This article outlines the types of funding available for credit and debit card transactions when using either the Cloud9 or Stripe payment processors.
CONTENTS
Two Business Day Funding (suggested)
If you prefer to receive all card transaction activity for a given day as a single deposit, we recommend switching to 2-business-day funding. This option allows MyTime to set your batch close time to 11:55 PM local time, ensuring that all transactions processed throughout the day are included in one deposit.
This setting simplifies reconciliation between your MyTime reports and bank deposits. To enable this, please contact MyTime Support and request to switch to 2-business-day funding.
Example:
If your business hours on Monday are 9 AM to 7 PM PST and you are on 2-business-day funding, all card transactions processed during that time on Monday will be deposited on Wednesday in a single batch.
Tuesday's transactions will be deposited on Thursday
Wednesday, Friday, Saturday, and Sunday transactions will be deposited on Tuesday.
Next Business Day Funding
If you prefer to receive deposits for card transactions the next business day, please notify MyTime so we can enable Next Business Day Funding for your account.
- For Cloud9 users, the batch cutoff time will be set to 5 PM PT / 8 PM ET
- For Stripe users, the batch cutoff time will be 4 PM PT / 7 PM ET
- This option allows for faster access to funds, but please note it may lead to more complex reconciliation between MyTime reports and your bank deposits due to the shorter batching window.
Example:
If your business hours on Monday are 9 AM to 7 PM PST and you're enrolled in Next Business Day Funding:
- Transactions processed between 9 AM and 5 PM on Monday will be deposited on Tuesday
- Transactions processed between 5 PM and 7 PM will be included in the Wednesday deposit
- Friday transactions will be deposited on Monday
- Saturday and Sunday transactions will be deposited on Tuesday
**Bank holidays will alter these deposit timeframes. Actual deposit timing may also vary depending on your bank’s processing schedule.
For additional information or questions regarding batch information, please contact the support team at support@mytime.com.
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