Overview
When your Canadian tenants make online payments, you don't instantly receive this money in your bank account. There's an ePay Funding Cycle that all online payments go through. Depending on how your tenant pays, the cycle varies in length. We explain the different cycles below.
Note: The ePay funding cycle listed here is only for Canada. For US-based payments, see The ePay Funding Cycle for Online Tenant Payments (US).
Tenant ACSS / Credit Card Payments in Canada
When your tenants pay via ACSS (bank transfer) and Credit Cards in Canada, their payments can be deposited as quickly as 5 business days to your account (though it can take up to 7), after the day the payment was received.
For example:
If a payment was made on a Monday before 2pm (EST), it will be deposited in your bank as early as the following Monday.
If the payment was made Monday after 2pm (EST), you'll see it deposited in your account as early as the following Tuesday.
If the payment is made on a Friday after 2pm (EST), or on the weekend, it won't process until the next business day, which would be Monday.
If there's a federal holiday at any time during the week, it adds an extra day to the time estimate.
Why Do ePays Take 5 Business Days (T+5) to Deposit Into Your Bank Account in Canada?
DoorLoop partners with Stripe to provide reliable and fast payment processing.
DoorLoop protects you by making sure customers verify their bank account information, preventing fraud at no additional cost to you.
DoorLoop funds payments at T+5: this means you receive funds in your account for payments made before 2pm on a business day, 5 business days later, depending on your bank. (Monday payment, following Monday bank deposit)
DoorLoop uses a 2-day hold pattern to give banks sufficient time to notify of insufficient funds, which would result in a returned payment.
Once funds are deposited in your account, the payment has cleared the tenant's bank account and won't be returned due to insufficient funds, invalid account numbers, etc.
Payments can only be returned if disputed by the tenant's credit card company or bank.
This is the fastest way to fund an ACSS payment while making sure a payment won't need to be "clawed back" from the property manager's account unless a customer disputes the payment.
What Is ACSS?
Automated Clearing Settlement System
The Automated Clearing Settlement System (ACSS) clears cheques and electronic items, such as pre-authorized debits, direct deposits, and Interac debit payments. The system provides for the exchange of payment items between members of Payments Canada who participate in the ACSS and the subsequent clearing and settlement of those payment items.
ACSS is owned and operated by Payments Canada.
Tenant Reversed Payments
There are many reasons why ACSS payments might fail, but the most common is insufficient funds. When your tenant has a reversed ACSS payment, DoorLoop handles all the necessary accounting. DoorLoop also automatically adds the appropriate returned payment fees as charges to your tenant's lease for them to pay with their next successful payment.
If you want to review reversed payments and how they affect your deposits from our payment processor, go to Reports and click the Deposit Transactions report in the Accounting section. Click the line item for the deposit, and it shows exactly what made up that deposit, including reversed payments.
If you want to see why your tenant's payment was reversed, click the Reversed Payment report in the Who Owes You section. (You can filter by ePay only to see just online reversed payments and exclude reversed payments you recorded manually.) In the Notes column of this report, you'll see the reason for the return as reported by our payment processor.
The ePay funding cycle timeline and hold pattern above help explain when Canadian tenant payments actually reach your account.