How clearing times work?

Clearing times are referred to as the amount of time it takes for every payment to be deposited to your bank account. The time frame will depend on the payment method used by the payer.

Important considerations

  • If the payment was made before our cut-off time (2 PM PST), we will count the created date as one.
  • If the payment was made after our cut-off time (2 PM PST), we will NOT count the created date as one.
  • When a payment is received, the invoice Status will change instantly regardless of the clearing time. (Status: Open to Status: Paid)
  • There are different clearing times and it depends on the agreement made with Paystand. If you want to check the clearing time you currently have set up your Customer Success Manager will be able to help.
  • If the payment was made on the weekend, we will NOT count that day as one. Day one now will be the next business day.

Credit Card Default time

  • It will take two business days to be transferred into your bank account.

Bank to bank Default Time

  • It will take four business days to be transferred into your bank account.

ACH Default time

  • It will take six business days to be transferred into your bank account.

Note: PayStand transfer will take one day to be received in your bank.

Payment timing on a payment made before the cut-off

1. Navigate to Paystand Dashboard

2. Click Transactions>Payments

3. Check the Created Date

4. Check the Payment Method

5. Open your Calendar, and from the Created Date, count the days according to the payment method. In this case, February 18th

Screen_Shot_2022-10-06_at_3.05.21_p.m..png

 

6. For this example, the payment was made AFTER the cut-off time; we WON'T count the Created Date as one

Screen_Shot_2022-10-06_at_3.05.21_p.m..png

7. This payment was transferred into your bank account on February 23rd.

 

Payment timing on a payment made after the cut-off

1. Navigate to Paystand Dashboard

2. Click Transactions>Payments

3. Check the Created Date

4. Check the Payment Method

Screen_Shot_2022-10-10_at_12.43.20_p.m..png

5. Open your Calendar, and from the Created Date, count the days according to the payment method. In this case, November 23rd.

Screen_Shot_2022-10-10_at_12.52.31_p.m..png

6. For this example, the payment was made BEFORE the cut-off time; we WILL count the Created Date as one

Screen_Shot_2022-10-10_at_12.52.31_p.m..png

7. This payment was transferred into your bank account on November 25th.

Was this article helpful?
0 out of 0 found this helpful