How does this all work?
The customer provides their credit card information to you, the Merchant, via QuoteValet.
QuoteValet will submit this credit card information to your Credit Card Gateway that works with your Payment Processor for approval. In some cases, the Gateway and Processor work as one entity.
The Processor runs a check on the card, and will respond with an approval or rejection for the transaction to the Gateway. The amount of funds requested will be held on the cardholder's account, but will not be transferred out yet.
QuoteValet then notifies the customer of the success or failure of the transaction. If the transaction is successful, then QuoteValet will record the payment as being successful.
At a later time, usually at the end of the day, the Gateway will settle the transactions it has performed that day.
By communicating again with the processor, the funds that were charged earlier are then transferred for the cardholder's accounts to your account (typically a checking account), the merchant.