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When are Transaction and Non-Transaction Fees deducted from my bank account?
Jump to:
- What are Transaction Fees?
- When are Transaction Fees deducted?
- What are Non-Transaction Fees?
- When are Non-Transaction Fees deducted?
- What is the Funding Time?
- What is UnifiedPay’s Funding Time?
- What is a Batch Close?
- What is the Batch Close Time?
- Do I have the option to change it so the transaction fees are deducted at the end of the month instead of daily?
Q: What are Transaction Fees?
A: Transaction fees are the processing fees deducted before your account is funded (daily net billing). This covers the cost of processing the payment.
Q: When are Transaction Fees deducted?
A: Transaction fees are deducted daily at the time of the transaction.
Q: What are Non-Transaction Fees? (relevant only to merchants with customized rates)
A: These are fees that are not related to the transaction.
Ex. Monthly Fees or Card Brand Fees (aka Network Fees) which are fees Visa, Mastercard, American Express, Discover charges that are passed onto the merchants
Q: When are Non-Transaction Fees deducted?
A: Non-transaction Fees will be billed on the 5th of the following month.
Ex. November fees will show up on December 5th.
Q: What is Funding Time?
A: The amount of time it takes for the funds to be deposited into your account.
Q: What is UnifiedPay’s Funding Time?
A: 2-day funding, if the payment transaction occurs before 08:05 PM CT on a given day.*
3-day funding, if the payment transaction occurs after 08:05 PM CT on a given day.*
* add 1 day for banking holidays
* 2 day funding, if the payment transaction occurs before 08:05 PM CT on a given day.
Q: What is a Batch Close?
A: Transactions are batched on a daily basis and that cumulative total, minus transaction fees, is transferred to your bank account. Transactions are batched based on the time of day that the transaction occurs as detailed below.
The organization (“Merchant”) will see deposits labeled as “Fullsteam SV9" on their bank account statements. Fullsteam Operations LLC is the parent company and backend payment processor behind UnifiedPay. Deposits are net amounts. In other words, transaction fees are taken out before the deposit is made.
Q: What is the Batch Close Time?
A: 8:05 pm CST
Q: Do I have the option to change it so the transaction fees are deducted at the end of the month instead of daily?
A: Transaction fees are deducted daily, before your account is funded (Daily Net Billing)
If you prefer to have the fees deducted at the end of every month, (instead on a daily basis) UnifiedPay offers a Monthly Billing Services for 0.03% calculated on your total.
Monthly transactions come with a 0.03% charge on the monthly volume total.