Where are my funds being deposited?
Funds received using Schedulicity Pay will be deposited into the bank account entered during the Schedulicity Pay application. If you have questions about the bank account your funds are going to, feel free to contact support. 👍
When will I receive my deposits?
Standard deposits are made on a two-day schedule, meaning Monday's batch is deposited on Wednesday, Tuesday's on Thursday, Wednesday's on Friday, Thursday's on Monday, and Friday, Saturday, Sunday's batches are deposited on Tuesday. Batch closure will happen at 12:00am your local time.
Keep in mind, we are also offering Next Day Funding, also known as "Express Merchant Funding" (EMF), if that's something you're interested in. While it does come with a slightly higher processing rate—2.29% + 10¢ for in-person transactions and 2.85% +25¢ for all keyed-in transactions—it gives you a little faster turnaround on your deposits. For EMF funding, batch closure will be 9:30pm Central Time.
To get Next Day Funding going on your account, you can choose that option while filling out the application. If you're already rocking with Schedulicity Pay and you'd like Next Day Funding, you'll wanna reach out to us directly.
Here's a little visual of the deposit times for Clearent:
Also, as a heads up, banks are also closed on major holidays and your deposits will resume normal deposit schedules after the banks are open again.
How will I know how much will be deposited into my account?
Each morning, at 7am MST, an automated email will be sent out to you outlining the amount to be deposited in your bank account from the batch that closed the night before. The amount will be the total of the credit card sales processed in that batch, minus the associated processing fees or any chargebacks.
If it looks like you're missing a deposit to your bank account, please give us a call or reach out via chat and we'll help you out!