Settlement Funding Process

Settlement Funding is the process used to receive funds when accepting credit card payments. Bank of America offers two funding types: Same Day Funding or Standard Day Funding. The funding type is determined during the account opening process. 

• Same Day Funding: receive funding the same day as the transaction date. Funding occurs 365 days a year including holidays and weekends. 
• Standard Day Funding: receive funding on the next business day after the transaction date. Funding occurs every weekday (Monday - Friday) except for holidays.

NOTE:
To inquire if your merchant services account is set up for Same Day or Standard Day Funding, please contact us.

Funding time frames

The processing cutoff time and funding time will vary by funding type. 

Batch sweep timing

Completed transactions are swept to settlement once an hour, at the 30 minute mark. Any incomplete transactions such as authorization only or unadjusted tip sale will not be swept and funded. These transactions will hold over into the next batch cycle and if complete by that time then they will be funded. If you are using tip adjustment, all transactions will need to be adjusted. 

Once a transaction has been swept, it can no longer be voided. If a reversal is needed, then a refund will have to be completed.  

Scenario: A transaction is completed at 1:25 and is miskeyed. The time frame for this transaction to be voided is 4 minutes. If the transaction is not voided by 1:29 then a refund would have to be processed instead of a void. 

NOTE: 
Processing fees are not charged for voided transactions. Processing fees will be charged on refunds. 

^* After this time a void cannot be completed on any transaction(s) that occurred during this batch sweep cycle. A new batch sweep cycle begins at the half hour mark.