While often called "Same-Day ACH" and even misleadingly "Instant ACH" by some service providers, the process can sometimes be slower. On some occasions, it may take one or more business days to complete, especially if the transaction is made after the bank's cut-off time or during weekends when banks are closed. Rest assured that we will do everything possible to process the payment as fast as possible.
Tip: Ensure that your connected accounting software, like QuickBooks Online or Xero, is linked with Forwardly to seamlessly update payment statuses once transactions are completed.
What happens if I initiate a transaction after the bank's cut-off time?
If a payment is sent and the payee's bank supports Instant payment technology, then the receiver will get the funds in only seconds, no matter what hour or day it is.
For payee banks that don't support Instant payment technology, we process the transaction as a Same-Day ACH for free. If a Same-Day ACH transaction is submitted after the USA's banking cut-off time of 1 PM EST, delays are unfortunate but expected. The process may take an additional business day to complete. Once the payment is complete, the connected accounting system will be updated with the settled invoice details.
Are there any interruptions to Same-Day ACH during weekends or bank holidays?
Yes, same-day ACH payments can face delays during weekends when banks are typically closed, as well as on bank holidays. It's always best to initiate Same-Day ACH payments during regular banking hours on business days to avoid any potential delays.