When a customer pays your company through ServiceBox Payments, when can you expect that money to enter your bank account?
The short answer is that new customers should see the payment in their bank account 5-6 business days after the purchase. The payment is sent to the merchant 3 business days after they process a transaction. Then it takes 2 or 3 business days for the bank to process and display the fee in the merchant's bank account, depending on their bank's policies.
Payments are sent daily through EFT, so transactions are settled daily, but are held in the merchant’s Paysafe account for 2 business days (Tuesday-Wednesday in the example below) before sending to their bank account on the 3rd day following the transaction.
IMPORTANT: After six months with us the merchant can apply to reduce this hold period by 1 business day.
The merchant can see all these activities (transactions processed, payments sent, etc.) on their merchant back-office.
So here's how the process would look for a transaction made on a Monday:
Monday: Merchant processes transactions
Monday night : Transactions are settled by Paysafe
Tuesday-Wednesday: Settlement is kept on merchant’s account at Paysafe
Thursday: Paysafe sends the settlement to the merchant, who receives it in their bank account in 2-3 business days (depending on their bank)