Online Registration Deposit Process:
Clients will receive their deposits weekly, and the deposit will be the NET amount of the gross amount collected via credit card, LESS the merchant fees.
OTTO Sport processes the deposits every Wednesday. Depending on the client and the financial institution they use, the deposits will typically show up in the account within 24-48 hours. The deposit that the client will receive is for the prior week (Sunday 6 PM ET to Sunday 5:59 PM ET).
By default, OTTO Sport processes deposits on a weekly basis due to the manual steps that are involved in processing the deposits. We do have a tri-weekly option as well (M, W, F) if you are interested in this option, please email billing@ottosport.ai.
Here is an example for a tri-weekly deposit:
On Monday 4/15 we process a deposit that includes everything through Friday, 4/12 at 18:00. The funds are available on 4/16 with a maximum funding delay of 4 days.
On Wednesday 4/17 we process a deposit that includes everything from Friday, 4/12 18:01 to Sunday, 4/14 at 18:00. The funds are available on 4/18, a minimum funding delay of 4 days maximum 6.
On Friday 4/19 we process a deposit that includes everything from Sunday, 4/14 18:01 to Tuesday, 4/16 18:00. With some banks, the funds are available on 4/22, a minimum funding delay of 4 days, max 6 days.
We are also working toward more automation to be able to handle more frequent deposits, however many of our clients prefer the weekly cycle as it requires much less administrative work to reconcile weekly versus daily deposits.
Team Application Deposit Process:
Deposits are processed every Wednesday for the prior week (Saturday thru Friday transactions). Depending on the client and the financial institution they use, the deposits will typically show up in the account within 24-48 hours. The minimum weekly deposit amount is $100. Smaller amounts are held over and added to the following week’s deposit. You are not notified with an email, however you have access to your weekly deposit summary from the Admin Home page via Financials -> then Bank Deposits - you can enter a date range, or leave blank to view an entire season. All transactions, including any refunds and credit card fees, are summarized. The order ID range and a link titled "more transaction detail" provides you a further breakdown of each transaction processed.