Intuit automatically* batches and submits your credit card payments each day at 3:00pm PST, (6:00pm EST). Check transactions are batched out at 1:00pm PST (4:00pm EST). Although some processors may fund transactions in a shorter time, they do so by incurring a greater risk which is passed on to their merchants in the form of various higher credit card rates and fees.
Funds usually reach your deposit bank account within **2-3 business days of the transaction. The waiting period, known as the time to funding, varies depending on the time of day you enter transactions, which financial institution you choose for your transactions to be deposited in, and how long it takes your bank to verify and process electronic deposits.
NOTE: Check transaction funding varies by merchant and that information is provided during the initial application approval. Check customers may call us at 800-558-9558 to obtain this information.
In some cases, a batch may be suspended. See Credit Card Batch is Delayed or Suspended for more information.
When you process a charge, here's what's happening behind the scenes:
- Authorization. The amount is authorized against the cardholder's account to confirm they have the credit. (In cases where the amount is unusually large or as an added level of security, you may be prompted to telephone for authorization. Your call goes into the credit card voice authorization center, a central processing hub. But, it's the cardholder's issuing bank that actually authorizes or declines a transaction.)
- Settlement. The charge amount is actually submitted for payment later that day, when the charge is batched (submitted to the bank for settlement). Intuit does this for you automatically. At this time funds can actually start to move between accounts.
- Funding. The money arrives in your bank account! You usually receive payment within two business days (see timeline).
At settlement on day 2, your bank may notify you that Intuit has sent funds to your account. This doesn't mean that your bank actually cleared the funds. When funds are in this state, your online service center shows the deposit status Pending. When Intuit gets word from your bank that the deposited funds have cleared, status changes to Funded. So, if you're wondering about the status of your funds, search for deposits in your online service center.
Note: If you void a transaction prior to batching, the authorization for that amount remains, placing a hold on the customer's credit for around 7 to 10 days (or up to 30 days, depending on the policies of the cardholder's issuing bank). So, be careful when processing a charge, as even voided transactions can tie up your customer's credit.
*Exceptions to 3pm auto-batching include checks and payments received through QuickBooks Point-of-Sale version 10.0 and earlier, Cash Register Plus, Terminals, some Rezovation accounts, some non-merchantlink accounts.
**Exceptions to the 2-3 business days funding time include 5 business day funding time for users who have no fees associated with Bank Transfers.