Please refer to the article on An introduction to ACH with FusionPay for more information on collecting ACH payments.
What is the Batch Cut Off time for ACH payments?
- Batch cutoff for ACH payments is 5pm ET. Any ACH payment that is received since 5pm ET the previous day is batched together at 5pm ET of the current day and the funding process is initiated.
- ACH payments can be voided if not yet batched.
What is the Funding Time for ACH payments with FusionPay?
To consider the expected funding time for ACH payments, it becomes important to consider the three different components of funding:
- The day the transaction is performed
- The number of days the transaction is in funding
- The settled date of the transaction
This entire process is considered to take 5 business days.
- The first of the 5 business days is the transaction date. This is the day that the transaction is performed, batched, and begins it's journey through the Automated Clearing House process.
- Business days 2, 3, and 4 occur with the transaction being in an in funding status.
- The fifth business day is the settlement date of the transaction.
What is an example of ACH funding time?
If a payment is processed on a Monday, you as the merchant will receive your deposit on a Friday, and follows the example below:
- Day 1: Initiation Day (Monday) - The day the transaction is performed
- Day 2: Posted (Tuesday) - In Funding
- Day 3: Posted (Wednesday) - In Funding
- Day 4: Posted (Thursday) - In Funding
- Processor notified by bank if payment will settle or return
- Deposits sent out this night
- Day 5: Settled (Friday) - The Settled Date of the Transaction
- Payment Updates to Settled or Returned
- Deposit appears in merchant’s account if settled
Deposits from ACH funding will appear on your bank statement as "Forte Funding"