In this article we'll cover:
- How are member payments deposited into my gym's bank account?
- How long does it take to receive my money?
- What is a reserve and why are my funds delayed?
How Are Member Payments Deposited Into My Gym's Bank Account?
After you accept gym members' payments via SimpleGym, those funds will be automatically deposited into your bank account, or, if you prefer, you can request to be paid via paper check.
Note: Before you can receive deposits, the gym owner must verify your identity.
To enable automatic deposits, you can connect your gym’s bank account to WePay, SimpleGym's integrated payment partner, and will receive automatic electronic deposits. If you connect your bank account, WePay will deposit your funds daily or on the schedule you choose (weekly or monthly). Funds take 1-2 business days to appear in your bank account. If you choose to receive paper checks, your funds will arrive 5-7 business days after you request a check.
How Long Does It Take To Receive My Money?
After you accept gym members' payments via SimpleGym, you can connect your bank account and those funds will be automatically deposited into your bank account, or, if you prefer, you can request to be paid via paper check.
Typically, funds take 1-2 business days to appear in your bank account (same day deposits are available for Chase Bank customers). If you choose to receive paper checks, your funds will arrive 5-7 business days after you request a check. Typically, the exceptions to this are when a transaction is flagged for manual review, or when the funds accepted exceed the accounts rolling reserve limit.
What Is A Reserve And Why Are My Funds Delayed?
New SimpleGym accounts typically have a rolling reserve limit of $500.00/week. Any funds collected by a gym over this amount in a given week will be temporarily placed in reserve. Typically, this reserve delay is 7 days after payment was initially accepted. So, a gym new to SimpleGym or a gym that has had a significant spike in the amount that they've collected recently, will often see an additional few days delay on a portion of their payout.
Reserve limits are reevaluated automatically on a regular basis, so SimpleGym users may see an increase automatically as their gym's credit and debit card volume increases over time. If an account holder would like their reserve limit re-evaluated, they'll need to send the most recent 6 months worth of processing statements their previous credit card processor and the reserve limit can be manually reviewed.