It’s the age old issue. You have a great day at your business, and after 24-48 hours, you check your account excitedly to see all that cash flow. However, the account is emptier than you expected. In fact, did the funds even get deposited?! Where is my money? Don’t fret. A lot of things can get between you and access to your hard-earned money.
Making a personal budget is an easy first step to getting your money fast every time. To save money fast and achieve your financial goals, you must first account for all of your income and expenses accurately. Automating your savings can also help reduce the temptation to spend money you intend to set aside, making it easier to access your money fast when you need it.
I sat down with Zulis, a lead member of our customer service team, and Michael, one of our technical support gurus, to find out exactly where breakdowns can occur. What I found was that there are a lot of moving parts in processing, but luckily, most have simple solutions.
Batching Issues with Automatic Transfers
You might feel a lot like Jerry Maguire when you check your account, but make sure to follow the correct procedures to get your funds fast!
I cannot stress this one enough. Zulis told me that at least half of all of the calls that come in with issues with account deposits involve batching. Batching or settling with your credit card terminal has to be done before you will get your money, and understanding the difference between debit vs. credit transaction fees can further clarify how your funds are routed and deposited. If you forget to batch or something goes wrong, there is no way for your processor to know how many transactions you’ve processed, and more importantly, how much money you’ve made! Here are some common roadblocks that you may encounter. Knowing Your EquipmentMichael explained to me that depending on your processor, you may have host capture or term capture. Host capture is more automatic, and term capture is more manual. Beyond that, with different equipment, you may have manual or automatic batching. Talk to your payment provider to ensure you’re aware of how to correctly batch out and what YOU need to do to ensure you get your funds promptly. Automating or scheduling your batching process can help keep it off your mental to-do list, making it easier to stay consistent and avoid missed deposits. Knowing the****Correct Processing ProceduresAgain, this is determined by your payment processor. When you get set up, make sure you ask lots of questions and know exactly what the requirements and turnaround time is from when you batch your transactions until your bank account has the available funds.
“If you batch after a certain time set by the processor, the batch will be pushed back another day, and that will keep you from getting your funds when you want them—which is as soon as possible.”
Make sure you know the time limit. If you have manual batching, it is common practice to do so every night before the cutoff, which is usually any time before the 6 pm EST or 5 pm CST, says Michael. If you batch after a certain time set by the processor, the batch will be pushed back another day, and that will keep you from getting your funds when you want them—which is as soon as possible. Faulty Internet or Phone LinesIf your batching occurs automatically in the middle of the night, Michael also pointed out that your internet or phone line provider will occasionally perform maintenance at the same time. No internet or phone line connection = no successful transmission. If you’re concerned that a batch may not have successfully gone through, check your online reporting to make sure that everything is working as intended. (It’s a good idea to keep tabs on this regularly anyway!)
By following the strategies outlined above and considering solutions like instant funding credit card processing, you can ensure you get your funds fast every time.
Issues with Your Bank or Checking Account
There are many things that can go wrong with your bank account. It could be closed, frozen, have an account number error, or be in poor standing with the bank, and even something positive like implementing benefits of cash discounts to encourage cash payments can temporarily change the flow of funds you expect to see deposited. Issues like these commonly occur at the beginning of the month, states Zulis, so keep an eye out around that time. In order to resolve these issues, it’s usually necessary to contact the bank directly, as they have control over the actual account. Sometimes, opening a new account can help resolve persistent problems or give you access to special features, such as promotional offers or rewards.
Another important point to keep in mind is that the banks process funds only on business days. That means that all the money you make over the weekend won’t be processed until Monday, and depending on your credit card processor and bank, will probably not show up until Tuesday morning. National holidays and other days can affect this timeline as well. Using multiple external accounts is a strategy that forces you to separate your savings from the bank you use to manage your routine expenses, making it easier to manage your funds and avoid delays.
Being Forgetful When Saving Money
If you’ve received some funds, but less than you expected, there could be reasons for that too. Usually, refunds are to blame. While most people expect refunds to be processed separately, they are usually deducted from the charges made that day. For example, if you process $500 in sales but $300 in refunds, you will only see $200 in net sales deposited, explained Zulis. Similarly, you can even have a negative balance if you process more returns than sales for the batch. If you have a cash advance that you are paying back, some people forget that a percentage of their sales are used to pay back this cash advance. Making extra payments toward your cash advance or other high-interest debt can reduce the total interest charges and help you get your funds faster. If you deposit a lump sum, such as from a large sale or refund, it can impact your account balance and may affect processing timelines. Finally, if you have a negative balance or chargeback on your account, your processor may be required to hold some or all of the funds in order to pay for it, and in some cases your business may even be treated like a high risk merchant account. Carrying a credit card balance can also result in additional interest charges, which further reduce your available funds. Paying off debt can free up a substantial amount of money, allowing you to save faster and have more funds available.
Overall, processing credit cards can be tricky, but Michael assured me that with the right understanding of the correct procedures and equipment, you can keep things running smoothly, which also supports improved customer retention rates by giving your customers a seamless payment experience. Make sure to keep a regular habit of batching daily and on time, and if you have any questions, do not hesitate to call your technical support specialist, as they are more than happy to help walk you through.
Avoiding Financial Pitfalls
Avoiding financial pitfalls is essential for anyone looking to achieve financial stability and make the most of their money. One of the biggest traps people fall into is accumulating high-interest debt, such as credit card debt. High interest rates can quickly add up, making it harder to pay off your balance and costing you more money in the long run. If you find yourself juggling multiple debts, consider a debt consolidation loan. By combining your debts into one loan with a lower interest rate, you can simplify your debt repayment process and reduce the total interest you pay over time.
Another smart move is to keep a separate savings account, ideally a high yield savings account, dedicated to your emergency fund. This way, you’ll have extra cash set aside for unexpected expenses, like car repairs or medical bills, without having to dip into your checking account or rely on credit cards. High yield savings accounts, especially those offered by online banks, often provide better interest rates than traditional savings accounts, helping your savings grow faster. When choosing a financial institution, make sure it’s insured by the National Credit Union Administration (NCUA) or the Federal Deposit Insurance Corporation (FDIC) to keep your money safe.
Being mindful of your spending habits and living expenses is another key to avoiding financial pitfalls. Start by creating a budget that covers all your necessary expenses—think auto insurance, streaming services, groceries, and other everyday purchases. Allocate a portion of your income to discretionary spending, but make sure to prioritize saving money and debt repayment. Many people find the 50/30/20 rule helpful: 50% of your income goes to essentials, 30% to wants, and 20% to savings and debt repayment. This approach can help you manage your money more effectively and ensure you’re consistently working toward your financial goals.
To make saving even easier, set up automatic transfers from your checking account to your savings account. This “set it and forget it” strategy ensures you’re regularly boosting your savings without having to think about it. You can also explore other options like certificates of deposit (CDs) or money market accounts, which may offer higher interest earnings than a regular savings account. Just be aware of the risks involved, such as withdrawal penalties for CDs, and always choose a reputable financial institution.
Finally, remember that everyone’s financial situation is unique. Whether you’re a college student, a full time job holder, or a pet owner looking for extra income, there are plenty of ways to earn money on the side—like pet sitting or dog walking—to help you reach your savings goals faster. By staying proactive and making smart choices, you can avoid common financial pitfalls, build a solid emergency fund, and take control of your personal finance journey. Start saving today and set yourself up for a more secure financial future.
