We offer two options for deposits and processing fees with your merchant processing account, Net Deposits and Gross Deposits. Each option offers a difference in how the deposits and fees will hit your bank account.
What are Net Deposits?
A Net Deposit will include the sum of all credit card payments minus all applicable processing fees.
When do I receive my Net Deposit?
With TheraNest you will receive a daily deposit of all prior day transactions that occurred before 5 PM EST.
What happens when I process a refund?
In addition to the daily Net Deposit transaction you'll see a second transaction that includes refunds. If no refunds were processed the previous day then you should not see a second bank transaction.
What will show on my bank activity?
TheraNest Merchant Deposit: Deposit of credit card transactions processed in TheraNest.
TheraNest Transfer: A merchant refund that will debit your account for a refund you have issued to the client.
Example of Net Deposit
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 $145.37. The $75 was charged after 5pm EST, so $72.68 will be deposited on Wednesday.
- Daily lump sum of all fees associated with the transactions are withheld from the deposit amount received.
- 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 might happen:
Bank Transaction Types:
Credit: A transaction type that will increase your account balance.
Refund: 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.