Deposit Times and Reconciliation

Before you start

  • Payouts will show on your bank statement as “TowPay”
  • If you have multiple locations using TowPay, you can contact us to request an update to the name that appears on your bank statement for your payouts.
  • All payout transactions and deposit days are processed in Coordinated Universal Time (UTC).
    • For Example, transactions before 11:59 PM UTC on Monday would be deposited Wednesday. 11:59 PM UTC is 4:59 PM PST or 7:59 PM EST.
  • Deposits are only made on business days. If a business day is a holiday, your deposit will be sent to the next available business day. 

With TowPay you have the ability to choose daily, weekly, or monthly payouts. By default, your account is set up for daily payouts. 


Setting up your deposit frequency

You can adjust your payout frequency in your Stripe dashboard here


Your payouts schedule defaults to daily, therefore funds will be sent to your bank within 2 business days from the transaction date for the US market. For example:

  • Monday transactions are paid Wednesday.
  • Wednesday transactions are paid Friday.
  • Thursday transactions are paid Monday.
  • Exception: Friday, Saturday, Sunday transactions which are paid Wednesday.



View details of your Payouts here: https://dashboard.stripe.com/payouts

 





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