Payments Supported by FreshBooks: Deposits to your bank account
Want to know more? Head back to the Payments Supported by FreshBooks: Overview”
FreshBooks Payments: your bank account
- How do I withdraw my funds to my bank account?
- How do I add/remove/edit a bank account to FreshBooks Payments?
- Can I add multiple bank accounts to FreshBooks Payments?
Deposits to your bank:
- How long does it take for payments to be transferred to my bank account?
- How come I haven’t received my money yet?
How do I withdraw my funds to my bank account?back to top
Withdrawing your available funds to your bank account will happen automatically! As soon as you’ve connected your bank account, WePay will verify the information and start the withdrawal process the next business day. Keep in mind that you can also specify the withdrawal frequency for your account to either daily, weekly or monthly.
For instructions on how to connect your bank account, see below.
How do I add/remove/edit a bank account to FreshBooks Payments?back to top
- You will automatically receive an email when you receive your first payment with steps to connect your bank account. If you wish, you can complete setup before your first payment by heading to Settings >> ; Accept Credit Cards, and clicking “Connect your Bank Account” in the blue notification box.
- You’ll be asked to set up a secure payments password. This password, in addition to your email, will be used whenever you need to do things like change your bank account or issue a refund to a client.
- After setting your password, you’ll be sent back to FreshBooks where you’ll fill out some information about your business, and then connect the bank account where your payments will be automatically deposited in the future.
Whenever you want to change or remove the bank account you have connected, you’ll need to follow these steps:
- Log in to your FreshBooks account
- Click on settings in the top right corner
- Click on the accept credit cards sub-tab
- Next, click under ‘show account details info’
- Click on ‘Manage account’
This will bring you to your WePay account. Once you’re logged in to your WePay account, follow these steps:
- Click on ‘Settings’ at the top right of the account.
- Click on ‘Withdrawals’ on the left.
- Here, you’ll see all the information about the bank account you currently have connected to WePay. To change the account number or the frequency of the withdrawal, click ‘change’.
Making changes your connected bank account
Can I add multiple bank accounts to FreshBooks Payments?back to top
At this time, only one bank account can be connected to your FreshBooks Payments account (through WePay).
Coming soon If you have multiple FreshBooks accounts, they can be added to the same FreshBooks Payments account, each with their own bank account.
How long does it take for payments to be transferred to my bank account?back to top
It typically takes one to two business days for WePay to process your transaction and initiate the withdrawal to your bank account. Once the withdrawal has been initiated, it takes 2 - 5 business days for the funds to be processed and made available to you by your bank. The speed at which this happens depends largely on your bank, as the money has left your WePay account.
You can find an expected deposit time of funds in your FreshBooks Payments dashboard by clicking on Settings >> Accept Credit Cards. There, the expected time will show the expected date on which WePay will initiate the withdrawal to your bank account (from there, please allow 2 - 5 business days to process it).
Note: your first transaction might take longer than one to two business days to be processed and deposited to your bank account.
FreshBooks works with WePay, who helps us process the payments in the back end. When a first transaction is made, WePay will make sure that everything is safe, secure and legitimate in the payment process. As you are a new merchant to WePay, this analysis can take a bit of time (longer than one to two business days depending on the transaction and your business), which can delay the first ‘transaction to deposit’ time. However, subsequent transactions should process much quicker as you build more history with WePay, and transactions should be processed and deposited to your bank in one to two business days. However, please still allow 2 - 5 business days for your bank to process the deposit and make the funds available to you.
How come I haven’t received my money yet?back to top
A delay in deposit time can have a few reasons:
- The money has been released to your bank account by WePay, and is currently being processed by your bank. This process can take between 2 - 5 business days, and depends largely on your bank.
- You might have an incorrect bank account connected. You’ll need to see if the bank account you have connected is correct, and if not - make sure to change it in your WePay dashboard.
- Reserve limit: If you processed more than $10,000.00 in one week, your account might have hit its reserve limit. This means that any transactions that put your total over $10,000.00 for the week will be paid out **7** days later. For more information on reserve limits, click here.
- FreshBooks works with WePay, who helps us process the payments in the back end. WePay might still be verifying the transactions and your account to make sure everything is safe, secure and legitimate. If they require extra information about the transaction, you will receive an email from their support team with further instructions. If you have any question about this at all, don’t hesitate to reach out to us at email@example.com
- If this is your first transaction through FreshBooks Payments, there might be a delay in deposit time as WePay is verifying all information about the transaction and the involved parties. See here for more info.
What is a chargeback? How does it work?back to top
A chargeback occurs when a credit card holder contacts his bank or credit card company to dispute a charge on his account. Common reasons for chargebacks include:
- The cardholder does not recognize the charge or recipient on the statement.
- The cardholder did not receive the product or service.
- The cardholder was unsatisfied with product or service.
- The cardholder’s credit card was stolen or used without their permission.
How does the chargeback process work? Important: the best thing you can do when you receive a chargeback is to contact your client immediately. If you remind their client of the service that was delivered, the client can contact their bank and cancel/ reverse the chargeback process. This is by far the fastest and most effective solution.
When your client issues a chargeback, the following happens:
- The money are instantly withdrawn from your WePay account.
- A $15 non-refundable chargeback fee gets deducted. In your FreshBooks account, you will see this appear as an expense.
- If the money isn’t available in the WePay account, the attached bank account will be debited.
- WePay will send an email to you to let you know the chargeback happened. The email will explicitly detail the transaction with any relevant information. It will also have a ‘challenge’ button so you can gets started on challenging the chargeback if you decide to do so.
- Once WePay received your chargeback challenge and any supporting documents (detailed in the email), they will contest the chargeback on your behalf with the appropriate credit card association or issuing bank. The timing for this process varies and can take up to 2 months. If you win the chargeback, WePay will immediately send you a notification and release the disputed funds back to your account.
IMPORTANT From the moment the chargeback is issued by your client, you have 2 business days to challenge it. If you do not respond, you automatically concede the chargeback and the refund gets processed to your client.
How can I avoid chargebacks?back to top
Chargebacks are intended to protect cardholders from fraud and other malicious behaviour. Most chargebacks you receive will likely be because your client didn’t recognize the charge on their credit card statement. Other common reasons include that the buyer did not receive the items or service they paid for, or if they claim that the goods or service were not-as-described.
To prevent chargebacks, it is recommended that you remind your customers that the charge will show up as “WPY*yourcompanyname” on their statements. When your client pays their invoice, FreshBooks also reminds them of this automatically.
What your client will see when making their payment.
Non-receipt and not-as-described chargebacks are more within your control to prevent. Here are some precautions you can take:
- We suggest keeping all tracking numbers on items that are shipped out.
- Make sure you are setting appropriate expectations with your customers as to when they can expect full service or delivery.
- Keeping good records is a great way to challenge chargebacks but providing outstanding service to your customers is the best way to avoid them all together. Stay in communication with customers to manage expectations and gauge their satisfaction. Be honest and upfront about any delays you are experiencing and be willing to issue refunds.
Chargebacks are a long process that can ultimately result in the closure of your WePay account. It’s important you keep an eye on the number of chargebacks you receive and work to minimize that number. For more ideas on preventing chargebacks feel free to reach out to the FreshBooks Support team!
What is a reserve?back to top
Reserves are portions of your 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. The standard reserve limit for your FreshBooks Payments account is $10,000.00/ week. Any transactions that go over that limit will be held in reserve and paid out 7 days later.
In order to make your accounting easier, WePay will not split up payments. If part of a payment would go over a threshold, the entire payment will be held for the standard 7 days before clearing.
How can I raise my reserve limit?back to top
If you plan to receive larger payments frequently, please reach out to our Support team and we’ll do our very best to help you out! Your business may be evaluated by our partner WePay to start a pre-approval process for a higher reserve limit. However, this depends entirely on WePay’s discretion.