How long does it take to receive money (deposit) in my bank account after a client submits a payment?
This depends on the form of payment the client used. If they used a credit card, the deposit should be there one business day after the transaction. ACH payments take four business days to clear and be deposited. This helpful article provides more details.
My client said they paid, but it’s marked processing in Materio
When a client pays an invoice by ACH, it moves into a processing status. It will remain in processing status until it is deposited into your bank account (typically in 4 business days), at which point it will be automatically marked as paid. More information on payout timing can be found here.
How do I know which payments are in the deposit?
MaterioPay uses batch deposits, meaning that any transactions finished processing on the same day are combined into one transaction or batch deposit. We recommend turning on the Materio QBO setting “Sync bank deposits.” Enabling this setting will allow Materio to match automatically and sync payments to the proper invoices within QBO.
If you elect not to use the Sync bank deposits feature, you’ll need to manually account for payments received and mark invoices as paid within QBO. Should you need further information regarding client payments and deposits, please email hello@materio.co.
Why is my deposit $0.20 less than my collected amount?
You may have noticed that the client covered the processing fees, but your payout was $0.20 less than the expected deposit. The $0.20 difference is due to a batch deposit fee. You can review more information about MaterioPay and the fee schedule here.
If you are using the Sync bank deposits feature, this will automatically be apportioned in QBO to the invoice and fee expense account.
Why is my deposit of $1.50 less than the invoice amount, and I have already accounted for the processing fees?
This is actually a Stripe instant verification fee, not something that MaterioPay charges. To avoid fees like this, we recommend transitioning to MaterioPay from Stripe.
Have questions? Chat with us from your project dashboard or email us at hello@materio.co