How Does ProPay Batch Funds?
- Payment Taken
- Next day funding
Funding is an event entirely controlled by ProPay where money is made available in a merchant’s ProPay account. Transactions processed before 5:30 PM ET are funded into your ProPay merchant account on the following business day. - Sweep to your Bank Account
Daily sweeps will automatically push all of the money funded into a ProPay account out to an attached bank account that is owned by the merchant(you). Sweeps use ACH, and as such, take a day or two to complete depending on the bank you use. - Deposit into your bank account will match ProPay sweeps
Gross Funding vs Net Funding
Net Funding (ACH)
Most merchants are set with fees billed using a Net Funding configuration. This causes that that all processing fees are taken out as the transactions are processed. For example, if the processing fee that has been established is 3% + $0.30 per transaction, and a transaction is processed for $100, $3.30 would be taken out of the funds processed, and the merchant would receive $96.70.
ACH processing through SingleOps is only offered on a net funding basis. Credit card processing is offered on both a gross and net funding basis, and customers are set to gross funding by default. If you wish to switch to net funding, please reach out to our support team.
Your monthly SingleOps Payments merchant statement will summarize all payment processing fees for you for easy reporting and reconciliation.
Gross Funding (CC)
Gross funding is when the merchant to receives the entire gross amount processed in a transaction at the time of the transaction. The processor keeps a record of processing fees generated by those transactions throughout the month, and bills your account for all fees in a single lump sum transaction, once per month. In this case, all of the pre-determined processing fees will be charged in one lump sum at the end of the month, or in whichever frequency is determined in the contract.
Steps to Reconcile
- Login to ProPay
https://epay.propay.com/login/ - Open Sweep Report
https://epay.propay.com/myaccount/reports/sweepreports.aspx - Open Accounting System, E.g. Quickbooks
- If applicable, add journal entry to denote ACH processing fees since they are net funding.
- Compare transactions in ProPay Sweep Report with bank deposits in accounting system
Comments
Article is closed for comments.