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We offer Net Deposits for Deposits and Processing Fees associated with your Merchant Processing Account.
Related Article: Reconcile Bank Statement with Credit Card Payments Made
Understand Net Deposits
What are Net Deposits?
- Net Deposit will include the sum of all Credit Card payments made minus all applicable processing fees.
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.
When do I receive my Net Deposit?
- Deposits are dependent on when the payment is disbursed from TheraNest and registered by your bank. The Disbursement date is different the your Bank Deposit Date.
- Credit Card Payments processed in TheraNest BEFORE 5pm EST will be lumped into one payment Disbursed from TheraNest at 5pm EST. Typically your bank will register the Deposit the next day, although, depending on your bank it may take more time.
- Credit Card Payments processed in TheraNest AFTER 5pm EST will be lumped into the next days payment disbursement (the next day at 5pm EST) and will be registered by your bank after that.
- See below for examples and caveats.
Example of Net Deposit
You (Provider) charge 3 Clients on Wednesday:
- Client 1: $100 (at 10am EST)
- Client 2: $50 (at 3pm EST)
- Client 3: $75 (at 6pm EST)
- $145.37 (Client 1: $100 PLUS Client 2: $50, MINUS Processing Fee $4.63)
NOTE: Client 1 and 2 were charged BEFORE 5pm EST so the deposit was lumped into Tuesday's Deposit
- $72.68 (Client 3: $75 MINUS Processing Fee $2.32)
NOTE: Client 3 was charged AFTER 5pm EST so the deposit was lumped into the next day's Deposit.
- 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.
IMPORTANT: 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.