In a previous article, we talked about using QuickBooks Payments, and how beneficial it can be for your business. Sometimes life happens and there could be delays in money hitting your account, so in this article, I’m going over how to understand holds on your payments and how to minimize them in the future.
When to Expect Funds in Your Account
The best place to start is with processing time. Generally speaking, Standard Deposits process every day except Sundays, Thanksgiving Day, and Christmas day. Instant Deposits process every day of the year, with no exceptions. However, your deposit speed depends on the product you are using and the type of payment.
To check your current deposit speed:
Go to the Gear Icon ⚙ and select Account and Settings.
Select the Payments tab.
Review the Deposit Speed section.
Another variable that can affect processing time is the time of day.In general, if you process customer payments before 3 PM PT, we'll deposit them in your bank account on the next business day. If you process payments after 3 PM PT, we'll deposit them in two business days. Credit card payments typically deposit in about 2-3 business days and free ACH Bank Transfer payments deposit in about 2-7 business days.
Note: If you're a new user, we'll deposit your first set of payments (sometimes referred to as batch) within 5 business days. These early deposits take longer while we set up your account. Once we set up everything, we'll deposit customer payments much faster.
You can check the status of your payments in the Merchant Center. If you see the word “Withheld” in the Method column, you’ll know it’s on hold.
When something unexpected occurs in your transaction(s), this may trigger a hold on that payment. This doesn’t mean that anything is wrong. We just need extra time to review. Here are some common reasons for holds:
When your payment processing exceeds the established maximum dollar amount expected on your account.
When a transaction is processed after several authorization attempts and failures.
When certain transactions require verification of your business type to ensure it complies with the Intuit Acceptable Use Policy.
When our systems identify processing patterns that pose a risk to any of the parties involved: you, your customer, or Intuit.
We will also periodically review payments to ensure everything works as intended. This benefits everyone involved in the payment process.
What do we do when there's a hold?
Intuit will attempt to contact you through the phone number on your merchant account. You’ll also receive an email with detailed instructions on what additional information is needed in order to complete our review. To resolve the issue as quickly as possible, please submit any requested documents as soon as possible. You can also reach out directly to our Payments Support team here.
We cannot deposit any money from funds on hold until we complete our review. Once all the requested information has been provided, they typically complete the review within 2 business days.
I’m going to switch gears a little here and go over chargebacks. A chargeback differs from a hold since this occurs when a transaction has been disputed by the cardholder or card issuer.
I think the most important points to review are how can you avoid chargebacks:
Be clear about refund and return policies.
Respond to retrieval requests and chargeback letters as soon as possible.
Collect CVC2 and CVV2 verification numbers.
Let customers know what name will appear on statements.
Collect signatures upon delivery.
I hope this rundown was helpful to you! Now you are equipped with the tools and knowledge to understand and avoid those holds. And of course, if they happen, we always have your back!