Funding

When will I receive my funds?

You receive your funds within the following timelines: Within three business days of settling or batching your terminal or software. Some businesses can expect to see the deposit for today’s transactions in their bank account the next business day. Read more

My funds are withheld, when will I receive them?

We may withhold funds for the following reasons: Fraud protection Backup withholding Fraud protection We may withhold funds to help protect you from fraud, for example, we may withhold funds for the following reasons: If the batches are the first batches settled on a new account If there are transactions that are unusually high in value We can withhold funds by either delaying a batch or by diverting the funds into a non-interest-bearing escrow account. Read more

Am I exempt from backup withholding?

It is very unlikely that you are exempt from backup withholding, but some groups and types of transactions are exempt. Groups exempt from backup withholding Government agencies Non-profit organizations Banks and corporations Transactions exempt from backup withholding Real estate transactions Foreclosures and abandonments Cancelled debts Distributions from Archer Medical Savings Accounts (MSAs) Long-term care benefits Distributions from any retirement account Distributions from an Employee Stock Ownership Plan (ESOP) Cash payments for fish Unemployment compensation State or local income tax refunds Qualified tuition program earnings Read more

I have responded to my B notice, when will my funds be released?

We stop backup withholding when you correct your records. We cannot return your funds to you until you file your taxes for the corresponding year. For example: If the IRS instructed us to withhold your funds in December 2017, we will not be able to return the funds to you until you file your taxes for 2017. Read more

How do I stop backup withholding happening in the future?

The best way to avoid backup withholding is to provide us with the correct information. If you previously needed to correct your information due to backup withholding, make sure that your legal information is correct. Read more

My bank has put a hold on my funds with a return code R29, what do I need to do?

If you have a corporate bank account, you need to authorize other companies to move money into or out of your bank account. If an unauthorized company tries to put money into your account or take money out of your account, your bank puts the funds on hold with a return code of R29. Read more