New Deposit Schedule for U.S. Organizations Accepting American Express
Transactions made using American Express cards will now deposit into iATS customers' accounts on a daily basis instead of weekly basis, just like Visa and MasterCard.
Not only will deposits be faster, U.S. organizations will also receive the gross amount of funds instead of the net amount, making the reconciliation process smoother and hassle-free.
A few important details about this change:
WHENThe changeover will occur on Sunday, November 1st, 2015. iATS customers will receive their first daily deposit by Tuesday, November 3rd, 2015.
WHOThe payment schedule change will only affect U.S. organizations using iATS as their payment processor.
WHAT TO DONo action is needed from iATS clients or their partners regarding this new American Express deposit schedule.
ADDITIONAL INFORMATION TO KEEP IN MINDiATS reconciliation reports will remain the same. No changes are required on your part, simply select the applicable credit card types when running the reports.
American Express transactions processed between Sunday, October 25th, 2015 and Saturday, October 31st, 2015 will be deposited on Thursday, November 5th, 2015. Please note that this will be the last weekly net deposit.