Payments made by your clients will be recorded in your BigTime account as soon as they’re made, but they won’t be processed or deposited into your bank account right away. The time frame for payment processing lies in the hands of your particular payment processor. For example, bank transfer payments may either be processed on the next day or in three to five business days, while credit or debit card payments may be processed in two to three business days. Until the processing for your payment has been completed, it will be marked as “pending” under the PENDING PAYMENTS section of your list of payments.
Once a payment has been fully processed, it’ll be ready for depositing into your bank account. BigTime Wallet uses a batching system to deposit payments, meaning that all payments made during a certain time frame will be batched together and deposited into your bank as one lump sum amount. At 8 P.M. Eastern Standard Time every night, BigTime will gather all the payments processed that day and will deposit them all at once into your bank account. Sometimes a batch deposit will contain only one payment, but it may contain multiple payments. You can view a breakdown of all the payments included in a batch deposit by following the steps in this article.
Here’s an example of how payment batching could look for a firm that uses BigTime Wallet:
You sent invoices to two separate clients. The first invoice was for $500, and the second was for $700. Your first client paid the first invoice on April 5th using a bank transfer. Your second client paid the second invoice on April 7th using a credit card. The bank transfer payment took four business days to process, whereas the credit card payment took only two business days. This means that, while the invoices were paid for on different dates, they both finished processing on April 9th.
At 8 P.M. on April 9th, BigTime gathers all the processed payments from that day and deposits them into your bank account in one batch. You’ll see one deposit in your bank account for the combined amount of the two invoices – which, in this case, is $1,200. You’ll still be able to see the separate $500 and $700 invoices broken down in your batch deposit details in BigTime.
If you encounter any problems with deposit batching or payments, you can always contact firstname.lastname@example.org for additional help. To learn more about payments and BigTime Wallet, take a look at some of these articles: