IN THIS ARTICLE:
Learn about iClassPro Payment Services' Next Day Funding, the criteria to qualify, the timeframe of funds transfer, and what is included.
- What are the qualifications for Next Day Funding?
- What is my settlement time on Next Day Funding?
- When Will I See Funds in My Account for Settled Transactions?
- What are the scenarios where Next Day Funding may not be applicable or could be delayed?
NOTE: This document only applies to customers in the United States who are using iClassPro Payment Services.
What are the qualifications for Next Day Funding?
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, firstname.lastname@example.org
To speak with iClassPro Payments about your current fee profile, please contact us at email@example.com or by phone at 1-877-554-6776 (option 4).
What is my settlement time on Next Day Funding?
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
|Hawaii Time Zone
|Alaska Time Zone
Payments that are taken after your settlement time will settle with the following day's transactions.
When Will I See Funds in My Account for Settled Transactions?
To provide a better understanding, below is a chart outlining the funding timeline for Next Day Funding:
|Transaction Activity Date(s)
|Bank Post Date
Friday, Saturday, Sunday
- 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.
What are the scenarios where Next Day Funding may not be applicable or could be delayed?
- 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.