:

http://en.wikipedia.org/wiki/Automated_Clearing_House

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Holding a payment in account

Re: Holding a payment in account