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      How long does FreshBooks Payments take to process payments?

       

       

      FreshBooks Payments, powered by WePay, allows you to accept credit card payments and Bank Transfers (ACH) online so you can get paid instantly. The process of receiving your clients’ payments can take an average of 1-3 business days. The breakdown of those days are as follows:

      1. WePay will process the transaction instantly and deposit it in your WePay account. For transactions that have not been approved instantly, they will go to manual review (Processing) or Declined
      2. If the transaction is in manual review, this will show as Processing on your FreshBooks Invoice and will take an extra 1-2 business days to finishProcessing banner above an Invoice.
      3. Once approved, it takes 1-3 days for both credit card and ACH payments to appear in your bank account depending on the account you're depositing your funds to.
      If this is your first, or an unusually larger deposit, this can take an extra 1-2 business days for WePay’s Trust and Safety team to review. Once cleared, the deposit will follow the schedule as outlined below.

       

      If your WePay account is connected to a Chase Bank Account:

      • All transactions received and approved up to 5 pm PST will be in your bank account that night (e.g., approved by Monday at 5 pm PST will appear in your account the same day on Monday night)
      • Any transactions accepted and approved after the 5 pm PST cutoff time will be included in the next day’s deposit instead
      • Due to scheduled weekend maintenance, Saturday deposits can be delayed to several hours, so transactions approved on Saturday will be deposited by Sunday morning 7am PST instead

       

      If your WePay account is connected to a non-Chase Bank Account:

      • All transactions received and approved up to 5 pm PST will be deposited into your bank account the following day (e.g., approved by Monday at 5 pm PST will appear in your account on Tuesday, the following day)
      • Depending on your bank institution, that account’s financial institution will complete the transaction according to its standard processing times. This may take between 1-3 days based on the financial institution, and will not deposit on weekends or holidays
      • Transactions that are accepted and approved on weekends (Saturday and Sunday) and holidays will be deposited on the next available business day (Monday for weekend deposits, or if Monday is a holiday, Tuesday instead)
      • Any transactions accepted and approved after the 5 pm PST cutoff time will be included in the next day’s deposit instead
         

      If your payments aren't following the above timelines, check out other tips here.

       

      FAQs

      Where can I see if a payment has been sent to my WePay account or to my bank?

      You can track your payment details inside your FreshBooks account with the Payments in Transit widget here, or in the list of All Transactions here.

      Payments can be tracked with the CC payment ID (an unique set of numbers that identifies a particular transaction) inside your WePay dashboard:

      1. Go to the Invoices section in your FreshBooks account
      2. Click on an Invoice that was paid with FreshBooks Payments
      3. Scroll down to the All Payments For section at the bottom
      4. Copy the CC payment ID number
      5. Log into your WePay dashboard here
      6. Search that number in your dashboard, and if the transaction appears, it has been received by WePay.

      To determine if that transaction was in a recent withdrawal to your bank account, go to the Reporting section in your WePay dashboard, click on Settlements, then download the CSV file. From there, you can search for your CC payment ID to see when it was sent to your bank.


      What is my reserve limit? How can I raise it? 

      Reserves are portions of payments that WePay holds “in reserve”. Reserves are held to protect your business against chargebacks or unexpected disputes, which could lead to going into overdraft. Any transactions that go over your reserve limit will be held in reserve and paid out 7 days later.

      If part of a payment goes over the threshold of your reserve limit, the entire payment will be held for the standard 7 days before clearing.

      You can reach out to our Support if you’d like to see your account's weekly reserve limit raised. Your business' eligibility will then be evaluated by WePay.

       

      Looking for more information on FreshBooks Payments by WePay? Check out other articles here.

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