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.
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.