Next-day & Same-day funding for business transactions: Things to know to receive your funds faster
As a business owner, you want to receive your hard-earned money as quickly as possible. Credit card processors today offer next-day and same-day funding. Let's explore both of these options. If you're looking for the sure-fire ways to receive your money, skip to the bottom for our top 3 best practices.
A good example of when same-day funding makes sense: The bar that closes at 2 AM, batches out at 3 AM, with same-day funding they would receive their funds later on that same-day.
Same-day funding requires a lot of diligence from multiple parties for its success. Frequently, we see that funds get held up due to this very reason, however; if your business qualifies for same-day funding the first thing you'll want to confirm is your cut-off time. It's important to know when your bank must receive your batch information in order for you to receive your funds by the next day. Typically, we see same-day funding cut off times are at 8 AM EST with funds being available by 5 PM EST the same day.
Majority of businesses receive next-day funding due to the cut-off times making more sense for the operating hours of their business. An example of a business that may select next-day funding is a retail store open from 8 AM to 9 PM. Typically, we see next-day funding cut off times are as late as 10 PM EST with funds being available within the following 24-72 business hours.
Top 3 Best Practices To Receive Your Funds Faster
Set up direct deposit
This way funds will go right into your bank account. If you're going to be accepting credit card payments, it's likely a requirement to have a direct deposit. Make sure you batch out everyday. It assures you receive your dollars in a timely manner and it will save you money in interchange fees. It's important to know when your bank must receive your batch information in order for you to receive your funds by the next day. These are cut off times set by your bank and we recommend batching out 15-20 minutes prior to their specific cut off time to allow for the data to be transmitted to the bank.
This is a service that Aurora Payments offers to make sure you batch out every day. We set up an agreed upon time to automatically batch out removing the stress from you and your employees.
Please note: Every bank is different and response times/receiving funds will vary based on your bank.
Interested In Learning More About Next-Day And Same-Day Funding? Contact Us Today (833) 287-6722. Aurora Payments Offers All Of The Merchant Services Your Business Needs To Accept Credit Card Payments:
- Next-Day Funding
- Fraud Protection
- PCI Assistance
- Account Monitoring
- Virtual and Online Terminals
- Technology upgrades
- Cash Discount & Surcharge Programs
Sign Up To Start Processing Payments With Aurora Payments Today!