When you created your SimplePin account, you likely configured your preferred option to withdraw the accumulated funds. You'll need to use this deposit option every time that you request funds manually or schedule automated deposits into your bank account. SimplePin deposits funds into your bank account using EFT or ACH. However, you will need to set up your bank account if you haven't already done so.
There are two ways to configure your bank account for withdrawal: instant validation or by using a void check.
When connecting your bank with the INSTANT account setup, it will be validated immediately and you'll be able to send invoices to your customers while collecting their payments right away.
- You will be presented with a list of banks to choose from. This is where SimplePin will send your funds.
- Check the box next to the last 4 digits of your bank account number.
- A Pre-Authorized Deposit (PAD) agreement will appear, requiring your signature. This step is important for compliance with government regulations.
Alternatively, you can provide a void check for manual validation. We'll configure your deposit within regular business hours. As soon as the configuration is complete, you'll be presented with a Pre-Authorized Deposit agreement requiring your signature.
The deposit schedule allows you to specify how often you want to withdraw funds from your SimplePin account and deposit them into your bank account.
You can either set recurring DAILY / WEEKLY / MONTHLY options or request funds on-demand using the MANUAL option.
If you have a lot of transactions, we recommend that you select the DAILY option to make the funds transfer process run as smoothly as possible.
Requesting deposits manually
If you've selected the manual deposit option and are ready to withdraw funds, then click on Deposits > Request the deposit in the left side menu.
You will be presented with a reconciliation report with a list of all transactions ready to be processed in this deposit. Review and validate the report and click the 'request deposit' button on the top of your screen.
That's it! Instructions to transfer funds have already been given to the bank. Within a few hours, the transaction will be processed. You'll be redirected to the list of deposits and the status of your deposit will be pending.
If you've selected DAILY / WEEKLY / MONTHLY automated deposits, our system will automatically take note of all accumulated and cleared funds and will process them at 11:30 pm EST according to the schedule.
Note that SimplePin charges $1 per deposit regardless of the number of invoices or transactions processed during the withdrawal. These fees allow us to cover our expenses related to bank transfers.
How long does it takes for the deposit to be processed?
There are multiple steps in the process of fund transfers. In Canada, we use an EFT protocol with the following process and timing:
Step 1. We initiate the transfer. You'll see the deposit status as PENDING.
Step 2. Within 15 minutes, we receive an acknowledgement from the bank that our instructions have been accepted. You'll see the deposit status as PENDING.
Step 3. Within 45 minutes to 3 hours, we'll receive an acknowledgement from the bank saying that the funds were successfully transferred to your bank. The deposit status will be SUCCESSFUL. In case of any error, you'll see the status as ERROR.
When the deposit status is successful, you can expect the funds to go to your bank account. Most banks will reflect the deposit in your account on only the next business day.
Note that all EFT transactions are processed during regular bank business hours. If you initiated your transaction over the weekend or on a holiday, it will be reflected on the next business day after the transfer.
Want to know more about SimplePin? Call our toll free number: 1 800 727-4136. You can also email us at email@example.com, or contact us through our website at simplepin.com/contact-us or request a demo with one of our product specialists.