The following article discusses the transaction time associated with the following payment methods:
Interac
By using Interac, the money transfers when the user completes the designated Interac flow. There are 2 options for Interac.
Option 1 (Default)
With option 1, when a person initiates a transaction, the end-user will receive an email directly from Interac, requesting to complete the transaction. This can be an Accounts Payable or an Accounts Receivable transaction. With this option, there may be up to a 4 hour delay for the bank to update the user’s bank statement and to confirm the transaction in the Zūm Rails system. Despite this delay, the money itself moves immediately.
Interac Process
- Create a transaction and specify the Interac transaction method
- An email is triggered and sent to the end user from Interac
- The end user follows the steps received in the email
The funds will move instantly but there is a delay in the Zūm system to verify whether the transaction was successful. Once the transaction is completed the funds will settle in the Zūm wallet.
Option 2
With option 2, for accounts receivable, you have the choice to send the Interac email directly to your user (same as option 1), or you can display the Interac UI in a different tab right away. Option 2 also allows you to customize what is displayed in the user’s bank statement. In this flow, you will get an instant notification or a successful status as soon as the user completes the Interac portion, but the funds are subject to a settlement schedule. Please contact support@zumrails.com for more details. When doing an accounts payable transaction, the flow is the same in both options.
Interac Process
- Create a transaction and specify the Interac transaction method
- An email is triggered and sent to the end user from Interac OR opened in a new tab depending on your configurations
- The user follows the steps in the Interac UI
The funds will move instantly with an immediate notification of transaction completion in the Zūm system, but there is a delay in the settlement of the funds. Once the transaction is completed the funds will settle in the Zūm wallet. Please contact support@zumrails.com for more details.
Electronic Funds Transfer
An electronic funds transfer (EFT) is the transfer of money over an online network. EFTs can be performed between the same or different banks.
An EFT typically completes within 24 hours with Zūm Rails. There are three file transfer times during the day when we upload the transactions to the bank. Once the bank receives the file, the funds are withdrawn from the user’s account usually in less than two hours.
Each night at midnight, the bank sends us a confirmation report and we send the funds to the destination account between 7 and 8 am EST the next morning.
File transfer times: 6 am, 3 pm, and 7 pm EST.
You can decide whether you would like funds to settle in the Zūm wallet or directly into your business account. You can send funds from your Zūm wallet to any account.
EFT transaction time example
An accounts receivable transaction is created from a user to a funding source at 1:00 pm ET. Zūm Rails uploads this transaction to the bank at 3 pm and the funds are debited from the user’s account at 4:30 pm the same day. After Zūm Rails receives the confirmation from the bank the following midnight, we process the second part of the transaction to reach the funding source by 8:00 am.
For this example, the EFT transaction took less than 24 hours. The time will vary depending on your flow and when you created the transaction.
Visa Direct
Visa Direct allows you to push and pull funds immediately with no delay upon confirmation of the transaction through using 3DS. Once you create the transaction, the funds will be sent and you will receive the confirmation. Visa Direct works off of the card numbers on the VisaDebit card. It is not a cash advance, the funds will move to/from your Zūm Wallet.
Credit Card
Credit cards allow you to pull funds immediately. Once you create the transaction, the funds will be sent and you will receive the confirmation. The funds are batched and settled overnight and then directed to your merchant account as per your terms. Credit card transactions can be refunded to the original purchase card.
Please note that credit card processing for your account needs to be enabled via an additional approval process. Not every account can process credit cards.
For additional information on processing credit cards or to add credit cards as a payment method please contact support@zumrails.com