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In the digital world, B2B transactions are constantly changing. The manner in which transactions are initiated and conducted have to improve as the pace of business moves faster every day.
A funding delay has been implemented by VersaPay. See below to follow the step-by-step instructions.
Funding delay has been implemented by VersaPay and applies to all transactions. A funding delay means that the transaction will not complete for a set number of business days. The fund sender’s account is debited when the transaction is initiated and the credit to the fund receiver is held until the duration of the funding delay has lapsed.
VersaPay initiates a file transfer to the banks three times a day; once in the morning, once in the afternoon, and once in the evening.
The file transfer times are as follows:
The standard funding delay on all accounts is 4 days. If you pre-fund your VersaPay balance and are sending funds from the balance, your funding delay is reduced to 2 business days.
The timing for a transaction to complete its lifecycle can vary depending on what time of day the transaction was initiated. For example: If the transaction was initiated on a Monday before the first file transfer or throughout the day before the second file transfer, it is likely that it will be completed on a Friday. If a transaction is initiated on a Monday after the second file transfer, it is likely that it wouldn’t complete until the following Monday. The delay does not include weekends.
To review the estimated transaction delivery timing and status of your transactions, follow the steps outlined below:
Click on the Transactions tab to view a complete list of your transactions. Click on the unique token number of an individual transaction to view it.
The transaction history will provide the following information:
a. Initiating transaction history and date
b. Status of the transaction
c. Steps of the transaction and their respective timelines
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