What is this preauthorization in my transaction history?
At the time of purchase, a merchant preauthorizes the transaction to your card. This reserves the estimated dollar amount of the purchase. Typically, within 24 hours of the preauthorization, the merchant will post the transaction. When the transactions posts, the preauthorization drops off. The posted dollar amount is the final amount of the purchase.
The reason why the preauthorization and post amounts can be different is best illustrated with the example of leaving a tip at a restaurant. When a restaurant requests a preauthorization on your Akimbo Card, 20% is added to the amount to estimate the tip that you will leave. Once the transaction posts 24 hours later, the amount will reflect the actual tip amount that you left (or didn't leave).
Essentially, a preauthorization is the hold that is put on your card account at the time of making a purchase. The merchant then has 24-48 hours to actually post the final dollar amount and collect the funds from your account.
What if the purchase is cancelled?
Please request that the merchant provide Akimbo with a "Release of Preauthorization," either by fax to 1-210-249-4130 or email at CS@akimbocard.com. Once received, Akimbo can clear the preauthorization. Please note, merchants typically have the ability to reverse these preauthorizations at your request after you have successfully cancelled your order.