Deposits and Payouts
A deposit (also called a payout) is the money Sync Pay sends to your bank account for the payments you have collected. This article explains when deposits arrive, what gets taken out, and where to track them.
You can see your deposits on the Settings -> Sync Pay page, under recent settlements and pending deposits.
How deposits work
When a customer pays an invoice, the funds are captured first and deposited a little later. Sync Pay groups your captured payments and sends them to your bank on a rolling cycle.
A customer pays
The payment is captured and the invoice is marked Paid. The money is not in your bank yet.
The payment settles
Card payments settle quickly. ACH (bank) payments take longer because the banking network confirms them in batches.
Sync Pay deposits the funds
Settled payments are bundled into a deposit and sent to your bank account. Processing fees are taken out before the money lands (see below).
The money lands in your bank
The deposit shows as Deposited in Sync Pay and appears on your bank statement, usually within a business day of being sent.
Deposit timing
| Payment type | Typical time to your bank |
|---|---|
| Card | 1 to 2 business days after the payment |
| ACH (bank transfer) | 3 to 5 business days after the payment |
A few things affect timing:
- Weekends and bank holidays. Deposits move on business days only. A Friday payment may not land until Monday or Tuesday.
- Your first deposits. When your account is newly approved, the first one or two deposits can take a little longer while your account warms up.
- Cutoff times. Payments captured late in the day roll into the next day's deposit batch.
"Paid" and "Deposited" are different. A payment can be Paid today and land in your bank a day or more later. Reconcile your bank statement against the deposits report, not the invoice list. See Payment Statuses.
What gets deducted
Sync Pay uses net deposits: processing fees are taken out of each deposit before it reaches your bank, so the amount that lands is your sales minus fees. You do not get a separate fee bill.
The deposit record shows the gross amount collected, the fees deducted, and the net amount sent, so your books always balance.
Returned deposits
Occasionally a deposit cannot be completed (for example, your bank rejects it because account details changed). When that happens, the deposit is returned and Sync Pay flags it so it can be re-sent to the correct account.
If you have recently changed banks or closed an account, update your deposit account right away to avoid returned deposits. See Update Your Bank Account.