EleoPay Payment Schedule and Fees Explainer

This document outlines how EleoPay handles fees and the standard schedule for receiving funds.

WHAT IS A BATCH?

Batching is the process by which your transactions for a given day are collected and prepared for settlement and funding. All transactions that are part of a batch should be included in that batch settlement, which in turn instructs the funding and fee discounting for those transactions. All payment methods are included in a batch for a given day if they occurred within the batch window.

BATCH WINDOW

The batch window is the time frame during which a transaction must occur for it to be included in a daily batch. EleoPay’s batch window runs for 24 hours beginning at 8pm EST. For example, if today is Monday, any transactions taking place prior to 8pm EST today will be included in today’s batch. Any transaction occurring from 8pm EST and later will be included in Tuesday’s batch, up until 8pm EST on Tuesday. Transactions taking place on weekends will follow the same rules, however those transactions will not fully settle until the next business day - typically Monday.

FUNDING SCHEDULE

The standard funding schedule for an EleoPay account is configured as follows:

Credit & Debit Cards: Two (2) business days

ACH: Five (5) business days

For the funding schedule above to apply, certain conditions must first be met. First, any transactions to be funded must have been submitted prior to the 8pm EST batch cutoff time. Anything submitted after 8pm EST will be funded in the following day’s batch, meaning, you will be funded an additional day later.

Also, the funding schedule is applicable to weekdays only, and does not include holidays. Most bank holidays will result in a one-day funding delay.

To help visualize the standard funding schedule, here’s a day-by-day chart that explains when you can expect to be funded, relative to when a transaction occurred and the payment method. This table assumes the transaction occurred prior to the 8pm EST batch cutoff, and that none of the above exceptions are in effect.

Credit & Debit Card Funding Schedule (2-day)

ACH Funding Schedule (5-day)

EleoPay uses net funding, meaning you will receive your funds for each deposit with the processing fees deducted in advance. This results in a single deposit into your bank account, consisting of all transactions for a given batch date, with all associated processing fees removed prior to deposit.

NET FUNDING EXAMPLE

Suppose you take three (3) payments totaling $500 on a given date, and the cost of processing each is 2.90% + $0.25. In this case, the total fees for the transactions would be determined as such:

$500 x .029 = $14.50 (flat rate fee)

3 x $0.25 = $0.75 (per transaction fee)

$14.50 + $0.75 = $15.25 (total cost of processing these transactions)

For the associated deposit, you would be funded the total transaction amount, minus the total cost of processing:

$500 - $15.25 = $484.75 (final deposit amount into your bank account)