How long does FreshBooks Payments take to process payments?
FreshBooks Payments, powered by WePay, allows you to accept credit card payments online. The process of receiving your clients’ payments can take an average of 7 business days. The breakdown of those days are as follows:
- 1-2 business days for WePay to review the payment submitted by your client. This shows as Pending on your FreshBooks Invoice
- Once approved, it takes 2-5 business days to withdraw from WePay to your bank account (depending on your bank’s speed).
If your payments aren’t following the above timeline, check out other tips here.
Where can I see if a payment has been sent to my WePay account or to my bank?
Payments can be tracked with the CC payment ID (an unique set of numbers that identifies a particular transaction) inside your WePay dashboard:
- Go to the Invoices section in your FreshBooks account
- Click on an Invoice that was paid with FreshBooks Payments
- Scroll down to the All Payments For section at the bottom
- Copy the CC payment ID number
- Log into your WePay dashboard here
- Search that number in your dashboard, and if the transaction appears, it has been received by WePay
Note: to determine if that transaction was in a recent withdrawal to your bank account, go to the Reporting section in your WePay dashboard, click on Settlements, then download the CSV file. From there, you can search for your CC payment ID to see when it was sent to your bank.
What is my reserve limit? How can I raise it?
Reserves are portions of payments that WePay holds “in reserve”. Reserves are held to protect your business against chargebacks or unexpected disputes, which could lead to going into overdraft. Any transactions that go over your reserve limit will be held in reserve and paid out 7 days later.
If part of a payment goes over the threshold of your reserve limit, the entire payment will be held for the standard 7 days before clearing.
You can reach out to our Support if you’d like to see your $10,000/week reserve limit raised. Your business’ eligibility will then be evaluated by WePay.