Hold is an option you can enable on the Demographics tab of the Script Properties window (located under Company Data -> Advertising -> Maintain Scripts). Checking the box next to Holds will allow users to enter a hold date when submitting orders. Entering values in the Min and Max fields will set the perameters for the length of time in days that a hold on an order is allowed.

The hold is on the payment, not the shipment. When orders are preauthed whether or not the customer's funds are held depends on the sequence of events on the Sales Order Entry screen.

As long as the person taking the order enters the hold date prior to clicking the Process button, the order can be submitted without a preauth. (Insert attachment here as an image) 

If the person taking the order enters a hold date after the preauth is processed, though, the order will be submitted with the preauh but the preauth will not be settled until the order hold date is reached.

Note: Holds dates can also be modified using the Hold button on the Order Detail screen of the CS interface.