When Will I Receive My Payments
The payer has submitted their payment information, but your organization hasn't received the funds yet. What is happening with that payment and how long will it take for you to receive your money? The short answer is, approximately 3-12 business days, depending on the type of payment, the payment provider, and your organization's deposit settings. For more information, keep reading!
There are two options for online transaction types: Credit Card (CC) or Direct-From-Bank (ACH)
Credit card providers generally release funds within 1-3 business days, at which point the Status Detail Legend will update from Approved to Paid. If the payment is selected for review, if funds are insufficient, or if the card provider rejects the payment, the Status Detail Legend may temporarily or permanently display a different status. You can read more about Payment Types and Detail Legends here.
Direct-From-Bank payments take longer to process than credit card payments. Banks often require up to 10 business days to release funds, during which all ACH payments will go into Pending status for the organization and Processing status for the registrant until processing is complete.
Different banks and card providers may have differing standards for payment review and processing times. If a payment has not processed, or has been rejected by a payment provider for an unknown reason, the payer will want to contact their bank or card provider for more information. The bank provider's processing times are also a factor in processing deposits from your Integrated Payments account to your organization-connected bank account.
The default frequency for your cleared Integrated Payments deposits is on a two day rolling basis, once every business day. This means that every business day, payments processed two days prior are bundled for deposit, so payments received on a Tuesday are paid out by Thursday, and payments received on a Friday are paid out by the following Tuesday.
You can view your upcoming and completed deposits under the Financials Reporting tab. If your organization has contacted customer support to request weekly or monthly deposits, instead of daily deposits, your deposits would be bundled and transferred to your connected bank account at that adjusted frequency.
Merchant Account Verification
To successfully receive payments processed through TeamSnap, you must complete the merchant account verification process. If your account remains status is anything other than "Verified", you will need to follow the prompts to begin receiving payouts.
If your merchant account requires attention, you will be prompted to complete any necessary verification by an orange banner that will appear within the Registration dashboard, Invoicing dashboard, any any other financials tab within your account.