Please read below to learn more about the settlement time of the different payment methods that Beanworks offer.
If a payment has been released from our system before 9am (CST), the check will be printed and mailed the same day.
If the payment has been released after 9am (CST), the check will be printed and mailed the next business day.
When the vendor will receive the check depends on their location. Checks are sent via priority mail from Check Issuing's printing facility in Colorado.
If the vendor was set up via direct deposit, the payment amount should be deposited in the vendors bank account within 4-5 business days.
If the vendor was set up via email, the vendor first needs to authorize their Versapay account and the payment amount should be deposited in the vendors bank account within 4-5 business days. Please note, all subsequent payments will be direct deposit.
Versapay will withdraws funds from your account 3 times a day: 7 am, 12 pm, and 3 pm (EST)
Once the payment is released and card information send to the vendor, the payment amount will be deposited as soon as the vendor processes the credit card.
If payments are released from our system before 5:00 PM PST, then Checks are mailed the next business day.
For ACH payment amount is withdrawn the next business day and deposited in the vendor's account the following day.
For VCC the payment amount is withdrawn the next business day and the card is generated and sent to the vendor.
Note: Auto Release payments are sent out at 6:00 am PST on the day it was set to be released.