Why is QBO keeping our bank transfer funds? Six days so far!

[RolfMoto]

On Wed the 7th Nov our customer paid an invoice in full via bank transfer. The money left his account immediately. Six...yes, 6 days later, Nov 13th, we have yet to see the money.

Why is QBO keeping money that does not belong to them? We need the cash flow and a bank transfer should be instant. 

Why? 

[AmyBivin]

Hi @RolfMoto,

Thank you for joining our community and posting your question. The time it takes to process payments can vary based on a number of factors, such as the time of day. For QuickBooks Online Payments users, credit card payments typically deposit in about 2-3 business days and free ACH Bank Transfer payments deposit in about 2-7 business days.

Please let me know if you don't see the deposit by the end of today.

Thank you,

Amy

[KhimG]

Hello, RolfMoto.

Thanks for dropping by the QuickBooks Community. I’m here to share some information about when QuickBooks Payments deposits your money to your account.

While credit card payments would take 2-3 business days to arrive in your bank account, bank transfers (ACH) can take 2-7 business days depending on the following factors:
•    Time of day you enter transactions
•    Weekend and federal holidays
•    Financial institution you choose your transactions to be deposited to
•    How long it takes for your bank to verify and process electronic deposits.

The time of funding varies depending on the financial institution where the funds are to be deposited, and how long it takes for them to process electronic deposits. It’s best to contact your bank and verify if there are changes made when it comes to their funding process.

For more information on when QuickBooks Payments deposits your money, take a look at this article: https://quickbooks.intuit.com/community/Payments/Find-out-when-QuickBooks-Payments-deposits-your-mon....

That should be it. If there’s anything else you need aside from this, please let me know. I’ll be here to help. Enjoy your day!

[RolfMoto]

It just rolled it. It took NINE days for what they call"processing", they got a nice float on our money. 

[RolfMoto]

Thanks for reply.

ACH is instant, there is no reason for QBO to keep our money for nine days. The money were swept from our customers account immediately.

At the worst, it should be in our account the next business day.

[BettyJaneB]

Hi there, @RolfMoto.

Thanks for bringing this to our attention. Allow me to share some details regarding bank transfer in QuickBooks Online. 

When transactions haven't deposited into your account within the given period of time, we'd suggest reaching immediately out to our Merchant Services Department. 

This way, they'll be able to pull up your account and provide you the exact details about the status of the funds. You can reach them through the contact details found in this link: https://community.intuit.com/browse/payments-contact-us.

Also, I have here some articles that you can check out about bank transfers and deposits for your future reference:

• Deposits FAQ's
• Bank deposits
• QuickBooks Payments

Please know that the Community has your back should you have any questions. Have a great weekend!

[JohanG]

I totally agree with this customer. QB is already charging 1% on the ACH which it is instantly. Why do you need to keep it for 5 days or more ?

What company can have a steady cash flow with 5 days funding or more ? 

[Rose-A]

Hey there, JohanG.

Allow me to step in and share additional insights regarding ACH cash flow via QuickBooks Online.

Like my peers mentioned, for QuickBooks Online users credit card payments deposit in about 2-3 business days and ACH Bank Transfer payments deposit around 5. To get an instant deposit for your credit card and bank transfer payments, you may want to set this up on your QuickBooks Online account.

Here are the steps to check if you're eligible to upgrade:

1. Go to Settings ⚙, then select Account and Settings.
2. Select the Payments tab.
3. If you're eligible for next-day deposits, select Upgrade in the Deposit Speed section.

For more details, you can reach out to our Merchant Services Center. Also, the following articles are good references:

• Instant deposit FAQ.
• Get paid faster with next-day deposits.
• Frequently Asked Questions.
• QuickBooks Online Payments.

If you require more information about QuickBooks Payments, please let me know. I'd be happy to provide them for you.