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Admins - Help?? Transfer of funds

Forums: General Discussion
Created on: 08/30/10 08:54 PM Views: 1384 Replies: 7
Monday, August 30, 2010 at 8:54 PM

We are approaching our 30th reunion date on Sept 11. We have been collecting credit card payments over the past several weeks and have now requested an e-transfer of those collected funds to our verified account. We understood that there was a delay while a credit card payment was verified, but now we see that there is also a delay in transferring the funds to our verified account?

The reunion planner now shows an anticipated date of that transfer to be completed on Sept 7th. Our event is on Sept 11. Eeks!! Can you clarify the guidelines on this? I'm afraid we are going to be in a pinch trying to collect last minute signups prior our actual reunion date -- we're trying to work out expenses etc.

Thank you!!
Brenda

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Tuesday, August 31, 2010 at 12:30 AM - Response #1

It takes 5 business days to transfer of funds. There's really nothing to clarify other than that. We use a third party banking provider and that's the timeframe. This is similar to many other ACH transfers (like PayPal for example, where this is also a 5 day transfer process). Most classes cut off online payments several days prior to the reunion for this reason, which you might want to consider.


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Tuesday, August 31, 2010 at 8:02 AM - Response #2

Hi Brad, thanks for the reply! I appreciate it very much. We did already set a deadline for registration & payment, which is today. I assume that we just turn OFF the 'Items for Sale' in our Reunion Planner, yes? Doing so won't affect tally of items sold to date, reports, etc. Correct??

I'd like to request an update to the reunion planner documentation. I don't see it stated anywhere that ACH takes 5 business days to process. The docs do reference the 5 day hold period for credit cards to clear and also details the process for receiving standard check for withdrawn funds, but there is no mention of ACH withdraws taking 5 business days to process. It is assumed (with eCheck) that this electronic method of transfer would be rather immediate. If it's not, that's fine, but it would be helpful to know that in advance

Thanks again for your help!
Brenda

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Tuesday, August 31, 2010 at 9:13 AM - Response #3

That is correct. If you uncheck the items for sale, it will not mess up your totals for the reports. If you aren't able to get your funds by the date needed, you might need to "float" the purchase on a credit card until you get the money and then reimburse yourself with the reunion funds.

I made a suggestion to Brad to add "PLEASE NOTE THE DIRECT DEPOSIT PROCESS CAN TAKE UP TO 5 FULL BUSINESS DAYS from the date of submission" to the bottom part of the page in the Withdraw Funds section, even though it is already there talking about the two small deposits.


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Tuesday, August 31, 2010 at 3:53 PM - Response #4

It was on the Funds page but I also added this to the IMPORTANT note on the setup page. The first reference is about money going in, the only reference about money going out is on the funds page and still is, but it's now on the setup page too. Thanks Brenda.


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Tuesday, August 31, 2010 at 10:19 PM - Response #5

Thank you guys very much!! Smile

I do have one additional question about turning "off" the sale of items. I see we can turn the entire thing off, but I'm wondering if we could just turn off credit card payments, while still allowing people to register and submit check payments. ?? Will that mess anything up if I change these settings opposed to turning the entire Items For Sale section off?

Thanks much for all your help - and for everything you do to make this a great environment! Smile We have had nothing but great comments on Class Creator

Brenda

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Tuesday, August 31, 2010 at 10:31 PM - Response #6

You can turn off the credit card option only. It will still save any prior credit card payments you received - it just won't display the credit card option to users going in to register.

Jessica
Class Creator Support


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Tuesday, August 31, 2010 at 10:43 PM - Response #7

excellent! Thanks! Smile

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