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Community Contributor *

Why does it take so long to receive payments through merchant services?

The letter says 2-7 days, yet I have not had a payment in less than 8 days!  I just don't get that with all the online banking that can be done in 2!
Solved
Best answer 12-10-2018

Accepted Solutions
Moderator

Re: Why does it take so long to receive payments through merchant services?

Hi there, @wendyjophillips,

 

I can share some information on how long customer payments are deposited into your bank account.

 

Intuit batches and submits your credit card payments daily at 3:00 PM Pacific Standard Time or 6:00 PM Eastern Time. Usually, funds reach the deposit bank account within 2-3 business days. The waiting period, however, varies depending on the following scenarios:

  • The time when you enter these transactions.
  • The financial institution to deposit the funds.
  • Bank policies for verifying and processing electronic deposits.

The approximate wait time for credit card payments to be transferred to your bank would take 5-7 banking days, while ACH deposits may take 7-10 business days. If you haven't received the funds on the alloted time, I'd recommend getting in touch with our QuickBooks Payments Support so they can help check the status of your deposits.

 

Please let me know how this goes, @wendyjophillips. I want to ensure everything's figured out on your end.
 

69 Comments
Moderator

Re: Why does it take so long to receive payments through merchant services?

Hi there, @wendyjophillips,

 

I can share some information on how long customer payments are deposited into your bank account.

 

Intuit batches and submits your credit card payments daily at 3:00 PM Pacific Standard Time or 6:00 PM Eastern Time. Usually, funds reach the deposit bank account within 2-3 business days. The waiting period, however, varies depending on the following scenarios:

  • The time when you enter these transactions.
  • The financial institution to deposit the funds.
  • Bank policies for verifying and processing electronic deposits.

The approximate wait time for credit card payments to be transferred to your bank would take 5-7 banking days, while ACH deposits may take 7-10 business days. If you haven't received the funds on the alloted time, I'd recommend getting in touch with our QuickBooks Payments Support so they can help check the status of your deposits.

 

Please let me know how this goes, @wendyjophillips. I want to ensure everything's figured out on your end.
 

Community Contributor *

Re: Why does it take so long to receive payments through merchant services?

Thank you so much for your response!  I understand how that works.

I move money frequently for my customers and just found QB's to be a little behind the ball needing the full 7-10 day window - I see it move faster for others.

But again - thank you for such a prompt and complete response!!

ProAdvisor

Re: Why does it take so long to receive payments through merchant services?

The bottom line is as QuickBooks Team said QuickBooks Payments usually takes:


- 5-7 business days for credit cards
- 7-10 business days for ACH deposits

 

This is when you should expect to see it on your Banking > For Review tab.

 

You will need to decide whether the QuickBooks Payments Merchant Service is the right choice for your business.

Active Member

Re: Why does it take so long to receive payments through merchant services?

@Jen_D

I work in banking and we are using QB for our invoicing. Having built ACH systems for both domestic and international transfers, your response is misleading at best or wrong at worst. 

 

A) the domestic ACH transfers in US is within 24 hours if a transaction is initiated prior to the processing window which happens to be Eastern Standard Time 

 

B) given that there is a multi party transaction where funds are first withdrawn from the "funding account" then wired to Intuit, subsequently these should be prioritized for a wire to the target "beneficiary" account. If you are generous, these should be completed within 72 hours max. 

 

If Intuit is using the funds for "overnight rates" income, that is fine but it should be disclosed. With the current delays at least my company may chose to move to an alternative solution. Thanks. 

 

Moderator

Re: Why does it take so long to receive payments through merchant services?

Hi there, @srawan.

 

Thank you for posting in the Community. I'd be happy to help get this taken care of today.

 

We want to hear your suggestions on how we can improve Merchant Services. This is, however, a great idea and I'll send this suggestion to our Product Developers to see if they can add this for future updates.

 

Also, I'm inviting you to introduce this idea to our Product Development team. Sending your feedback will help us not only improve the product, but also will help us know what works best for you. Please click the Gear icon and select Feedback to let them know.

 

If you need to reach out for more help, our Merchant Support will be able to help you get to a resolution quickly. 

 

That should do it. Feel free to leave a comment below if you have any other questions about QuickBooks Payments. I'd be happy to help you out. Have a great day!

Frequent Contributor *

Re: Why does it take so long to receive payments through merchant services?

I am seeing about 10 days on ACH, no other banking organization out there takes this long, averages 2-3 days and even PayPal payments are faster than this.  Quickbooks really needs to improve upon this, feels like you are using US as the bank.

ProAdvisor

Re: Why does it take so long to receive payments through merchant services?

Since this probably involves Intuit QuickBooks management's POLICY decision, sending any suggestion to wonderful Intuit Product Developers will not help. Intuit will need to revise this ACH deposit policy. For now, we know it takes 7-10 business days for ACH deposit to show up in QBO bank feed.

Experienced Member

Re: Why does it take so long to receive payments through merchant services?

There is no reason an ACH should ever take 7 or 10 business days.

 

Given the quick speed of an ACH "in the real world" it can be assumed with a fair bit of confidence that Intuit, Stripe, or some combination of the two, is investing the cash for "overnight rates" as another poster has stated.  

 

They'd rather collect the 3% on CC payments so there is little incentive to move the ACH money with speed (other than just being a good, ethical business that treats customers fairly). 

 

Just one more way that Intuit wears their disdain for their customers on their sleeve, so to speak.

QuickBooks Team

Re: Why does it take so long to receive payments through merchant services?

Greetings, StuckWithQ Books.

 

First and foremost, I want you to know that your voice matters. I can see how having a more flexible policy for receiving ACH payments would be beneficial for you and others.

 

This isn't the impression that I'd like for you to be left with. The updates and changes that we implement are largely the results of the feedback provided by users, just like yourself. That said, I'm making it my top priority that your feedback reaches our Product Development Team. After all, enhancements and improvements to QuickBooks Policies are largely the results of feedback provided by users.

 

Please touch base with me here in the Community if there's any way I can help with your success. I'll be here to help you out!

ProAdvisor

Re: Why does it take so long to receive payments through merchant services?

Old QuickBooks ACH payment merchant service often clear in 1-3 days, never more than 5 days. They charge 50 cents fee per transaction. I still have that merchant service for years.
https://quickbooks.intuit.com/blog/whats-new/process-ach-bank-transfers-right-in-quickbooks/

 

They later came out with this new QuickBooks Payments. It's Free per transaction but it takes 7-10 business days to show up in your bank feed.

 

I agree with others it should not ever take that long. It's a bad policy, indeed.

 

Good to hear Intuit's Product Development Team can put this on their top priority and change the merchant rules!

Experienced Member

Re: Why does it take so long to receive payments through merchant services?

Thanks for bringing that up. It is about 8 days to get an ACH invoice payment into my bank account. I'll just go back to accepting checks only. Ridiculous that its 2019 and they're hanging onto the money for multiple overnight rates. 

Active Member

Re: Why does it take so long to receive payments through merchant services?

Wow I guess this is not just happening to me.  8 days later and money still hasn't been deposited.  Intuit is definitely earning interest on our deposits.  Pretty shady, but what I've come to expect from the company.

Established Community Backer ***

Re: Why does it take so long to receive payments through merchant services?

I got an email last week saying if you sign up for a 1% fee plan, it's next day

ProAdvisor

Re: Why does it take so long to receive payments through merchant services?

I also received this email a few days ago. I've no other info, sorry. Call them directly for more information if interested.

 

Talks about Next Day Deposits for Bank Transfer (ACH) Payments. There is a minimal fee of 1% (max $10) per transaction. 

 

ach_one_day_payment.PNG

 

 

Active Member

Re: Why does it take so long to receive payments through merchant services?

I too have experienced ridiculously long wait times for electronic check deposits. Every other method I've used for transferring money, even Venmo, is far faster than Quickbooks, usually only taking 1-2 days to deposit funds. Right now I'm waiting on a deposit that from an invoice that was paid on Feb. 13th (now it's the 23rd). There's no reason for it to take that long, come on QB! No one else is this slow. The program is great but what could be argued as one of the primary functions, i.e. MONEY TRANSACTIONS, is horrible and enough to make me look for alternatives.

Established Community Backer ***

Re: Why does it take so long to receive payments through merchant services?


@emile166 wrote:

Every other method I've used for transferring money, even Venmo, is far faster than Quickbooks, usually only taking 1-2 days to deposit funds. 


How much is Venmo?

Established Member

Re: Why does it take so long to receive payments through merchant services?

QB is sitting on these payments and earning money off of it. Taking advantage of small businesses is flat out greed on Quickbooks part. And when you press them for an answer, all the will say is "that's our policy".    

QuickBooks Team

Re: Why does it take so long to receive payments through merchant services?

Thanks for joining this thread, @jcfd557.

 

Finding new ways to adapt to our customers’ needs is how QuickBooks gets even better. I can see how the updates and changes that we implement in QuickBooks payments can affect your business. I'm preparing a feedback submission directly to our Product Development Team right now. They place a lot of value in the ideas provided by users, like yourself, when deciding on how best to improve QuickBooks.

 

Please know that you're always welcome to post if you have any other concerns. The Community team will always here to help. 

Experienced Member

Re: Why does it take so long to receive payments through merchant services?

So it appears that QB is completely capable of offering next day ACH, they just want to charge you for it. 1% doesn't seem like much, but it's probably a lot more than they make just sitting on it and collecting interest for a few days. I predict the "free" ACH transfers start taking longer and longer to push us towards paying to get our money. I don't pay a subscription fee just to have QB take a cut of my income as well. When you take advantage of your customers, they leave...   See ya QB!

Active Member

Re: Why does it take so long to receive payments through merchant services?

I just signed up with Quickbooks Online Plus and received our first payment of $10,000+ on March 15th. I finally received an email with the subject line “Your money is on the way”. This took 6 days. Now the email also states the funds should be available in 1 to 2 business days. Are you kidding me!!! The funds have been on the way since they made the payment....6 days ago!!!

 

If I knew QuickBooks Online Plus with a $60 monthly fee is this slow I would have gone with another company. SlowBooks is more like it. Thank goodness I didn’t sign up for their other offerings like paying employees. I’m sticking with ADP after this horrific experience. 

 

Now I’m reading they can process ACH payments next day but they charge a 1% fee. This should be standard. I’m already paying you a monthly fee with an ACH payment service you state as free but you don’t state you hold on to the funds for over 1 week. The reasons you list are not valid. Just process the transaction with next day deposit speed and maybe you’ll beat out your competition and those customers will switch to you vs the other way around. 

 

Plese fix this ACH process soon or l’ll be forced to use another service. I as well as others need our deposits within a day or 2 so we can run our business efficiently

Moderator

Re: Why does it take so long to receive payments through merchant services?

I appreciate you for joining in on the thread, JNG204.

 

The credit card payments take 1-2 business days to deposit to your bank, while bank transfer payments (ACH) take 2-7 business days. The deposit date would depend on when your bank approves the transactions. Additional details are also added in this article: QuickBooks Payments Deposits FAQ.

 

Meanwhile, you can track your transactions through the Merchant Service Center:

  1. Log in to your Merchant Service account.
  2. Click Activity & Reports and select Deposits.
  3. Use the Date fields to filter the data.

You might also want to reach out to our Payments Support Team if you need more assistance with this.

 

I'd let our engineers know about your feedback on the processing time, JNG204. This would help us know what to improve with the product.

 

You can always reach out to us if you need anything else.

Moderator

Re: Why does it take so long to receive payments through merchant services?

I appreciate you for joining in on the thread, JNG204.

 

The credit card payments take 1-2 business days to deposit to your bank, while bank transfer payments (ACH) take 2-7 business days. The deposit date would depend on when your bank approves the transactions. Additional details are also added in this article: QuickBooks Payments Deposits FAQ.

 

Meanwhile, you can track your transactions through the Merchant Service Center:

  1. Log in to your Merchant Service account.
  2. Click Activity & Reports and select Deposits.
  3. Use the Date fields to filter the data.

You might also want to reach out to our Payments Support Team if you need more assistance with this.

 

I'd let our engineers know about your feedback on the processing time, JNG204. This would help us know what to improve with the product.

 

You can always reach out to us if you need anything else.

Experienced Member

Re: Why does it take so long to receive payments through merchant services?

How could this "be the right solution" for ANY business? In this day and age where electronic banking transactions can happen same-day, there is absolutely no excuse other than Quickbooks sitting on the funds for profit. Any other answer is total B.S.  Seriously, I can receive a check cross-country via the mail, deposit it and still have my funds available faster. Totally unacceptable!!!!!

Established Community Backer *

Re: Why does it take so long to receive payments through merchant services?

i purposely used this option thinking it would be faster than sending a check through my clients' banks' billpay option.  it had been so in the past.

not so this time.

 

i can't help thinking this slower pace has everything to do with their new 1% / transaction offering.

 

really gross.

really really disappointing.