IN BRIEF
Next Day Funding through iClassPro Payment Services allows eligible customers to receive settled funds as quickly as the next business day. This article outlines qualification requirements, settlement timing, funding timelines, and scenarios where Next Day Funding may not apply.
Overview
Next Day Funding is a feature available to qualifying iClassPro Payment Services customers in the United States. It enables faster access to processed funds by reducing the delay between transaction processing and bank deposit.
This article explains:
- eligibility requirements
- settlement cutoff times by time zone
- when funds are transferred and posted
- limitations and exceptions that may impact funding timing
Note: This feature only applies to customers in the United States who are using iClassPro Payment Services.
Accessing the Feature
Next Day Funding is not a user-enabled setting within the system. Eligibility is based on account configuration and payment service setup.
To update or confirm eligibility:
- Contact support at support@iclasspro.com to upgrade your subscription plan
- Contact iClassPro Payments:
- Email: payments@iclasspro.com
- Phone: 1-877-554-6776 (option 4)
Step-by-Step Instructions
Eligibility Requirements
To be eligible for Next Day Funding, your iClassPro account must meet the following qualifications:
- Premium Subscription Plan: Ensure that your iClassPro account is subscribed to the Premium plan.
- Flat Rate Fee Profile with Merchant Services: Have a current flat rate fee profile in conjunction with merchant services.
In order to upgrade your subscription plan, please contact us at, support@iclasspro.com
To speak with iClassPro Payments about your current fee profile, please contact us at payments@iclasspro.com or by phone at 1-877-554-6776 (option 4).
Settlement Cutoff Times
With Next Day Funding your settlement time will vary depending on your time zone, please see settlement times by time zone below:
| Pacific Time Zone | Mountain Time Zone | Central Time Zone | Eastern Time Zone |
| 6:30 PM | 7:30 PM | 8:30 PM | 9:30 PM |
| Hawaii Time Zone | Alaska Time Zone |
| 5:30 PM | 4:30 PM |
Payments that are taken after your settlement time will settle with the following day's transactions.
Funding Timeline
To provide a better understanding, below is a chart outlining the funding timeline for Next Day Funding:
| Transaction Activity Date(s) | Transfer Date | Bank Post Date |
| Monday | Tuesday | Tuesday |
| Tuesday | Wednesday | Wednesday |
| Wednesday | Thursday | Thursday |
| Thursday | Friday | Friday |
| Friday, Saturday, Sunday | Monday | Monday |
- The Transaction Activity Date is the day the transaction is processed in iClassPro or on the terminal.
- The Transfer Date is the date the funds transfer is initiated to the bank account. At the time of initiating the funds transfer, you will receive a Settlement Summary email with details of the deposit.
- The Bank Post Date is the day you can expect the transfer to be reflected in your bank account. Next Day Funding deposits are posted within the bank's closing operational hours.
Limitations and Exceptions
- eCheck: Currently, eCheck is not supported for Next Day Funding.
- Deposit Amounts: Deposits exceeding $1,000,000.00 cannot be sent with Next Day Funding. However, deposits up to $999,999.00 can be processed under Next Day Funding. If the deposit is exactly $1,000,000.00, it will be sent via the standard 2-day funding process.
- Partner Dependency: Next Day Funding is dependent on our partner for the necessary reports. In the event that reports are not received in time, affected merchants will be notified, and funds will be sent using the standard 2-day funding timeline.
Troubleshooting & FAQs
-
Why did my funds not arrive the next day?
- This may occur if:
- transactions were processed after the settlement cutoff time
- the deposit exceeded the allowable amount
- the payment method was eCheck
- the funding schedule was affected by a Bank Holiday
- partner reporting delays required fallback to the standard two-day funding process
- This may occur if:
-
How do I know when funds are transferred?
- A Settlement Summary email is sent when the transfer is initiated, providing deposit details.
-
Does Next Day Funding apply to all payment types?
- No. eCheck transactions are not eligible for Next Day Funding.
-
Can I enable Next Day Funding in settings?
- No. Eligibility is determined by account setup, including subscription plan and fee profile.