The time it takes for funds to appear in your business bank account after a resident makes a payment depends on several factors, including your chosen payout schedule, the payment method used, and your country of operation. 1VALET uses Stripe as our payment facilitator to process all resident payments.
Payout Schedule Options
1VALET offers various payout schedules, allowing you to choose how frequently you receive funds:
Daily Automatic: Funds are automatically paid out daily.
Weekly Automatic: Choose a specific day each week for payouts.
Monthly Automatic: Select a day each month for payouts.
By default, the payout schedule is set to daily during the payment onboarding process. If you'd like to change the payout schedule to better fit your business needs, please contact us at support@1valet.com for assistance.
Processing Times by Payment Method
Credit and Debit Card Payments: These payments are processed and become available for payout 2-3 business days after the transaction date.
ACH Payments (U.S.): These may take up to 4 business days to process and become available for payout. The cut-off time for ACH payments is 7:00 PM EST, as indicated by Stripe documentation. Payments made after the cut-off time may be processed on the following business day.
PAD Payments (Canada): These can take up to 5 business days to process and be ready for payout. The cut-off time for PAD payments is not defined in Stripe documentation.
During the processing time, you will see the payment in the Payments section of the 1CONNECT Portal with a status of “Pending”. Once the funds have been secured and transferred into your building's 1VALET payment account, the status will change to “Paid”.
Bank Processing Times
After 1VALET initiates a payout, Stripe schedules the payout a few days in advance to ensure it arrives on the day specified in your payout schedule. Be aware that weekends and bank holidays can affect the timing of fund availability.
Understanding these factors will help you anticipate when funds from resident payments will be available in your business bank account.