Batch deposits/finance reconciliation?

[David Reed]

My Finance office is really frustrated working with C&P/TransFirst. They're used to having a single batch deposit every week, and are currently receiving at least one per day and sometimes several in a day, which dramatically increases their workload.

I can't find a way to change this. TransFirst support indicated that this is a Click & Pledge thing. Has anyone found a good solution to this? Can Click and Pledge support assist in changing the frequency of batch deposits?

[CnP.Support]

Good day David Reed

It seems like your previous process was an aggregater and not a merchant account provider. Aggregate accounts are quite good for the company that offers it, as they collect the money and then deposit it at a later date, while having the money in their account.

Click & Pledge is a merchant account provider and we do NOT touch your money. Credit card companies forbid holding the money and as such your money is never touched by anyone in the middle. You receive 2 deposits, at most, on a daily basis. One deposit is for eCheck/ACH and one for all credit cards.

For example: if you receive $1000 through 100 donations using Visa, MasterCard, Discover, and AmEx - the entire $1000 is deposited in your bank account in 48 hours. If you also have accepted ACH / echeck then the total of those eChecks will be deposited separately as a second deposit.

All transactions have to settle in 48 hours and deposit in your account by mandates of the credit card companies.

There is a big difference between aggregation and direct account model. In direct account model your donations are made directly to you and you are the merchant account holder. For example, Network For Good is a company that aggregates donations. Your donations are NOT made to you but are made to them and they in return write a check and donate the money back to you minus their fees. This is why most of these type of accounts pay 2 times a month as they need time to consolidate the money and write the checks.

Hope that answers your question.

[David Reed]

Hi, thanks for your response. I have discussed with my finance office and was advised that they had received as many as four deposits from Transfirst/Click & Pledge in a single day. Do you have any ideas why this might be?

[CnP.Support]

David Reed

The only way this may happen is if a holiday is in the middle where the deposit that was submitted 48 hours ago coincides with another day. If you let us know the day that you are referring to we can discuss with Transfirst and get back to you.

You may also contact Transfirst and inquire about this directly. At most, on a daily basis, 2 deposits could possibly hit an account - one for eCheck and one for all other credit cards. The fact that you state 4 were deposited it tells me it is a 2 day deposit that must have been interrupted due to a holiday.