Hi, I’m Jeanine Hall founder of Quant Solutions and today we’re going to talk about undeposited funds and why it’s important for today’s e-commerce business.
So your website takes payments from a variety of different sources PayPal stripe Shopify payments… there’s a lot of variety out there and they all take different fees and deposited into your checking account on different days.
Undeposited funds allows us to recognize the sale in the day that it happens and then group those payments later on when they actually hit your checking account.
Imagine that these M&Ms are your daily sales and you get them from a whole bunch of different places and each color represents a different payment service. Today we’ve earned $200 from $10 transactions. We have a whole bunch of M&Ms here from people who gave us their money however they were willing to pay us.
We’re going to take out the PayPal payments which are the green guys, and on Tuesday, all of our PayPal payments came in. Undeposited funds allows us to click Bank Deposit, Group, and find all of the PayPal sales and say on Tuesday PayPal came to us. And then we have one group deposit that hits our checking account.
The rest remain until, Shopify Stripe or whichever payment source you used, hits your checking account, and we can do each of them individually.
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