Why am I seeing two transactions after creating my Retail installment plan?
Immediately after checkout, you will see two transactions on your credit card:
1. First Installment Payment
- This is a charge for your first installment.
- It recurs automatically based on the agreed upon schedule (monthly).
- ❌ Cannot be changed: The date or amount of this payment is fixed.
2. Authorization Hold
- This is not a charge and will not appear on your credit card bill.
- It guarantees your purchase to the Merchant and temporarily holds funds on your card.
Key Details About the Authorization:
- ⏳ The hold reduces your available credit until released. In most cases, the hold drops after a few business days, but some banks may hold funds for up to 30 days (or even the full length of your plan). ThrivePay Installments does not control how long a bank keeps the hold.
- 🔄 For some plans, the authorization may need to be re-authorized periodically, but we will inform you ahead of time if this is required. The re-authorization amount always reflects the current remaining balance of your plan, which decreases as you make payments.
- ✅ The authorization is a required part of paying in installments, as it protects your purchase and allows ThrivePay Installments to charge future installments automatically.
What You'll See on Your Statement:
- First Month: Full amount minus first installment pending (authorization hold) + First installment charged
- Second Month: Depending on your bank, you may still see this authorization. Most only see the Second installment charged
- Each Subsequent Month: The installment amount is charged and posted to your credit card statement.
Example: $600 Purchase in 6 Payments
- Day 1: $500 authorization hold placed, $100 charged (1st installment)
- Day 30: $100 charged (2nd installment)
- Day 60: $100 charged (3rd installment)
- Final Payment: Last $100 charged
Important: You will only be charged the monthly installment amount on your credit card statement, never the full authorized amount.