Deposits
Timing, amounts, and descriptions.
Timing Explained
Transactions settled before 10:00 PM Eastern Time are generally deposited into the business’s bank account on the next business day. Standard banking settlement does not occur on weekends or federal holidays, so funds settled during those periods will typically post on the next available business day. In certain circumstances, a large or atypical transaction may cause a batch to be temporarily held for review in accordance with card-brand security and risk-management requirements. Once the review is completed, eligible funds will be released for deposit.
Amounts Explained
The amount deposited should match the net total of the settled batch. Sales and refunds are grouped together when calculating this amount. For example, a batch containing $30,000 in sales and $5,000 in refunds will result in a $25,000 deposit. If the value of the refunds exceeds the sales within a batch, the resulting negative balance will be debited from the business’s bank account to fund those refunds. For businesses using surcharging software, deposits will reflect only the base amount of the sales. Surcharge amounts are retained by Elavon to cover the applicable processing fees and are not included in the deposit. To reconcile these deposits accurately, the business should compare the deposited amount with its net sales after excluding the surcharge amounts collected.
Scenarios That May Change Your Deposit
Not every deposit will match the day’s gross sales total. The four scenarios below are the most common reasons a deposit amount may differ from what a business expects to see.
When a merchant account is established for surcharging, the deposit reflects only the base sale amounts as Elavon holds all surcharging fees collected. This allows the business to record sales without having additional line items in the accounting system to track the surcharge fees. A $100.00 sale with a $3.00 surcharge results in a $100.00 deposit, not $103.00.
Refunds are netted against sales within the same batch and reduce the deposit dollar for dollar. A batch with $5,000 in sales and $1,000 in refunds will result in a $4,000 deposit. If refunds exceed sales for a batch, the negative balance is debited from the business bank account rather than deposited.
When a cardholder disputes a transaction, the disputed amount is withdrawn from the business account and held while the case is reviewed in accordance with the card brand regulations. A batch with $5,000 in sales and $500 in chargebacks will result in a $4,500 deposit.
Elavon’s Collection Team may withhold funds from a merchant’s batch to recover fees that were due at the beginning of the month but could not be successfully collected from the bank account on file. This may occur for several reasons, including a change to the merchant’s bank account, insufficient funds, or a hold or restriction placed by the merchant’s financial institution.
Account Settings Disclaimer: Each merchant account may have unique settings related to deposits, fees, surcharge management, and risk. The above scenarios are the most common and certain flags may be updated upon request.
Identification Explained
Elavon deposits can be identified on the business’s bank statement by a line-item description containing the term “Merchant Services,” followed by the applicable Merchant ID number. For example, the deposit may appear as: “MERCHANT SERVICES; MID 8008381218.” This reference allows the business to quickly associate each deposit with the corresponding merchant account.