How long does it take for funds to reach my bank account?

Intuit automatically batches and submits your credit card payments each day at 3:00pm Pacific Standard Time, 6:00pm Eastern (with some exceptions*).

Funds reach your deposit bank account within 1-5 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.

When you process a charge, two actions are taking place behind the scenes (often simultaneously).

  1. 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.)
  2. The transaction enters the system. The amount is actually submitted for payment later that day, when the charge is batched (submitted to the bank for settlement). At this time funds can actually start to move between accounts. 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, the merchant 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 here in the merchant 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.