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Monek Portal Feature Release 04.25.02

Here’s what’s new in the latest upcoming Monek Portal release.
Release Date: 07/05/2025

Pre-Authorised transactions​

The Monek Portal now has the ability to take and setlle Pre-Authorised transactions on a customers Credit or Debit card.

A Pre-Authorised transaction (or pre-authorisation) is when a merchant temporarily reserves an amount of money on a customers Credit card, Debit card, or bank account — but doesn't actually take (or "settle") the payment immediately.

How does it work?​

  1. The merchant checks that you have enough funds available

  2. The reserved amount is "frozen" and cannot be spent elsewhere

  3. Later, the merchant either finalises (completes) the payment or releases the hold

Example:​

  1. At a hotel check-in, they might pre-authorise £200 to cover potential damages or room service charges. If thes echarges becom non-applicable, they can cancel the hold of funds when you check out
  2. At a fuel station, when you swipe or insert your card before pumping, they might pre-authorise £100 even if you only end up buying £30 worth of fuel

Key Benefits for Merchants:​

  • Guarantees funds are available:
    Before providing a service (like a hotel stay or car rental), merchants know the customer has enough money.

  • Reduces risk of non-payment:
    If the customer damages property or uses additional services, as per example 1 above, the merchant can easily charge for it..

  • Improves cash flow management:
    Merchants can better predict incoming payments.

  • Flexibility:
    The final charge can be adjusted (e.g., if the customer adds meals to a hotel bill).

Key Benefits for Customers:​

  • Transparency:
    You can see pending charges on your account, helping track upcoming expenses.

  • Helps with budgeting:
    Customers are immediately aware that some funds are reserved, which prevents overspending.

  • Protection against overcharges:
    The customer only gets charged for what they actually use — the final bill is adjusted before the money is taken.