Here to join the bandwagon of users complaining about processing times. After waiting over a week for my first deposit, I was promised faster times once everything was verified to be functioning as intended. Well, I now have two invoices a week out and no payment. Kind of silly that they’d offer such a lackluster service, forcing their customers to entertain alternative options. I know I’ll be looking to transition the moment my subscription is up.
If people started to leave their service, they wouldn't be getting that sweet interest from holding our money so long and maybe they'd reconsider their greedy actions. It could make a bigger hit on their bottom line to lose a bunch of customers entirely than to cut back on hold time. Maybe not, though. Interest might be pretty huge in the time frame their holding our money hostage. Gotta love them bangsters. I rarely have to use credit cards for customers, thankfully. But if I did, I'd certainly look for someone else to receive payments through. We all know how stressful and potentially damaging this is; not being able to pay vendors or bills on time can serve a major blow to small businesses.
And they should stop playing this charade that they will communicate further with their technical team etc. So many people have stated how other services get them their money fast. It has nothing to do with tech issues or banking institutions themselves in processing the payments as other payment services do it FASTER. It's an issue of greed. Send the info to Corporate!
After reading through these posts, and being very grateful that I am not the only one that finds this practice disgraceful, I did call merchant services, and am now VERY clear as to why Quickbooks is holding OUR funds for absurd lengths of time. It's so we as customers can be extorted into paying Quickbooks a 1% fee per transaction to have our funds deposited the next day (next day is available by nearly every other banking institution these days, BTW). Absolutely DISGUSTING. I am now exploring other options through my bank directly via Zelle or similar. See ya later, quickbooks.
Honestly, it feels like we are being punished when customers choose the bank transfer, because there is no financial benefit to QB, unlike a credit card transaction. I would be willing to pay a 1 or 2 dollar fee for a bank transfer if it didn't mean waiting 15 years for a deposit to show up. It is literally faster for a customer to get their bill IN THE MAIL, MAIL a check and me to bebop my way to my bank. That is asinine. FIX THIS!
Hi there, christilandis.
We follow the NACHA rules wherein QuickBooks bank transfer (ACH) payment deposits can take 2-7 business days. However, some financial institutions may take longer to verify and process the deposits.
You might want to try our next-day deposit plan for bank transfer (ACH) payments. You can check out the Get paid faster with next-day deposits article for more details.
If it's still undeposited, I'd suggest contacting our Merchant Services Team. They'll investigate what causes the delay in receiving the deposits.
I have articles here about QuickBooks Payments Deposits:
Please reach out to us if you need anything else with managing your deposits.
Translation, we take our own sweet time with your money unless you pay us more to do it faster.
I am a CPA and I use the quickbook ACH processing. Quickbook withdraw the money from cloent’s bank account the moment I recive the payment via ACH. Quicknook hold the fund at least 3-5 days and send the fund to my business account. This is not right
I understand your thoughts about the ACH process, @JustinYKim.
Generally, the deposit date for ACH processing would depend on when your bank approves the transactions. If the fund is taking longer than usual, it'd be best to reach out to our Merchant Services Team so they can track your transactions.
I'd also pass along your feedback about the processing to our engineers, JustinYKim. This way, they'll know what they need to consider in future product updates.
For more information about the ACH process, you can check out the link provided by my colleagues on this thread.
Let me know if you need anything else. I'm here to help.
Yes. QuickBooks wants it to take a long time to earn/steal interest on your money. They also want it to be difficult so you'll be more likely to turn on credit card processing so they can take more of your money. #QuickbooksSucks #Quickbooks is corrupt
Some of my small payments I am going to continue to allow to use the bank transfer to pay since they are sub $500 each month, but one is $5000/month. The last month was a small invoice of $1400. I talked with their book keeper and the money was withdrawn from their account on 06 Nov. My bank reported the deposit received on 13 Nov and credited my account that evening. So, Intuit is completely just making the interest on the float. There is NO reason to do this. Just because you CAN do it, does not mean you should.
This customer pays my invoices on the same day they are received so this was a big change. They are going back to mailing the checks to me and I will disable online payment for any payments I need more quickly.