How Settlement Works
- All payments (including Amex/ACH) made between 12:00 AM EST until 11:59 PM EST will be swept together into a batch.
- At 6 AM EST: We will initiate a transfer. You may already see this on your bank as pending.
- At 9 AM-10 AM EST: ShulCloud will receive information about the batch and we will send out an email "Your money is arriving" including any errors that we detected. We will create a daily batch in your Deposits page.
- In general, the money will be ready to use 24-48 hours later. Some banks may allow use as early as 6 AM the same day.
How Credit Card Charge-Backs and ACH Issues are Handled
- If someone disputes a credit card or initiates a charge-back, we will automatically add a reversal against the Payment in their account. We will alert you of this in the daily email. Once notified, we recommend you contact the Congregant and then rerun the payment manually.
- ACH payments will transfer in the together with Credit Cards and on the same schedule (ie they will be sent at 6AM the next day). Occasionally a check could be blocked by the Congregant bank due to lack of funds or other reasons. We will automatically add a reversal against the Payment in their account. We will alert you of this in the daily email. Once notified, we recommend you contact the Congregant and then rerun the payment manually.
- These reversals will then be automatically added into your automatic daily batch.
Other Notes about Settlement:
- Sometimes when refunding a full transaction on the same day it will become a void and other times a refund. Each day contains 3 "settlement windows”. If the request for a refund is before the next window, it will become a void, otherwise a refund. You can make unlimited Voids, but Refunds are limited to a daily dollar amount. You may request this dollar amount to be raised if needed.
- If your daily batch is negative (the shul performs more refunds than payments), Your sweep will not be sent over (removing money from your Bank account). Rather the Gateway will keep the balance and offset future batches unless the money is sitting for ~ 30 days.
- In the rare circumstance that your bank account changes and you do not contact us, we will let you know by email that we could not locate your bank account.
- About 3 days after month end, there is an invoice generated. It will appear in Admin Menu/Integrated Gateway/Invoices. This will show you by day, by type and the fee associated. You will also get an email with this information. The day after the email is sent your account is debited.
- The daily settlement is listed under Admin Menu/Integrated Gateway/Settlement.