This article outlines the expected processing times for different transaction types in Cashflow.io.
Overview
- Credit Card Transactions
- EFT (Electronic Funds Transfer)
- ACH (Automated Clearing House)
- Settlement Reports
- Tips & Best Practices
NOTE: If your account is integrated with an external payment processor, please be aware that processing times may vary and may not align with the timelines outlined below. Please review your provider's internal procedures and policies for more information regarding processing times.
Credit Card Transactions
Processing and settlements times for credit card payments typically take 1-2 business days. Cashflow.io processes credit card payments during standard business hours and adheres to the schedules of respective financial institutions.
EFT (Electronic Funds Transfer)
For domestic EFT transactions in Canada:
- Funds Availability: Merchants can generally expect to receive funds within 1-2 business days.
- Transaction Clearance: Transactions typically clear within 5 business days, accounting for inter-bank communication and fund settlement.
Important Note:
If an EFT payment fails or is rejected due to common errors such as NSF (non-sufficient funds), incorrect account information, or other issues:
- The transaction status will change to Failed.
- Both the merchant and customer will receive an email notification regarding the failed transaction.
- Funds will be withdrawn from the merchant’s account to balance the transaction.
ACH Payments
ACH payments within the United States are processed and cleared within 1-2 business days, depending on the financial institutions involved. This timeline ensures efficient fund transfers with minimal delays.
Notes:
- ACH transactions are generally quicker and less likely to experience delays than other transfer methods (such as EFT).
- Delays may occur due to financial institution processing speeds or additional verifications.
International Payments (Cross-Border Payments)
International payments from CAD to USD generally take 1-2 business days to process. This timeline includes currency exchange, cross-border banking regulations, and variations in financial institutions' processing times.
Notes:
- Double-check all payment details (e.g., SWIFT codes and IBANs) to ensure smooth processing and prevent potential errors.
Settlement Reports
Settlement reports provide comprehensive details about all transactions processed through Cashflow.io, including their statuses, deposits, withdrawals, and any issues that may arise. It is highly recommended to review these reports regularly to stay updated on all transaction activities.
Learn how to access and use settlement reports.
Tips & Best Practices
- Track Your Transactions: Use Cashflow.io’s dashboard to monitor your payment statuses in real time or review the settlement report.
- Verify Account Details: Always double-check bank account information to avoid processing errors or rejections.
- Follow-Up: In case of a delay, recheck the transaction status and the settlement report the day after the expected completion date or contact our support team for additional information.