How does the process work for revenue that comes in through the Merchant Account?

The process for getting revenue into the University starts with a point-of-sale system. When a transaction is started in a point-of-sale system, that system contacts a payment processor to verify the payment. The payment processors for UVA are AMEX and Elavon. When the payment processor is contacted about a payment, they check with the credit card company (e.g, Visa, Discoverer, Mastercard (Elavon) & AMEX) to confirm the payment. The credit card companies respond with an “approve” or “deny” message, which is sent back to the point-of-sale system. This process only takes a few seconds. For approved payments, the process of transferring the funds from the credit card companies to Elavon/AMEX takes 2-4 days. Once Elavon/AMEX have the funds, they deposit them into our Bank of America account. After the funds are in our bank account, there is a process that identifies new deposits and assigns them to the correct FDM worktags using the Ad Hoc Bank Transaction Template for the particular Merchant ID (MID). This is the process that creates Ad Hoc Bank Transactions in Workday.