Zenoti Payments is an easy way to accept credit card transactions in-store and online.
If you have set up Zenoti Payments, the processed payments are deposited into your bank account as per the schedule in your Stripe account.
To reconcile the collections at your center with your bank deposits, you can use the Zenoti Payments - Bank Deposits report.
This report provides details such as the transaction date, bank deposit date, amount deposited, transaction fee, identifier for the transaction and payment, and the transaction type.
For details on how to use the report, click the following button:
Things to Remember
- First deposit: After you start processing with Zenoti Payments, the first bank deposit (payout) is made after 7-10 days of your first successful transaction.
- Subsequent deposits: Subsequent bank deposits (payouts) are processed as per your account's payout schedule (configured in your Stripe Dashboard).
2 day rolling: Bank deposits are made daily. However, they contain payments processed two business days prior.
Example: A card transaction processed on Tuesday, is deposited in your bank account on Thursday. A card transaction processed on Friday, is deposited in your bank account on Tuesday.
Partial Deposits: If you notice the amount deposited in your bank account is less than the amount processed on a particular date, it's most likely that some transactions have taken place after the cut-off time on that particular day (all bank deposits are processed according to UTC and may be different from the time zone you are in). The difference amount is deposited along with the transactions of the next day.
Example: If the bank deposit on Thursday is less compared to the related transactions processed on Tuesday, it means that that some transactions took place after the cut-off time on Tuesday. The amount for these transactions is deposited in your bank account on Friday along with your Wednesday transactions.
1 payout for multiple transactions: All your card transactions on a particular day are consolidated and deposited as a single bank deposit.
Example: If on a Tuesday you processed 10 card payments worth $1200, a single bank deposit of $1200 is made on Thursday. You will not see individual deposits of each of the transactions.
The below image is of the Zenoti Payments - Bank Deposits report and shows the deposit made on 17th Jan consisted of three transactions with a Net amount of $48.25.
Here is how it appears on the bank statement for 17th Jan:
Notice that you do not have multiple deposits for 17th Jan. There is only 1 deposit
for the three transactions.
Multiple Stripe Accounts and 1 Bank Account: If you have multiple Stripe accounts that deposit amount into one Bank Account, by looking at the Bank statement, you will not be able to identify the Stripe account associated with a deposit (payout).
To visually identify the Stripe account making the payout to your Bank account, contact Stripe and ask them to add a Payout Statement Descriptor for each of your Stripe accounts.
Note: By default, the Payment Statement Descriptor is set to Stripe for all Stripe accounts.