The process for Venmo and credit card works differently since they require a third-party processor, @timcookinc. Let me explain this further.
ACH payments work as direct bank transfers, where money moves electronically from the tenant’s account straight to your company’s account. It takes 1-3 business days for the payment to clear and show up in your account. On the other hand, methods like credit cards and Venmo involve third-party processors.
For credit card payments, they go through a payment processor, such as QuickBooks Payments or Stripe. After the processor deducts fees, the remaining funds are deposited into your bank account, usually within 2-3 business days.
Venmo payments follow a similar process but require an additional step. Platforms like PayPal or Stripe can receive Venmo payments, but you’ll need to manually transfer the funds to your bank account. Standard transfers take 1-3 business days, or you can opt for an instant transfer for a small fee.
Feel free to read through this article about how receiving payments through ACH, Venmo, and credit card works in QBO: Receive and process payments.
Let us know if you need further assistance; our team is happy to help.
