Daily, in a lump sum, our credit card processor will credit your bank account for transactions processed the day before and withdraw the credit card processing fees for charges processed 1-3 business days before. These transactions will appear differently on your bank statement.
Bank Statement Descriptions for TheraNest Credit Card Processing (Debits & Credits):
TheraNest Transfer: It's a merchant refund that will debit your account for a refund you have issued to the client.
TheraNest Merchant Deposit: Deposit of credit card transactions processed in TheraNest. Occurs Gross/Daily.
ACH Withdrawal: The debit of processing fees from your bank account. This occurs Gross/Daily. The fees for the deposit will occur after the deposit, in the next 1-3 business days.
Bank Statement Activity for Transaction Activity (Debits & Credits)
Customers will have at least two separate banking transactions for each day of CC activity (the cutoff time for each day of activity is 5pm Eastern time). A third transaction if refunds processed.
- Daily lump sum gross deposit for all successful client CC payments. These deposits should hit your bank account the day after they were processed in TheraNest. Example: Customer charges 3 customers for $100 (at 10am EST), $50 (at 3pm EST) and $75 (at 6pm EST) on the Monday. On Tuesday, they will see a deposit for $150, because the $75 charged after 5pm EST.
- Daily lump sum withdrawal for all fees associated with the transactions in #1 above. These withdrawals should hit your bank account in 1-2 business days (the timing will vary by bank, and may take longer). From example above: Customer will see a single withdrawal on Wednesday or Thursday that covers fees for the $100 and $50 transactions. They will also see another withdrawal on Thursday or Friday for fees on the $75 transaction.
It is important to note that the timing of the deposit and withdrawal depends on the customer's bank.
Chart below shows the possible days when a bank account credit or debit might happen:
Bank Transaction Types:
Credit: A transaction type that will increase your account balance.
Debit: A transaction type that will decrease your account balance.
*** Use this with our Credit Card Charges Report article to help you reconcile your bank statement.