Why is Deposit Date is always 7 Days after Charge Date?

  • Resolved kevinlutoronto

    (@kevinlutoronto)


    1 year, 10 months ago

    Dear WooCommerce Community and Experts,

    Thank you for reading this question. My manager and I are looking at every transaction our customers made and we realize that the deposit date is always 7 days after charge date.

    https://drive.google.com/file/d/1YVh0EtOD6MhbbNWh1b8oqPqGZShlaK9D/view?usp=sharing

    In the above screenshot’s rex and blue boxes, you can see a customer purchased our product on WordPress but the deposit date is 7 days later.

    We are looking to change the deposit day to next day or within 48 or 72 hours. Is there a way?

    Note that this change my manager and I are looking for must apply to all currencies, USD, CAD, Yen (RMB), Peso, EURO, etc.

    Thank you!

    Kevin

    Product Manager

Viewing 3 replies - 1 through 3 (of 3 total)

  • Hi,

    Please correct me if I am wrong, it looks like the site is using the WooCommerce Payments option.

    It has a timeframe to process deposits, they are not instant, depending on the country where the site is set up the timeframe to receive deposits might vary, you can check more information on our documentation:

    WooCommerce Payments is able to accept different currencies (Chinese Yuan CNY is in the list), you can learn more at:

    It is possible to change the deposit’s regular schedule, please refer to our documentation below to learn more:

    Let us know if there are any questions ??

    Thread Starter kevinlutoronto

    (@kevinlutoronto)

    Dear Igor and the WordPress Community,

    Thank you for your reply. It looks there is no way of changing the Pending Process in the document provided by you. Most of our sales’ transactions have 7-day pending period before the funds are being deposited into our bank account.

    If there is a plugin that can speed up the pending process, please let me know.

    Thank you again!

    Kevin

    Hi,

    It looks there is no way of changing the Pending Process in the document provided by you. Most of our sales’ transactions have 7-day pending period before the funds are being deposited into our bank account.

    I can understand your point. Please note that many eCommerce sellers do not receive their funds fast, many marketplaces process payouts and deposits with longer timeframes. This period is mostly used for the marketplace platform to process a return, a dispute, anti-fraud policies, etc.

    Please be advised, for WooCommerce Payments the first deposit would take up to 7 days to settle. For US sellers, it would be 2 business days.

    More info:
    https://woocommerce.com/document/payments/faq/deposit-schedule/

    If you would like to check if your account is eligible for instant deposits, please check the eligibility requirements that are available in this documentation:

    https://woocommerce.com/document/woocommerce-payments/deposits/instant-deposits/#eligibility-requirements

    I hope this provides clarity.

Viewing 3 replies - 1 through 3 (of 3 total)
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