Payouts to your bank account for credit card and ACH payments are designed for easy and quick identification and categorizing in QuickBooks.
First, the full amount of the transaction is deposited in your bank account. The line item on your bank statement includes the customer name and payment number, for reference.
Second, transaction fees are debited separately from your bank account separately, on the same day. This will allow you to easily catch the payments and fees in QuickBooks for accounting purposes.
Lastly, if the client pays the convenience fee (credit cards), it will be deposited separately to your bank account, and will be labeled as the convenience fee in the transaction description.
How Long do Payouts take?
Please note the *first* payout for any account after enrolling in payment processing is 7 days.
Credit Cards
Credit cards payout 2 business days after the payment is made.
Here's how it works:
If the customer makes payment before 7PM on a business day, that day is the Business Day 1.
If the customer makes payment after 7PM on a business day OR any time on a non-business day, the next business day is considered Business Day 1.
Portal initiates the payout on Business day 3 (after 2 business days).
Some banks will show the funds available on the day we initiate the payout. Some wait until next business day to show that it's available. We do not have control over this.
Example 1
Dwight receives your payment request on Thursday at 5PM and promptly pays with a credit card. Portal initiates the payout on Monday, the third business day including the transaction day.
Example 2
Angela receives your payment request on Monday at 7AM, but waits until Monday evening at 9PM to pay. Since Tuesday becomes Business Day 1, Portal initiates the payout on Thursday, the third business day.
ACH
ACH payouts use the same business day logic and cutoff times, but take 3 to 5 business days after the payment is made.
Here's how it works:
If the customer makes payment before 7PM on a business day, that day is Business Day 1.
If the customer makes payment after 7PM on a business day OR any time on a non-business day, the next business day is considered Business Day 1.
Portal initiates the payout on the day the Stripe confirms the funds have cleared. This typically happens on Business day 3 or 4. However, some transactions take until Business day 5.
Some banks will show the funds available on the day we initiate the payout. Some wait until next business day to show that it's available. We do not have control over this. So the longest an ACH transaction takes to hit your bank account, if your bank adds the extra day, is 6 business days.
How do I know when the customer paid?
When you open the Payment in Portal, scroll down to the History section. You will see when it was sent to the customer, when they viewed it, and then when they initiated payment. The date and time they initiate payment are the date and time used to calculate the payout speed in the above process (NOT the day/time the request was sent).
How do I know the status of Payouts?
In the Payments section of Portal, click "More" in the filter area and select "Payouts".
On the Payouts page you will see all payout statuses and ETAs, as well as fee debits.