How quickly will I receive my funds?

Know your processing platform

The biggest deciding factor in your funding schedule is to align to the cut-off time for the platform on which you process. Each platform has its own schedule, and if you close your daily batch before the platform closes its day, you will be part of today’s batch. If you close after the platform cut-off time, you become part of tomorrow’s batch.

Dharma has merchants on three platforms. Here they are in order of close time:

• Fiserv / First Data Omaha: This is Dharma’s legacy platform, and although we no longer board new merchants on Omaha, we have many existing merchants on it. If your Merchant ID begins with 5180 or 5544, you are on Omaha. Omaha has the earliest cut-off time of any of the platforms: 7pm Eastern / 4pm Pacific.
• TSYS: We offer TSYS to merchants who need it for their Point of Sale system, or have specific terminal needs. TSYS Merchant IDs begin with 8739. TSYS closes its day at 9pm Eastern / 6pm Pacific.
• Fiserv / First Data North: North is our newest platform, and has the latest closing times. If you are on North, your Merchant ID begins with 8152. North closes its day at 2am Eastern / 11pm Pacific. There is an exception if you are using the MX Merchant Virtual terminal to process: in that case, the closing times are one hour earlier, 1am Eastern / 10pm Pacific.

If you purchase a terminal from Dharma, we always align the terminal batch close time to the platform, unless you tell us otherwise.

If you are using MX Merchant to processes, it is important to know that MX defaults to a 4am batch close time. You can (and should) update your batch close time to better align with the platform. You can learn how to update your MX Merchant batch close time in this MX Merchant FAQ.

If you use the Authorize.net getaway, their system defaults to Eastern time zone, and a Midnight batch close time. You can learn how to change both the time zone and transaction cut-off time in this Authorize.net FAQ.

What does a two-Day funding schedule look like?

As we mentioned above, all card not present merchants will receive two-day funding. Deposits are not made on weekends or federal holidays. Remember that it’s important to batch out by your platform’s closing time in order to receive the fastest funding.

For this example, we are using the Fiserv / First Data North platform. Adjust your times accordingly for TSYS or Omaha.

What can alter my Funding Schedule?

A few things can change the default funding schedule, or may simply change your deposits in such a way that the funding schedule may not appear obvious.

• Remember, you’re required to submit your transactions to us prior to the platform cutoff time. If you have to batch out after the platform cut-off time, that’s fine. Many businesses prefer to simply delay their funding by a day, and purposely batch-out after the cutoff time, because their business stays open late. This choice is yours.
• Since we usually deposit gross sales amounts into your bank account, we’ll be summing up all the fees owed to Dharma in the background, throughout the month. During the first week of every month, we automatically remove our fees for the previous month’s processing. Fees will usually be taken from the same account into which we deposit your funds. If you are being funded for transactions on the same day we are removing our fees, you’ll see a net deposit for your batch amount, minus the fees you paid. If you had no deposits during the day we remove our fees, you’ll instead see a debit from your account for our full fee amount.
• If you receive a chargeback, these fees will be automatically removed from your next day’s deposits. Chargebacks (or disputes as they are also called) are infrequent, but are very important to keep an eye on. When your customer disputes a transaction and issues a chargeback, per Visa/MC guidelines, the funds are immediately removed from your bank account, until the chargeback is resolved. Should you follow-up and win the chargeback, the fees will be re-deposited into your account. You’ll always receive a chargeback notification in the mail and you’ll also be able to setup text/email notifications in MX Merchant for chargebacks. It’s imperative you follow the instructions closely to properly defend yourself and recoup any lost funds. Failure to respond to a chargeback will result in lost funds, regardless of the actual circumstance of the chargeback.
• Some merchants may be setup with individual deposits. This means that you’ll see a separate deposit to your bank account for each batch you submit. So, if you submit a batch on Friday, then Saturday, then Sunday – you’ll see three separate, individual deposits into your bank account the following Tuesday. If you desire, we can also set an account up with combined deposits, so that instead of three deposits into your account on Tuesday, you’d instead see a combined total as one single deposits. Be sure to discuss funding with your Account Manager if you have any questions.
• Your MCC code may be deemed a high-risk code. For example, high-end jewelry is always more risky than groceries due to the size of the transaction. Even if you are a well established jeweler who’s had a long relationship with Dharma, while your storefront may qualify for next-day funding, online sales are never going to. The chances of something going wrong with that transaction are just too high, and the extra day in the funding cycle gives us a day to stay ahead of fraud or other issues.