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: 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 Withdraw: 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 withdraw or all fees associated with the transactions in #1 above. These withdraws 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 withdraw on Wednesday or Thursday that covers fees for the $100 and $50 transactions. They will also see another withdraw on Thursday or Friday for fees on the $75 transaction.
- A daily lump withdraw for refunds processed the day prior (or anywhere between 1-3 business days prior, depending on bank) will be debited from your account.
It is important to note that the timing of the deposit and withdraw 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.