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QuickBooks Team

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Thank you for sharing what your customer had found out, bruehoyt.

 

This would be a big help for users who are not receiving ACH payments due to the incorrect info entered on their customer's side. We are open to further check this behavior to prevent similar incidents in the future.

 

I would appreciate it if you can contact our Merchant Support team at your most convenient time, and provide the details of the affected transactions. They might need to view your setup using a screen-sharing tool and take screenshots for documentation purposes.

 

Again, thank you, and feel free to share if you'll notice unusual behavior in the products you're using.

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

I am NEVER going to use quickbooks as a payment processing feature for my invoices.

The very first Invoice that was paid and is being held for 10 days.

I have been on hold for 2 hours and I am MAD.I have talked to 2 people that have no clue how to help me.I have NEVER experienced this level of LOW.These people are archaic.This is the LAST time I allow quickbooks to process a payment.GOOD BYE YOU INCOMPETENT FOOLS.

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Level 2

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

This such a B/S, sorry ....

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Level 2

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

SUCH A  SCAM !

 

NEVER USE QUICKBOOKS PAYMENT METHODS !!!

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Level 2

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

WHAT ARE YOU TRYING TO EXPLAIN HERE EXACTLY ?

FIX THE ISSUE !

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

My wife and I use it and it has said funded since the 15th and we still dont have the money. A guy in the same profession as me uses a different p.o.s and he gets his next day. This is crazy. First card was ran on the 11th. Here it is the 17th and money is still not in bank account.  Definitely going to have to find a different way to process cards. 

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

One year later.  Nothing has changed...

 

Look for a different service provider?

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

It's a joke,  we have been using QB for years. We opened up a new account recently and they tell me it could take up to 10 days.  Customers are not happy.  In the future we will make deposits through Stripe.

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

We have been using QuickBooks for our payment processing for several years. We used to receive payments much quicker. Right now we have several payments that came in last week and they are not even pending yet in our bank account. We are not happy about this. It is common practice for companies to make money on the float (ie the time funds are transferred to them until they send to you) in this case QuickBooks has billions of dollars floating. The longer the float the more they make, so that seems like the probable explanation. Not very friendly to the business customers that you serve and very shameful!

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Thank you for the reply on this subject matter.

 

I am new to QB and my first invoice was paid by my client promptly this past Friday and have to say I am miffed that there appears to be a 5 business day hold by QB on all "paid" invoices.

 

I called QB yesterday and your rep quoted the following:

1. The built-in hold of 5 business days in the QB software is "only for the first invoice". Apparently the 5 business days drops according to the rep but I question this response as its a term you can not adjust.

2. The 5 day hold is to make certain that according to your rep "the ACH is going to the right account and person" 

 

please respond or add to the above comments from your rep as I would like to understand how to best manage my cash flow.

 

 

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Moderator

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Hi @Flipinpc,

 

Let me see if I can provide some further context.

 

For customers who are new to Intuit, the first transaction (or, if there are multiple transactions) or first batch may be held for approximately 3-5 business days.  An internal review is done at that time because you are a new business with us.  After that initial hold, transactions are deposited to you based on your account deposit time.  Generally, this will be 2-3 business days for credit card transactions and 5 business days for ACH transactions.

 

However, there may be other reasons that transactions may take longer; for example, suddenly processing $20K in one month when a customer had processed $2K may trigger a risk review, where we will hold funds while we review those transactions.  Once those transactions pass review, the are generally released in 24-48 hours (again, it may be longer; this is a case-by-case basis).

 

For further information on holds, I would direct you to review the merchant agreement agreed to at the time of sign-up.  Here's a link:  Merchant Agreement

 

Also, I would like to address the issue of Intuit making money off of holding funds.  I can't speak for other companies, but Section 13 of the merchant agreement explicitly states "unless expressly agreed in writing, the Reserve Account will not bear interest."  Intuit does not gain anything by holding funds.

 

I hope that helps to clarify your concerns.  If you have further questions, please feel free to reply!

 

Thanks,

Lucas

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Lucas,

Thank you for your reply. 

 

I was under the impression that the five (5) business day hold for ACH was strictly for the first deposit. If I understand your response it would appear that even after the first deposit the subsequent deposits will have a five (5) business hold. 

Please confirm as this was never shared with me as a new customer and to better manage cash flow.

I believe you should forewarn new customers of this built in hold.

Lastly, the thread about QB holding on to deposits to make money was from another customer.

PG

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Moderator

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Hi again, @Flipinpc,

 

You are correct regarding ACH deposits.  Credit cards typically take 2-3 business days, while ACH transactions do take approximately 5 business days. We are looking into methods for speeding up the funding times for ACH.  I don't have an ETA, at this time, but we always make a point to notify customers when those changes are available.

 

I'm sorry to hear you weren't told up front about the built in hold.  I will make sure to provide that feedback.

 

Thanks,

Lucas

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

I had a customer pay an invoice on March 1st and it is now March 8th and the money still isn’t in my account. It definitely should not take this long. It is a small payment. I could see if it was a very large transfer that it could take a while to clear. Until they can speed up the process I won’t be using the service.

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Moderator

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Hi @ernieball1977,

 

If the transaction was paid on 3/1 (Sunday) and it was an ACH payment, then the funds should have been sent for deposit on 3/6 (Friday).  If you still haven't received those funds, I would check with our payments team; they should be able to look into this and see why it hasn't been received yet.

 

Here are the contact options for support: Payments Support

 

They would be happy to look into this for you!

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

QuickBooks likes to give dumb answers that should insult your intelligence.

 

Credit card payments are very fast.  Bank transfer (fee free) takes a very long time.  This is because they want to encourage you to use credit cards so they can take a bunch of your money. 

 

Any answer that doesn't say they want to scam you out of more money is a lie and should be an insult to your intelligence.  Simple.

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Moderator

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Hi @JaredColumbus. It sounds like you may have had a poor experience. Do you currently need assistance with a QuickBooks product?

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Thanks for addressing the interest claim. Could you respond to the claim that you're designing an inconvenience to create an incentive for people to pay you to fast track the funds?

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Moderator

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

@PayMe  Thank you for your post.

 

Five day ACH has been in place for 5 years and was not designed to create inconvenience.

 

Further, we have not made any changes to how that funding plan works. We have been moving to a faster funding model, based on customer feedback, where, for a nominal fee (1% maxing out at $10), ACH transactions may be deposited faster. 

 

Faster funding is based on account eligibility, so not all accounts may have this option available.

 

I hope that helps to clarify your concerns.  If you have further questions, please feel free to reply!

 

 

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Level 1

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Thai company is a HUGE DISAPPOINTMENT I have submitted an invoice as of 3/15/20 client paid me on 3/17/20 it is now 3/31/2020 I have bills to pay these people have held my payment and then another payment went through and still here we are no payments received. I need WB to release my payments even my client wants me to get rid of them they hold your payment first time it was held sent all the information and they assured me this won’t happen again and that was a lie and here we go two more invoice and they are still holding my payment. I need QB to release my payment this week this is redicois they say it was on hold and then now they say it was release and nothing was done noting was released in their part HORRIBLE COMPANY I WOULDNT USE THEM OR TELL anyone about this COMPAN

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Moderator

Why do payments take so long to get deposited. From the day the invoice gets paid it takes sometimes more than a week? Every other bank or app I use takes 2-3 days.

Hi @Angel77,

 

I'm sorry to hear you've had this experience; I can understand your frustration.  I would like to look into your account further so I can help determine what's going on here.  Can you please private message me the email/phone number associated with your merchant account so I can look it up and review the account?

 

To send me a private message:

 

1. Log in to the community at the top right

2. click on my username in this post above

3. On the right hand side, click on the Send a Message button

 

I look forward to hearing from you.

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