When do Donations deposit into our Bank Account?
You can receive offerings/donations seven days a week now. After some initial setup, your donations will deposit quickly.
Timing for Processing and Deposit of Donations
Who is involved?
Business Days matter
Setup
Processing Donations
Deposits
Why this timing?
Timing for Processing and Deposit of Donations
- First, know that the timing for processing and deposits into your bank account is determined by the Credit Cards, their banks, your bank, and the Federal Reserve.
- And that this timing is for anyone who accepts donations or payments by Credit Cards, Debit cards, or Checking accounts.
- The system is an automatic operation.
Who is involved?
- Credit Card Brands - Visa, MasterCard, American Express, Discover, etc.
- Processor - they electronically move the money securely for the credit card brands.
- Banks - involves your bank and the credit card banks.
- Checking accounts - the Federal Reserve works with Processors and the banks through the entire process.
Business Days matter
- Keep in mind that Holidays, Saturday, and Sunday are not business days for the Processors and Banks.
Setup
- Once we receive your banking information, it is submitted to our Processor for setup. The setup is completed in 2 business days.
- If we receive your information on…
- Monday through Wednesday - you are ready to process donations that week.
- Thursday - you are ready the following week.
- Friday afternoon, Saturday, or Sunday, the submission process starts the next week.
Processing Donations
- For a donation made on the weekend or holidays, it doesn’t process until the next business day.
- For a donation made late at night, it will miss a cut-off and be as if the donation was made the next day. For example, donations made late Friday night, Saturday, or Sunday are sent to the Processor on Monday.
Deposits
- Donations by credit and debit card arrive in 2 business days to your bank account after they are processed.
- Donations by checking account arrive in 5-6 business days to your bank account. The Federal Reserve determines this system.
- First donations can have a security check (not by us), and that usually adds a day, then after that, deposits are much faster.
Why this timing?
- It’s all about security, corrections, and risk.
- There needs to be a little time to allow for refunds, for corrections, and to make sure everything is secure.
- Security is vital to keep the donor's information safe and to advance the donation to your ministry.
- Donations by a checking account sometimes “bounce” or are rejected. The Processor allows three attempts to collect the donations, and this adds to the time.
- The Credit Card companies advance the payments and then plan/hope to collect all of it later. Even though risk for donations is low, the steps above allow them to keep the risk as low as possible for their entire operation.