One of the most common questions we get is how long it takes to receive the money collected through Snap! Spend.
Card Processing Times
Cards typically reach your club or team bank account the same day. When card payments are first charged they will appear as Processing and transition to Paid or Settled, usually within one business day.
Bank (ACH) Processing Times
Bank payments take longer since they use the ACH system. Typically bank payments take 2-3 business days to reach your bank account. Because of bank processing times, we suggest scheduling payments at least a week before you need the money.
Why do bank payments take so long?
There are a couple of things that affect ACH payments. First, banks only process ACH payments on weekdays that are not bank holidays, i.e. business days. Further, the business day the transaction is created on depends on the time of day the transaction is initiated. If the transaction is initiated before 3 PM PT it will be submitted to the ACH network. If it's initiated after, the transaction won't be submitted until the next business day which will be considered the first business day of payment processing.
The longer processing times for bank payments are to ensure the payer has the funds in their bank account and to reduce the risk of online payment fraud. This allows us to offer ACH payments to parents for free.
Note: If a bank payment is scheduled to charge leading in the weekend or during the holidays, there might be a longer lead time for processing.
If you have any questions, drop us a line using the live chat widget on the site or at email@example.com