How do I manage my Online Payments Settings?
The Online Payments Settings allows you to manage your online payment processors (also known as payment gateways) as well as review all your transactions processed from online payments.
Access Online Payments Settings
Access your Online Payments Settings with these steps:
- Click on the gear icon
- Then click on Online Payments Settings.
Account Settings gives you an overview of all available online payment processors. From here you can enable or disable most online payment options, or manage your existing online payment settings.
Also known as FreshBooks Payments Powered by WePay, this is automatically provisioned for all accounts based in Canada and the United States. Once set up, you can manage and update your WePay account with the below:
- Email - The email associated with your WePay account. To update it, use these steps:
- Log into your WePay account here
- Click on Security
- You'll automatically be on the Identity sub-tab, click on Edit next to your email
- Enter the new email
- Click Update to save. A verification email will be sent to the new address to complete the change, this must be done within the first 30 minutes before the link expires.
- Edit Payout Schedule - Shows how often payouts are being sent to your bank account, click on this link to change the frequency
- Manage My WePay Account - Click on this link to be taken to your WePay dashboard
- Account Ending - Displays the last 4 digits of your connected bank account, click on Update My Bank Account to change the account as needed. To update your bank account, use these steps:
- Log into your WePay account here
- Click on Settings
- Click on the Settlement Details sub-tab
- Click on the Change button next to Bank & Account
- Update with your new bank details and click Add Bank to finish.
To close your WePay account, use WePay’s steps here. This will remove WePay as a payment option on your Invoices and Checkout Links.
Stripe and FreshBooks Payments Powered by Stripe, once set up, can be managed with the below:
- Email - The email associated with your Stripe account
- Manage Account - Click on this link to be taken to your Stripe dashboard
- Reconnect Account - Click on this link to refresh your Stripe account after making any changes in your Stripe dashboard
- Disable - Click this link to disconnect your Stripe account in FreshBooks, this will remove Stripe as a payment option on your Invoices and Checkout Links
PayPal, once set up, can be managed with the below:
- Email - The email associated with your PayPal Business account
- Manage Account - Click on this link to be taken to your PayPal account
- Disable - Click this link to disconnect your PayPal account in FreshBooks, this will remove PayPal as a payment option on your Invoices and Checkout Links
To access your list of transactions, click on the Transactions sub-tab:
FreshBooks Payments in Transit
For FreshBooks Payments Powered by WePay only, this shows any payments that are being paid out to your bank account using information from your WePay dashboard:
- Total Payments in Transit - This shows the total of your payments that have been processed by WePay and is being sent to your bank account
- Next Estimated Deposit - When the payments will be deposited into your bank account, which is determined by your payout schedule
- Last Deposit - When your most recent payments were deposited into your bank account
All transactions processed by all payment processors are listed in one place with the following details:
- Source - The Client and Invoice number the transaction was processed on
- Transaction Date / ID - The date the online payment was submitted by the Client and its unique transaction ID
- Type / Gateway - The type of credit card used (AMEX, Discover, MasterCard or Visa) and the payment gateway used (FreshBooks Payments (WePay), Stripe, PayPal or Barclaycard)
- Fees Paid - The transaction fee paid on that particular transaction
- Amount / Status - The total amount processed on the transaction as well as the status of the payment
- Declined - The payment failed, review the decline reason to determine next steps or have the Client try again
- Pending / Processing - The payment is in review or by the payment processor (see additional details for WePay payments here)
- Refunded - The payment was refunded, it can take several business days for the Client to receive the payment
- Succeeded - The payment completed review and is successfully paid, receiving this payment is dependent on the payout schedule
To adjust your list of transactions, click on the Filters button. From there, you can change:
- Start and End - Choose the start and end date for when the transactions were processed
- Status - Choose a payment status
- Payment Type - Choose between different online payment methods
- Gateway - Choose a specific payment processor
- Currency - Toggle between multiple currencies
- Clear - Click on this to restore the filters back to the default settings
Where is my money? Why haven’t I gotten my payment yet?
Other common reasons include any of the below:
- First Payment - If it’s your first payment made through the payment gateway, this may be manually reviewed to ensure all information about the transaction and all involved parties are verified first; the Invoice status will stay in Pending until this is complete
- Processing Time - Depending on the payment gateway, transactions may only be processed on business days which excludes weekends and holidays, or before a specific cut-off time in the payment gateway’s timezone
- Incorrect Bank Information - Ensure your bank account is connected, and information is accurate (correct number of digits and/or transit and routing numbers)
- Transaction Reserve / Settlement Limit - Reserves or holds on funds may be required to help protect your business against chargebacks and refunds, these reserves vary from time to time based on the transactions processed. Any payments processed over the threshold of your reserve limit can be held and paid out several days later. Reserve limits can be raised by reaching out to the payment gateway directly
- Withdrawal / Payout Frequency - Some payment gateways allow you to change the frequency of your payouts; ensure your payout frequency is updated if it’s not frequent enough